Credit Repair

Repairing Your Credit


The important thing when you wish for a mortgage but are concerned with credit issues is not to be shy.

Many of us experience credit problems at one point or another, even if the problem is excessive concern over guarding one’s credit.

The sooner we get your full mortgage application and credit check in view, the sooner we can evaluate your situation and give you a direct path to credit recovery.

One of the most valuable things that your RateMiser Mortgage Advisor can provide is insight into how credit scores are determined and how they can be managed successfully.

The Beacon Score

Most lenders incorporate an index of an individual’s creditworthiness called a Beacon Score into their lending criteria. The Beacon Score is a secret proprietary formula designed to predict a given borrower’s willingness and ability to pay.

The key factor that determines the Beacon Score is whether or not you are making minimum bill payments to reporting creditors on time. It doesn’t matter whether your bill is $30 or $30,000, a recent overdue payment is like cement boots on your Beacon Score.

Another factor in determining the Beacon Score is the size of your debts vs. the available credit limits on your revolving account balances.  If you have any balances exceeding the credit limit, it will also undermine your Beacon Score dramatically.

Any judgments or debts that have been sent to a collection agency can and must be addressed before you can gain access to the best mortgage rates.

Bankruptcies and Consumer Proposals

It is much better to avoid these kinds of situations, but if you have been through bankruptcy or a Consumer Proposal to your creditors, please call us first so that we can help you qualify for a mortgage at the best rates as soon as possible. Canadian Mortgage and Housing Corporation (CMHC) and most lenders have policies on lending to people after such events and they can be surprisingly reasonable. Nevertheless, they do require a bit of time to establish the minimum criteria.

One thing to note is that lenders are very hard on people who have “derogatory credit” after a bankruptcy. This means you cannot be late for even one monthly payment on any of your debts without severely undermining your mortgage application when the time comes.

Call us today so we can review your credit situation and help you obtain the mortgage that’s best for you.

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