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Credit Score Improving it

credit card debt

Your credit score is important whether you are new to Canada or born in Canada and anything in-between. There are ways of improving it. There are two major credit bureaus in Canada; Equifax and Trans Union.

The more history there is with your credit bureau data the better. It helps to improve your credit score. Financial institutions and other lenders rely heavily on this. It is part of their underwriting analysis to approve or decline your mortgage loan application.

Trusterra Mortgage can help with improving your credit score. We are here to answer any questions you may have about it. Have you been declined for a credit card? We can help you get a secured credit card. So you can start using it for making small purchases and making full payments on your bills each month. This is very important.

Additionally, the more loans, credit cards and lines of credit you have the worse it can be for you. Because if you start to use all of them lenders will begin to question your ability to manage your finances and debts. This could impact negatively your chances of getting approved for a favorable mortgage product. Another item that is looked at is your income. Does it support a high debt load or are you spending and consuming above your income or ability to pay your loans back?

All of these things can affect your standing with the credit bureaus.

Contact us to learn more about it and the importance of improving your credit score.

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