Emma Rogers
Strategies to Improve Your Credit Score for a Mortgage in Ontario
Imagine filling in a loan application and getting rejected. Wouldn't it be the worst feeling? You read your rejection letter and discovered that your credit score was the primary reason for your application not getting approved. The truth is that when applying for a mortgage, your credit score is crucial. Your chances of getting that mortgage can be made or broken by that figure.
It is never fixed that your credit score is going to be good or bad. But there are possibilities that you can also get a bad credit mortgage in Ontario. However, we have made a list of steps you can take right away to improve your credit score if you want to take charge of your credit.
- Keep track of your credit score: Before taking any further action, check your credit report to be sure there are no errors or inconsistencies that could be affecting your score. Every one of the three major credit reporting companies (Equifax, TransUnion, and Experian) offers a free copy of your credit report.
- Keep up with your bill payments: Your credit score is also influenced by your payment history. Verify that you are paying all of your bills, including credit card, loan, and other bills, on time. Late payments can negatively affect your credit score and remain on your credit report for up to seven years.
- Paying off credit card debt: Your credit usage ratio, or how much of your available credit you are really using, is one of the main elements that determine your credit score. Your credit usage percentage should ideally be lower than 30%. If your credit card debt exceeds that amount, consider paying it off before submitting a mortgage application
- Increase your source of income: A higher salary can help with better debt management and lower credit use, even though it has no direct impact on your credit score. Consider taking on a second job or freelancing as strategies to increase your income.
- Attend credit counselling sessions: If improving your credit score on your own is proving difficult, think about speaking with a credit counsellor. They can help you devise a plan to lower your debt, make on-time payments, and improve your credit score.
- Any unused credit accounts should be closed: Avoid opening new credit accounts, and close all the unused ones and the loans that you might have applied before. If you have a recent credit history, opening a new credit account will lower your credit score.
Final Words
Improving your credit score cannot happen in one go; you need to take little steps toward building a strong credit history. A mortgage with bad credit in Ontario is one of the best solutions to help you afford the dream of home ownership in Canada. The best way to improve your credit score is to consider the strategies given above. With patience, persistence, and a little creativity, you can take control of your credit and achieve your dream of owning a home in Canada.
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Emma Rogers
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