As a Toronto commercial mortgage broker, we have over four decades of experience. Our team has direct access to major lenders in Canada so you can have a wide range of features and rates. We know what lenders are looking for. That’s why we’ve put together some advice on credit reports for entrepreneurs looking to get a commercial mortgage.
Here’s a few things you should know.
- These reports contain information starting with your personal identification. Your loan repayment and credit history are also included as well as your total debt. If you have any insolvencies or bankruptcies those will show up too.
- Making sure the information is accurate is important. For example, make sure debts that have already been paid off aren’t listed. Get in touch with credit agencies if you find any information that needs to be fixed.
We are the Toronto commercial mortgage broker that wants you to succeed. It’s important to have financial strength as an entrepreneur, but you might need to fix your credit score and improve your rating. On-time bill payments help you to avoid penalties and interest. It’s also a great method to repair a damaged credit report.
Credit bureaus also look at the types of loans you have. Having more than a few credit cards isn’t always the best idea. It’s a scenario that can damage your overall numbers.
Opening up several credit accounts simultaneously is another bad move when you’re looking to improve your credit score as an entrepreneur. Try to avoid a number of credit inquiries too.
Here’s a final tip from your Toronto commercial mortgage broker that can help your business move forward. Generally, the more credit you use, the more lenders see you at risk for default. Using less than 10% of what’s available is generally a good idea.
