Your credit score plays an important role when applying for a mortgage or line of credit. From a lender viewpoint, the higher your score, the lower the probability that you will become delinquent on credit extended to you. And while lenders do use credit scores to help them make lending decisions, each lender will base its decision on more than just the score.

Canada follows the Beacon Score model, which incorporates four key criteria:

1) Credit utilization
2) Number of lender inquires within a period
3) Address changes within the past 24 months
4) Number and types of credit lines open

Credit utilization scores the way a client uses their credit. It is always best not to carry a balance on any credit, but borrowers who do should avoid keeping it at or near the borrowing limit.
You should ideally always keep your balance under 75% of the available credit. Another important factor is payment history which indicates whether you have made your credit card, loan payments and other payments on time.

The number of recent credit inquires can negatively impact your beacon score.
Lenders make an inquiry each time you apply for credit.
Each inquiry can reduce your rating by between five and seven points.
Mortgage Brokers use one credit check to apply to all the lenders at once.
However, you can self check your credit as often as you like and it will not affect your credit rating.

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