Boost Your Credit Score Before You Buy: Simple Steps for Mortgage Success

Why Your Credit Score Matters

Your credit score is more than just a number; it’s a snapshot of how you manage debt. Lenders use it to decide the rate and terms of your mortgage. A higher score often means lower interest rates and more loan options.

Tips to Improve Your Credit Rating

• Pay bills on time. Payment history has the biggest impact on your score. Setting up automatic payments or reminders can help you avoid late fees and dings to your rating.

• Reduce credit card balances. Try to keep your credit utilisation below 30%. Paying down existing balances shows lenders you’re not over‑extended.

• Check your credit report. Review your report for errors or outdated information. You can request a free copy from Canada’s credit bureaus and dispute inaccuracies.

• Limit new credit inquiries. Opening several new accounts in a short period can lower your score. Only apply for credit when necessary, and avoid closing old accounts you’re not using.

• Diversify your credit. Having a mix of credit types—like a car loan and a credit card—can help, as long as you manage them responsibly.

Be Patient and Persistent

Building or repairing credit doesn’t happen overnight. Consistency is key. Start implementing these habits at least six months before you plan to apply for a mortgage to give your score time to climb.

Getting your credit in shape is one of the smartest moves you can make before shopping for a home. A little preparation now can save you a lot of money in the long run—and set you up for mortgage success.

Ready to talk mortgages on your terms?

Whether you’re crunching numbers late at night or just day‑dreaming about your next home, I’m here for you. Call or text me at 519‑575‑1804, or send an email to cferguson@dominionlending.ca.

You’ll also find daily tips, market updates and a few lighthearted moments on my Facebook and Instagram feeds—follow @mortgagewithchar to join the conversation. My goal is to keep things simple, approachable and tailored to you.

Let’s chat whenever you’re ready!