Tips on how to improve your credit score
Avoid late payments on
your credit cards.
If you can, don't wait until the
end of the month to pay you credit card bills. If you buy something today, go
the bank the next few days and pay it off in full or make the payment earlier
and not wait until month end. Also make more than interest only payments.
Do not let people pull your credit too regularly because your score will go down.
Only pull when necessary to buy a property.
Do not close your credit cards.
The older your accounts, the better your score is
Avoid having high balances on your credit cards.
Try to stay below your credit card limits and not be over the limit. Your credit card balance should be no more than 80% of your credit limit.
No credit is bad credit.
Try to establish some credit to show that you can be responsible with your payments. Worst case, use cash as collateral to secure credit
Avoid bankruptcies, credit proposals, judgments and collections.
Do not let people pull your credit too regularly because your score will go down.
Only pull when necessary to buy a property.
Do not close your credit cards.
The older your accounts, the better your score is
Avoid having high balances on your credit cards.
Try to stay below your credit card limits and not be over the limit. Your credit card balance should be no more than 80% of your credit limit.
No credit is bad credit.
Try to establish some credit to show that you can be responsible with your payments. Worst case, use cash as collateral to secure credit
Avoid bankruptcies, credit proposals, judgments and collections.
For more information
contact us at
416-920-9931 or
mortgages@eddiemac.ca
Visit us online at www.eddiemac.ca
Your Toronto
Mortgage Broker
637 College
Street, Suite 201, Toronto ON, M6G 1B5
