I will state up front, then I am not qualified to give you any advice in regards to improving your credit score. However, from listening to various mortgage brokers, banks and reviewing what is on the web, I have a rough idea of at least directionally how to improve your credit score. This is why we work with Money Mentors in Calgary as they are qualified to help you improve your credit score. We also work with mortgage brokers in Airdrie and Calgary.
If you are curious about how to improve your credit score, the websites below, contain Canadian data on ways to improve your credit score. The ideas shared in the websites below will at least give you an idea what is required to start you moving forward and improving your credit score.
To obtain a mortgage in Canada to purchase a home you should aim for a credit score above 680.
The web page below details how to get a mortgage with bad credit. It gives you some understanding of what happens when you go forward and get a mortgage from a B or a subprime lender. These typically will cost you higher interest rates and potentially other fees. This is one reason why you should consider taking the time to rebuild your credit so you can work with A lenders.
The main way to keep a good credit score is to pay your bills on time and don’t have any outstanding debt. Also, consider living below your means. In other words, if you make $100,000 live like you only make $80,000.