Tips to Improve Your Credit Rating

1. Always pay your bills on time. (The payment of utility bills such as phone, cable and electricity are not recorded in your credit report, however many cell phone companies report late payments.)

2. Pay Debts as quickly as possible.

3. Try to pay your full balance off on all cards every month whenever possible.

4. Don’t go over the credit limit on your credit cards.

5. Don’t make too many credit applications (use a Mortgage broker). Your score doesn’t change if you personally make credit inquiries.

6. Contact creditors if you’re having trouble making payments and work out solutions.

7. Read the statements you receive from your credit card company carefully. Keep yourself up-to-date with any changes or fee increases.

8. Keep your credit usage to no more than two credit cards and one Line Of Credit. Avoid store credit cards.

9. Get a copy of your credit report from all three credit-reporting agencies at least once a year and make sure they’re in order.

At this time of year, especially if we were extra generous with our gift giving, it’s important to review the top factors that can lower our credit scores.

  1. There are too many consumer finance company accounts on your credit report. Having too much available credit can hurt your score. If you have several consumer accounts try to consolidate those balances and close the accounts.
  2. Your account balances are too high. As a rule of thumb keep your credit card balances below 35% of the available limit. High balances ongoing will negatively affect your credit score.
  3. There is not enough recent revolving account information on your credit report. Using your credit cards regularly is an important part of building healthy credit.
  4. There have been multiple lending institutions pulling credit reports on you. This is part of the advantage of using a Mortgage Broker; we pull one credit report and then go to several lenders vs. having several lenders each pulling your credit bureau.

Info. taken from:

#205 - 2445 Broad St. Regina Sask S4P 0C7

Jenni Bast

Jenni Bast

Brian Bast Realty Inc.
Under Contract with CENTURY 21 Dome Realty Inc.
Contact Me

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