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Six Ways To Boost Your Credit Score
 October 27 2015     Posted by

Six ways to boost your credit score


Your credit score is essentially your passport to financial opportunities. With a possible range of 300 to 900,

your number tells lenders what kind of a risk you are likely to be as a borrower. A low credit score can prevent 

you from getting the lowest mortgage rate, or even from getting a mortgage at all. That’s why it’s important to 

know the six credit behaviors that can keep your score high, or give it a boost! 

  • Know what you’re working with. Get a copy of your report and see what your lender sees. Credit reports

           can be ordered for free through the mail or, for a small fee, downloaded  from www.equifax.ca.  

  •  On time, all the time. The single biggest factor in your credit score is having a timely bill payment history. 

           Start today with a commitment to never let a bill get past due.

  •  Know your limits. Your credit score is based on your balances relative to your available credit. 

           Look at your credit limits and try not to use more than half of the available amount. 

  •  A longer history is better. Don’t cancel your oldest credit card. In fact, get advice before you cancel any cards. 

           A long steady history of using cards responsibly demonstrates trustworthiness. 

  •  Be selective. When you’re asked “would you like to apply for our Store Card to save $X dollars on your 

           purchase?” Don’t do it. These pitches can be a credit pitfall. Regularly looking for more credit will flag you 

           as a potential credit risk. 

  •  Keep it balanced. Creditors like to see that you can handle a wide variety of credit types. 

I would be happy to review your situation. If you need to improve your score, I can outline your best options for 

credit improvement. If you want to get a mortgage while you work on bettering your score, I can also advise how 

that may be possible.  

Financial comfort and joy

It's tempting to overspend at this time of the year so take a quick assessment of your financial situation before

you get started on your holiday shopping. It can help make sure you don't suffer from 'plastic shock' when your

credit card bills arrive in January. Are you carrying too much credit card or other high interest debt? Are you

struggling to keep up with your monthly obligations? If so, it might be worth having a conversation about

streamlining your finances now, before the holidays are upon us. You may be able to take advantage of today's

great rates to consolidate your debts into a smart plan with sensible payments. If you are worried that your

locked in mortgage means your options are limited, I can do a quick reveiw. There's a good chance the savngs

each month will far outweigh any penalties. Give me a call. I love to help at this time of year. Financial comfort 

and joy: what a wonderful gift!

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