Credit Score Optimization for Ontario Mortgage Applicants

The Four Habits Lenders Reward

• The 30% Utilization Rule: Never run your credit card or line of credit balances right up to their maximum limit. Aim to keep your active balances below 30% of your total credit limit (e.g., keep a $5,000 card balance below $1,500).
• Flawless Bill History: Late payments damage scores quickly. Set up auto-minimum payments for utilities, phone bills, and cards to guarantee no bill slips past its due date.
• Avoid New Inquiries: Do not apply for store promotional credit cards, financing plans for furniture, or vehicle loans while your mortgage application is in process or preparation.
• Collections Safeguards: Never let a small disputed account (like an unsettled internet or phone bill) go to a collection agency. These blemishes stay on your credit history for years.