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Welcome
to TheMortgageShoppe.ca
Your Credit Score and Credit File
To
obtain a copy of your credit report, WITH credit score, online, CLICK
HERE.
Whether
applying for a loan, renting an apartment, having your automobile insurance
premiums determined, and especially when applying for a home mortgage,
a 3 digit number can impact your finances by hundreds, and often thousands
of dollars PER YEAR.
This
3 digit number is known as your Beacon Score, FICO Score, or Credit
Score - and is found on your credit file (see Credit
File Article) at one, and usually all, of Canada's credit bureaux.
What
factors contribute to a good credit score?
Firstly,
HAVING credit (see Horizon card info below), and having credit for
a length of time - the longer, the better.
Additionally,
being responsible with your credit, that is, NEVER missing or being
late with your payments; each time that a person is late on a payment,
it is recorded on your credit file and remains there for 6 or 7 YEARS.
Beng
responsible with your credit also means not maxing out your credit
cards - balances outstanding on credit cards should NEVER exceed 75
% of the credit limit, and should preferably be less than 50 % of
the credit limit. Keep in mind that payments that are made on credit
cards are not immediately reflected on your credit file. So, even
if a payment is made on July 26, but the credit card statement is
issued on August 5, then the balance isn't reflected on the credit
bureaux until September.
Being
responsible also means NOT applying for credit needlessly, nor excessively.
This is one of the key advantages of using a Mortgage Shoppe
mortgage broker. Besides helping obtain the best mortgage possible,
a Mortgage Shoppe mortgage broker only accesses your credit
bureau file ONCE, even if your credit file is submitted to multiple
lenders. This is far, far better for your credit score than having
your credit bureau file accessed by multiple lenders individually.
A
person should obtain and review their own credit file at least once
a year to ensure accuracy (see Credit
Bureaux Article) and to check for identity theft (see Identity
Theft Article). As it can commonly take up to 3 months or more
to correct inaccuracies on credit bureau file, it is strongly recommended
that a person review their credit file well in advance of actually
needing to apply for credit.
A
person can obtain a copy of their credit report, WITHOUT the credit
score, at no charge by mail, which usually takes about 4 weeks.
To
obtain a copy of your credit report, WITH credit score, online, CLICK
HERE.
(Re)Build
Your Credit (Go
to Top of Page)
The
Horizon Plus Secured MasterCard® allows virtually all Canadian
residents to have a credit card. Specifically, it is geared to those
people who do not qualify for traditional unsecured credit cards due
to financial difficulties in the past or lack of a credit history.
This may include:
Students - New
Immigrants - Discharged Bankrupts -
and people who have had credit problems in the past.
The HorizonPlus Credit Card has several benefits over a debit card.
Not only can you secure a car rental or make hotel reservations over
the phone or via the internet but at the same time with proper use
and repayment you can establish or repair your credit profile.
Your credit limit is set by the amount of your deposit with us (minimum
$500), which acts as a security deposit and earns interest. You are
then able to use your card up to this limit, and have the same benefits
as other credit card users.
Here are some testimonials from other HorizonPlus Credit Card Cardholders:
"The HorizonPlus MasterCard provides the flexibility of having
credit, and the security of a savings account. It is useful to help
rebuild strained or damaged credit, and the customer service is excellent.
In short, I would recommend this to anybody."
M. Stranach
"I am writing to say how happy I am to have a HorizonPlus MasterCard.
This card provides the flexibility of having credit, and the security
of a savings account. It is useful to help rebuild strained or damaged
credit and their customer service is excellent. In short, I would
recommend this to anybody."
Matthew S., Fredericton, NB
"I am happy to report that my credit rating is back as Excellent!
The most important contributor to this is HorizonPlus."
Joan D., Aurora, Ontario
"It was a pleasure dealing with you. I will recommend you to
any of my friends and co-workers. I wish to thank-you for the opportunity
you have allowed me to establish a credit rating."
Michael T., Kingston Ontario
To apply for a Horizon Plus MasterCard and start to (re)build your
credit, CLICK
HERE.
Prolink Mortgages is the top Canadian mortgage broker. Prolink Mortgages is a
full member of CAAMP (Canadian Association of Accredited Mortgage Professionals).
"Mortgage Shoppe" & "TheMortgageShoppe.ca" is/are
trademark(s) of Quasar |
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