IK Financial Metarials
Mortgage Glossary

Mortgage 101 - Credit Score

Today, we will briefly introduce You one of the biggest financial topics - Credit Score. For your convenience, we will divide all the information into multiple posts. So, whether You looking for a definition or tips to boost your score, You will find all the useful information from our mortgage professionals!
What is a “Credit Score”?
Credit Score - the digits that make up your credit score tell a lender a lot about Your credit history and ultimately the status of your financial health.
What those ‘DIGITS’ mean?
🔹POOR (300-692)
🔹FAIR (693-742)
🔹GOOD (743-789)
🔹VERY GOOD (790-832)
🔹EXCELLENT (833-900)
Where can you check your score?
In Canada, there are two major credit reporting agencies. You can easily access your account and see the report.
🔹 Equifax - consumer.equifax.ca
🔹 TransUnion - transunion.ca
🔹 Your Bank - major banks of Canada offer this feature on mobile app
Will it affect Your score?
There are two types of credit score inquiries:
🔹Hard inquiry - when a lender or company makes a request to review Your credit reports. This WILL affect Your Credit Score!
🔹 Soft inquiry - where You check Your own credit through the above services. This WILL NOT affect Your Credit Score!
If You would like to get a Mortgage or Refinance your property, please call our mortgage professionals or book an appointment by following the link in BIO.
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com