Don't let your credit get you down!!

Interest rates are at historical lows making this a great time to purchase a new home. However, if your credit is less than stellar then securing a low interest loan is near impossible. Your credit score may be damaged but it is still fixable! Here are some great tips to help you get on the road to recovery.

  1. Ensure that the information on your credit score is correct. Inaccurate postings are possible and it is up to you to keep an eye on your score. Credit bureaus will remove inaccurate negative information.

  2. Always pay your bills on time. This may seem obvious but we all know that life can get hectic and that bills can easily get lost under stacks of paper (or accidently thrown out!). If you don’t have online banking I highly recommend it. It takes very little time to enter the bill payment online and you can also post-date the payment for the due date. Spare a few minutes in the evening and go through the daily mail. Any bills received can be entered right away for payment later on. Another time saver is automatic withdrawals. Many companies offer this option and it saves a great deal of time and simplifies the process even more. This is a great option for monthly bills such as utilities.

  3. Make a payment every month on your credit card. Your end goal should be to be able to pay the balance in full every month. But if you are unable to do this it is imperative that you at least make the minimum monthly payment. A missed payment on a credit card is certain doom for your credit score. Something to keep in mind….the higher the balance is on your credit card the greater the impact is on your credit score.

  4. Make a plan! Knowing exactly what comes in and what goes out of your bank account is crucial. Make a list of expenses and income. You are the only one who can fix your credit score and knowledge is power.

  5. And finally… within your means. Yes, that 60 inch TV is amazing. But the price tag may not be in your price range. And that is ok. When we live in a fast paced world full of instant gratification it can be very difficult to walk away. But the goal is to pay down debt, not add to it.

Following this advice should help you re-establish your credit score. All it takes is a little perseverance, organization and discipline. You could be enjoying those low interest rates sooner than you think!

Helen Harder

Helen Harder

CENTURY 21 Grande Prairie Realty Inc.
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