If your credit has taken a hit due to missed or late payments, high debt levels, etc, there are things you can do to help repair it. The key is to start right away. The longer you leave it in disrepair, the worse your credit situation will become. And, as we know, good credit is the key to accessing any type of loan at the best rates, including a new mortgage, renewal or refinance.

Your credit history is compiled into a credit report, which then provides an overall summary of your financial history to lenders. Canada’s two credit reporting agencies – Equifax and TransUnion – use the information in your credit report to establish a credit score, which is presented as a three-digit number. As a point of reference, the average credit score is in the mid-700s and a perfect score is 900. The lower your credit score, the harder is it to obtain a mortgage at a competitive rate. 

Steps to improve your credit

Some credit situations take longer to repair than others, but here are some quick tips to help get you on the road to healthier credit:

  1. Ensure you’re living within your means by creating a budgeting and sticking to it.
  2. Always make at least the minimum payment on your loans.
  3. Make payments on time.
  4. Keep your balances low.
  5. Consolidate debt to lower interest rates (ask us how!)
  6. Apply for new credit accounts only when needed.


Patience is key when repairing your credit. It’s important to manage your credit responsibly over a prolonged period of time to demonstrate that you’re financially responsible. Be vigilant and monitor your credit report on a regular basis to ensure it’s up to date and doesn’t contain any inaccuracies or fraudulent activities. 

Have questions about your creditworthiness? Answers are a call or email away!