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I’ve talked about the importance of understanding your credit and steps you can take to improve your credit many times before.

When applying for a mortgage lenders will generally require you to have two active trade credit lines established for a minimum of two years. For many Canadians their active tradelines are Credit Cards which play a very active role in how your credit is score is calculated.

The infographic below shows some of the common myths associated with owning a credit card.

Credit Card Myths

This Infographic Provided by Credit Cards Canada.