22 Jul



Posted by: Gurcharan Singh

Good credit is an important factor in determining whether or not you will be approved for a mortgage. It’s important to begin building a credit history as early as possible.  There are few things that may help you to boost your credit score.

1. Pay your credit card bill in full. Try your best to pay your credit card bill 2-3 days before the due date.  

2. Don’t use the full limit on your credit card. Try to limit the spending to between 60%-70% of your credit limit per month. In other words, spend $600-$700 per month from the limit of $1000.

3. Don’t apply for too many credit cards.  Too many enquires in a short period of time can reduce your credit score.

4. Don’t close your old credit card account. If you were using one credit card for 6 months and after 6 months you closed that account and started using a new credit card, then by doing this, it will show your new credit card history with a short period of time.

Please call me at any time to receive FREE Credit Review and Consultation.


2 Jul

Understanding of Credit Report:


Posted by: Gurcharan Singh

Your credit rating affects all aspects of your financial activities when it comes to borrowing money. Your credit rating also has the ability to affect the job you get, the apartment you rent, and even the ability to open a bank account

Here in Canada, the two main credit reporting agencies are Trans Union and Equifax. Both agencies have a credit history file on anyone who has ever borrowed money. Every time you borrow money, or make a payment on a loan or credit card, the lender then reports the information about the transaction to these two agencies. In addition to credit information, you will also find liens and judgments on your credit report as well as your address and possibly your work history. The accumulation of all of this information is called your credit report.

The credit score, or beacon score, is a number which gives mortgage lenders an idea of your lending risk. Credit scores range from 300 to 900, the higher your credit score the better. The mortgage products and interest rate that you will qualify for are often determined by your credit score.

One thing that many people do not know is that you have the legal right to obtain a copy of your credit report. A mortgage professional can help you obtain a copy of this report and go through it with you to verify that all of the information is true and correct.

The good news is that your credit report is a working document. This means that you have the ability over time, to repair any damaged credit and increase your credit score.