6 Things you can do to obtain & maintain a good credit score!

Building and maintaining a good credit score does not have to be a difficult process. If you follow these six steps you should develop and keep a healthy credit score. A higher credit score will help you make larger purchases throughout your life.

1 - Get Credit: You cant have a good credit score without having credit!

2 - Get Different Types of Credit: If you have different types of credit accounts it will help increase your scores.

Examples of types of credit:

• credit cards

• car loan

• student loan

• RRSP loan

3 - Keep Your Accounts Open: The longer relationships you have with lenders will also help increase your credit score

4 - Use Your Credit Wisley: Do not go over credit limits. Keep the total utilization of all your accounts under 30%

5 - Monitor Your Payment History:

• Always make payments on time

• Always pay the minimum payment amount or more when due

• Never miss a payment even if you're disputing a charge

• If you can't make a payment contact a lender to discuss your options

6 - Limit the Number of Applications: Do not make multiple credit inquires particularly over a short period of time.

If you are able to follow the above 6 steps I assure you will be able to build and maintain a good credit score. A good credit score is one of several important steps in preparing for homeownership.

If you are interested in learning more about building credit or other helpful things you can do in advance of applying for a mortgage my door is always open.

Please feel free to book a call with me directly here!