Banks and the insurers (CMHC, Genworth) seem to have ever changing criteria for meeting their requirement for established credit. For example, right now we have clients that have owned their home for 5 years and have been paying a mortgage. They also have a car loan of $475 per month that they have been paying perfectly for the last 4 years. However, I cannot get an approval (from CMHC in this case) unless the clients get a qualified co-signor! I think that is crazy.
A few weeks ago, I had clients approved through CMHC with only a credit card that has been open for only one year.
Fortunately, we can still get them approved through a finance company at a higher interest rate.
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