While sipping your coffee this fine Monday morning we thought we’d share the latest news on the big changes that have been made with credit A.K.A your BEACON Score.
Although some have never really given their Beacon Score too much thought or concern when applying for credit or missing one cell phone payment, not until the need to borrow money comes up of course and are told you do not qualify due to these late payments and/or inquiries.
Below, we have listed just a few of the new beneficial rules implemented when it comes to your Beacon score.
- People with less credit (IE One credit Card), traditionally got very low credit scores if a minor delinquency happened VS clients with multiple credit cards. Minimal Credit Consumers who are in-fact more conservative will be treated better and more fair!
- For the first time, mortgage data is included in the calculation of the BEACON score. Previously good mortgage repayment did not help your credit which we deemed unfair and this is an appropriate correction.
- Inquiries by lenders on your credit bureau affected your credit for 36 months. This has now changed to 12 months. A positive change for consumers
- The impact of multiple Mortgage and Auto inquiries traditionally did not affect your credit if you did it over 14 days. That has been extended to 45 days giving you more time to shop for the best deal J
It is extremely important to know what will affect your credit. Also these changes will help your credit score so that you don’t find yourself being turned down by a lender based on an isolated missed payment, lack of enough credit history or too many inquiries looking for the best deal. These are all positive changes.
We see all too often situations, when it comes to credit scores negatively affecting people borrowing money. We are always here to help if you get negative feed back on your credit score – just call us to help. If you would like anything further explained or need a situation reviewed …
Call, Click or Chat with us anytime!
By Referral Mortgage Consultants*
“Click, Call, Chat – Award Winning Brokers”
Dave 604 897 2741 Jordi 604 615 1312
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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.