How can you improve your credit score?

How can you improve your credit score?

Most people don’t check their credit score until they need to borrow money.?Sometimes that can be an issue if you don’t realize there are marks on your credit report till it is too late to fix it.

I always recommend you pull your own credit report once a year or at least 6 months before you plan to borrow any money and especially for a mortgage.

Here are some IMPORTANT things to remember

1. ?Have a credit card in your own name.?If you share a card with someone ensure your use of that credit card may not be reporting to the credit bureau!
2. Pay your credit card a few days before the due date to ensure you are on time each month
3. Avoid making small payments each week and after a transaction.?Make one payment on time for the due date.
4. Don’t extend the credit card beyond the limit
5. Keep the balance below 50% if possible to show you can manage credit
6. Talk with your trusted independent mortgage planner annually to review your credit

When you are ready to buy a home, renew or refinance your mortgage or investing in real estate, consult with your independent mortgage planner early in the borrowing process to review your credit report.?It can impact your ability to borrow and the interest rate you pay!