Average credit score of Canadian mortgage holders improving – CMHC

In the latest data released by Equifax, the Canadian Mortgage and Housing Corporation (CMHC) noted that the average credit score for a Canadian home-owner is on the rise. Average Canadian credit scores range between 620-679.

Vancouver is noted as the highest credit score within the metropolitan markets analyzed with a score of 776 in the first quarter of this year.

Factors that can impact your credit score include:

• Length of time you have had active credit
• Payment History
• Current Debts
• Recent Inquiries
• Types of Credit facilities you are using
• Bankruptcy or collection items

How To Improve Your Credit Score

Demonstrating your ability to manage credit is key to maintaining a good credit score. There are a number of things you can do to improve your credit score. These include:

• Always pay your bills in full and on time. If you cannot pay the full amount, try to pay at least the required minimum shown on your monthly statement.
• Pay off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible.
• Never go over the limit on your credit cards, and try to keep your balances well below the limits.
• Reduce the number of credit card or loan applications you make.

Click here to read the Mortgage Brokers News article.

For more information about credit scores click here or contact our team of Mortgage Brokers for more advice.