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A recent article on Ratemarket.ca talks about the ways one can get into trouble with credit. It also includes some information that may be surprising to some people who are, well, surprised, at how low their credit score is. One thing the article states is that you if you have a credit score of less than 720 it will result in higher mortgage rates. While this may be possible it is different from lender to lender. I find somewhere between 650 to 680 is the point where you may not be able to borrow quite as much but still, in most cases, have access to the same low rates that are on the market. I would advise, though to strive for a credit score in the 700 or 800's. The top score is 900 although I've never seen anyone this high.
 
The article also gives some good advice on how to get out of debt. 
 

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