Having Too Much Credit on Your Canadian Credit Report

There are a number of different factors that contribute to the calculation of your credit score on your Canadian credit report. The five most important are your payment history, your credit account history, recent inquiries, the types of credit you have, and your outstanding debt.  As one of the things that impacts how you rate, it is important to understand how the amount of credit on your Canadian credit report impacts your rating. Even if you make your minimum monthly payments (or even a bit more), on time, every month, that doesn’t necessarily mean that you have good credit.

If your Canadian credit report shows that your balances are very high (or even maxed out), this signals to lenders that you may be overextended, or spending more money that you can afford to.  If this is the case, your chances of receiving credit from potential lenders may be greatly reduced. It is typically a good idea to try and keep your balances at no more that 30-35% of your total limit. This demonstrates your ability to stay within a reasonable spending limit and not exceed your own financial limits.

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Having too much debt, no matter the type, is often taken by lenders to mean that you will not be able to pay that debt off. For them, this means an increased risk because adding to your debt further increases that inability to make payments. If you have too much credit on your Canadian credit report, try to reduce it by making more than the minimum payment and curbing your credit spending.