Let's test your credit knowledge with 5 everyday situations.
Question 1: All else being equally who would have better credit?
pays off her balance every month.
Question 2: All else being equally who would have better credit?
debt or credit cards of any kind.
network negative network of $24,500.
would have a very difficult time trying to get a mortgage at all.
Client B would have a fairly easy time trying to get a mortgage.
Question 3: All else being equally who would have better credit?
limit and this would also hurt her credit score.
Question 4: All else being equally who would have better credit?
person uses their debit card frequently.
missed payment 3 years ago.
Explanation: Mortgages in Canada are not reported to credit bureaus.
would be assumed that he has bad credit. No credit equals bad credit.
to either of their credit bureaus.
Question 5: All else being equally who would have better credit?
ago, while on an extended vacation she missed two monthly payments.
vacation and has never missed a payment since.
over the last 4 years. Her latest missed payment was 3 months ago.
too difficult to get a mortgage.