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Writer's pictureCheryl Hartwick - Broker

The credit rule of 2





When you are saving for a mortgage your credit is important. Building strong credit that is over 680 is important to providing you with the best lending options possible.

Lenders are looking for what we call the 2 rule;

2 year history - have active credit that has been reporting for a minimum of 2 years


2 active trades, or reporting credit, this can be in the form of credit card, line of credit, personal, auto or student loan ect.


$2000 minimum as your limit. This helps establish that you are able to handle payments on the credit.


A few things to improve your credit score; you need to use small amounts of credit and pay off every month.

Pay on time every month.

Keep balance low.

And never miss a payment.

2 credit cards are plenty to build credit.


If you are looking for additional information, give one of us a call at Mortgage Edge, Quinte Team.

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