Credit Report Score Range

Credit report score range - know your credit worthiness

how credit reports and scores affect your ability to get a mortgage

What's the big deal about credit report score range ? It tells lenders where you fit on their scale of credit worthiness. Understanding credit report score can pay off in volumes.

But, the credit score is not the only measure and there are exceptions. For example, you have a credit report score range of 670 - 699 with one low credit limit credit card opened less than a year ago. You go to your bank and get turned down for a mortgage. While your friend with several older trades and a score of 620 gets a mortgage approval.

It would be a good idea for consumers to get information directly from the Canadian credit management and reporting agencies such as Equifax Canada or Trans Union.

credit-report-score-range.jpgGrow your credit score to top of credit report score range.

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From top to bottom of credit report score range

If you have a 680 credit score or higher, you are at the upper range of credit score rating scale. Provided that:

  • You have at least two trades with at least $2,500 credit limit;
  • These trades have been open for a minimum of one full year;
  • There are no late payments or prior derogatory credit for two years or more.

Well, you will also need to meet the bank's income and debt service requirements.

620 Credit Score to 679 credit score is viewed as a low to fair credit score range. Above conditions apply to get bank type refinance home mortgage up to 80% of appraised value.

'A' lenders may give you a mortgage when you are refinancing with as low as 620 credit score provided you have other strengths, such as strong income. If there are no late payments and a reasonable explanation why your credit has slipped. If all other aspects of your application, such as your income and home equity are strong, lenders will consider your application.

585 Credit score to 619 credit score is viewed as poor credit report score range. With few exceptions, it is not likely you will qualify for mortgage with your bank. You're now at alternative mortgage financing range - a bad credit score mortgage.

When you are in this range of credit score, lenders adjudicate applications on individual basis. How much money they will lend you depends on not only your credit but also the quality of the property, location and income.

If your house has no municipal services but is well and septic, it's likely the maximum first mortgage you will get is 65% of property value. Your interest rate will also be 1% - 2% higher than bank rates.

If you need more money, that's where a second mortgage lender can step in. Private bad credit lenders fill a huge void in a marketplace -- they say YES when everyone else says NO.

Bad credit Second mortgage info

When you drop below 585 credit score, get help from bad credit mortgage lenders and private mortgage lenders. If you are buying a home, the mortgage strategy could be alternative mortgage financing in the first place plus second mortgage lending behind the first. If you own a home with equity and need bad debt help, second mortgage debt consolidation may be a fit. When you're this low on the credit report score range, second mortgage home loans can be a good short term fix. This allows you time to resolve your financial problems and take steps to re-establish your credit.

If all your credit cards have been closed by the creditors, be sure to get a secured credit card - be sure your minimum limit is $2500. Anything else is useless and a waste of your time and effort. It will help you rebuild your credit and reach the top of the credit score rating scale. Almost everyone qualifies.

Marie Copeland, FSU, Mortgage broker in Hamilton

Back to top of credit report score range.

*Lenders change their products and interest rates regularly and without notice. Check with us for updates.

Axcess Mortgage and Loans Financing Co. Ltd. | FSRA 10420

1 (905) 537-8815

Banks and AAA lenders pay us for your service. Some alternative mortgage financing and all private mortgage broker fees are payable by clients.