Credit Score 

                    Calculating your credit score

Your credit score is represented as a 3 digit number ranging from 300-900. A score near 300 would be considered ‘poor’; whereas, a score above 750 is considered ‘very good’ to ‘excellent’. It’s important to understand that credit scores are not permanent. Lenders, like Meridian, submit information to the Canadian credit reporting agencies regularly, and as that new information is received, your credit report details and score are updated. Every time your credit report is updated, your credit score is refreshed to reflect any new information. The following factors are used to determine your credit score, and any change may result in a different score.

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• Payment history – are you making your payments on time, every month?

• Credit usage – how much of the credit available to you are you using?

• Length of credit history – how long have you been using credit?

• Type of credit – what types of credit do you have? (i.e. loans, lines of credit, credit cards etc.)

• New credit – are you applying for new credit? (credit cards, loans, mortgages etc.)