Credit Score Ranking 

Key to building a strong credit history

Credit score ranking is key to building strong credit history. Lenders use credit score rating scale to determine your credit worthiness. Follow the simple steps below -- it may take some time and work but the benefits are worth the effort. Good credit score rating has its perks; the biggest is the easy access to affordable financing.

680+ credit score needed to get you an insured mortgage to buy a house.

660+ credit score ranking gets you conventional financing with "A" lenders

575+ credit gets you a mortgage with Alternative "B" lenders.

Below 575: Alternative "B" lenders may consider your application if they like the property, you have stable income and your debt is fully paid off as part of the refinancing home mortgage. 

This credit core range is likely a candidate for private mortgage lenders.

Things that harm your credit score ranking

Each situation is unique and requires an individual assessment. But to start, let's take a look at few basic tips to maintaining a good credit score range:

If you have no credit score at all, the first step is to get a secured credit card. 

  • If you have credit cards, all late payments will set you back - 2 months in arrears on your credit card can set you back up to 2 years from getting best mortgage deals;
  • Be careful who is pulling your credit - you lose points with each inquiry. A signed consent form is required to pull your credit - when you sign those retail store promo forms, there is always a consent clause hidden in the small print. When you go to the bank, they share your information with all their affiliates -- credit cards, investment houses, and others soliciting your business -- and they will pull your credit again and again to gather information about you. We only pull your credit once and if for some reason the first lender turns you down for a mortgage, your application is redirected to other lenders with the original credit report attached;
  • If you are running your balances too close to your credit limit, this will also damage your credit score. While you're rebuilding your credit, take a look if debt consolidation help can be a short term solution.
  • If things have gotten out of control, don't delay - take a look how bad credit home loans (2nd mortgages) can help, until you get back on track.
  • Using private lenders is a good short term fix strategies until your credit rebuilds.
  • If your debt has been placed into collection and you're disputing charges, pay the debt first and then dispute. Every month your debt is in collection your credit is going down the tubes. It takes a long time to rebuild credit and in the meantime you will not be able to get affordable financing.
  • Stay on top of your credit score ranking details so that you always qualify for the residential mortgages you deserve;
  • Monitoring your credit annually is important to ensure identity theft protection.

If you need to apply for a residential mortgage or a debt consolidate loan please give me a call for a free assessment. Together we'll review your circumstances to get you best mortgage solutions.

Marie Copeland FSU, Bad Credit Mortgage Hamilton Ontario

To top of Credit Score Ranking

*Lenders change their products and interest rates regularly and without notice. Always check for lender 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.