With brutal inflation and interest rates, more Canadians are racking up debt. And when you use too much of your available credit, your credit score can do a swan dive.
Free credit-score providers like Borrowell are great for keeping general tabs on your credit when applying for credit cards or small loans. Problem is, the score that mortgage lenders use is much more challenging to find. At GoPeer, you have to apply for a loan prequalification to get your FICO 8, but there’s no obligation to get the loan. You don’t need to be approved, there’s no hard hit to your credit score, and it’s free.
For one, most lenders have credit-score minimums to get their best rates, like 680 or 720, for example. Some lenders even demand an 800 minimum for their “superprime” rates.