Your Number
“What’s my credit score going to do to my rate?”
I hear this question in almost every first conversation with a client — usually with a bit of a wince, like they already expect bad news.
Here’s the truth: your credit score isn’t pass/fail. It’s a sliding scale lenders use to gauge risk, and it’s made up of several factors — payment history, credit utilization, length of credit history, and more. Payment history and utilization carry the most weight, and they’re also the two things you have the most control over right now.
Generally speaking, scores above 760 get you the best pricing tier. The high 600s to low 700s still qualify for competitive rates with most lenders. Below 620, conventional bank options narrow — and that’s often where alternative or private lending conversations begin.
The good news? A score that looks intimidating on paper sometimes has a simple explanation, and almost always has options attached to it. I’ve had clients assume the worst over one old missed payment, when the real driver was maxed-out credit cards — a completely different, and much more fixable, problem.
If you’re wondering what your number means for your specific situation, that’s exactly the conversation I’m here to have.
Read the full breakdown — including what actually moves your score before you apply — on MortgageClarity.ai.
I look forward to hearing from you in regard to your mortgage needs.
902-465-5533. I answer.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2025-3000179) Broker (2025-3000180), Ontario(M23006699).
p.s.s.s You can download my new mortgage app here
Patrick Sawler is a mortgage broker and owner of Craigburn Capital, licensed in Nova Scotia and Ontario, with private financing available in New Brunswick and PEI. He answers his phone.
Ready to have a real conversation? Call 902-465-5533 or start your application here
No. A lower credit score can narrow your lender options and affect your rate, but it doesn’t automatically disqualify you. Alternative and private lending options exist specifically for borrowers who don’t fit conventional bank criteria.
A mortgage pre-approval typically involves a credit check, which can cause a small, temporary dip. Multiple inquiries within a short shopping window are usually treated as a single inquiry by most scoring models.
Most lenders reserve their best pricing for scores in the 760+ range, though borrowers in the high 600s to low 700s often still qualify for competitive rates. CMHC and Sagen only require a minimum score of 600 to insure a mortgage at all — that’s the floor, not the ceiling.
Paying down credit card balances can improve utilization — and your score — within a single billing cycle in some cases. Other factors, like length of credit history, take longer to shift.
