4. Not Enough Credit History in Canada
Your credit history shows how you use credit in Canada. Many people who apply for debt consolidation loans have not been using credit in their own name for very long. It takes time for a strong credit report score to develop, so not having a long credit history may work against you.
Another aspect to this is having credit available that you don’t use. If you have a credit card tucked away for safe keeping, you should know that you need to use it responsibly to build a credit history; just having it doesn’t actually show that you know how to use it.
If you are joint on a loan, know that some financial institutions only report information about the primary borrower, not any secondary borrowers or co-signers. If you want to see what your credit history looks like, you can request it from Equifax or Trans Union for free.