6678 152 Street, Unit 105, Surrey, BC, Canada V3S 7J2, Phone: +1 604-786-1937, E-mail: abhishek@suncapitalists.com

What is bad credit?

Any negative mark against you on your credit file can be considered as bad credit. The more negative marks against you, the lower your credit score will be. Checking your credit score prior to a mortgage application is always advisable.

The severity of your financial issues determines to what extent your overall score is impacted. In order of severity, these are the issues that will negatively impact your credit record:

  • Late payments
  • Missed payments
  • Defaults
  • CCJs ( Provincial Court Judgments)
  • Payday Loan Usage
  • Mortgage Arrears
  • IVA
  • Bankruptcy