In Canada, everything you do with financials, whether its a bank or credit card payment, or payment of a loan or a utility bill, or be it the wise use of your credit limit and missed payments, everything is being recorded with the credit monitoring agency. So when you apply for a mortgage, the first thing a financial institution that is going to lend you the money checks for your credit score. That first thing is the deciding factor of how good one is with his/her financial management. Those credit scores reflect our financial situation and gives the financial institution a rough idea of our reliability.
Also the better your scores are, the higher are the chances that you will end up with multiple good offers from different financial institutions with next to lower rates due to your higher reliability. To its best, credit scores only provide a rough mathematical idea of how good you are with your payments and how good you will be with paying the huge debt that you are looking to secure. To make sure that you have a good credit score while buying a house in Brampton, no only making timely payments is going to help you, but there are other things like the credit utilization ratios which is, don’t over go 60% of your credit card limits, get your credit card limit raised sensibly such that if your spending is $1,000 a month, then have the card with a limit of more than $2,000 to make sure, your credit card utilization is less than 50% to make it even better. There are many more things that can be done to repair a broken credit score. If you want to get even more info, just give Neetu Dhaliwal a call and she will help you with you with better understanding your credit score and help you in securing your dream home.