Back to: March 2018


Six Credit Habits That Can Boost Your Score
Small Pic

Your credit score is essentially your passport to financial opportunities. With a possible range of 300 to 900, your score 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. But here’s the thing, this important factor in your mortgage negotiation is entirely within your control. That’s why it’s important to know the key credit behaviors that can boost your score or keep it high: 

1.Pay bills on time. The single biggest factor in your credit score is having a timely bill payment history. Never let a bill get past due. That one habit is your single biggest game-changer. Set up automatic payments if that will help. 

2.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 30% of the available amount. If your limit is $10,000, try to not let your balance go higher than $3,000. 

3.Avoid collections. Don’t ever let any bill go to Collections, even if it’s for a small or disputed amount. These black marks on your credit are hard to erase. If it’s happened, be prepared to explain why, and be sure it’s paid in full and reported to Equifax. 

4.Avoid store cards. When you’re asked – would you like to apply for our Store Card to save $X dollars on your purchase today – don’t do it; the high rate that goes with that card isn’t worth your savings on that particular purchase. 

5.Build your credit history. Make sure you do have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card.

6. Don’t cancel your card. Even if you’re not using your credit card very frequently, you shouldn’t cancel it. Canceling a credit card may actually lower your credit rating. Instead, keep the card in your dresser drawer, and use it once a year. The primary exception would be that you can cancel your card if it has a fee (as paying the fee may cost more than a ding to your credit score would).

Everyone should aspire to be a highly responsible credit card user. Besides obvious benefits such as staying out of debt, highly responsible credit card users will also be happier and less stressed out about their money because they’re in more control.

 

..............................................................................

OTHER ARTICLES
 

With Compliments of

Jacques Bedard
Real Estate Broker


RE/MAX Affiliates Realty Ltd., Brokerage
3-1180 Place d'Orleans Dr.
Ottawa, ON, K1C 7K3
T: 613-837-0000
F: 613-590-8949
D: 613-795-7242
jacquesbedard223@gmail.com
www.jacquesbedard.com

##Greetings##,
You are receiving this newsletter with hopes that you find it informative and entertaining.

If you are thinking of making a move, or just curious about the real estate trend in your area, please feel free to contact me any time. It is my pleasure to help you.

Best regards,
Jacques Bedard



NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.14% 3.10%
1 Year 3.04% 2.99%
2 Years 3.54% 3.19%
3 Years 3.65% 3.24%
4 Years 3.85% 3.54%
5 Years 5.59% 3.34%
7 Years 5.80% 3.49%
10 Years 6.10% 3.94%
Variable Rate 2.65%
Prime Rate ** 3.70%
*last updated: Sept 10, 2018


Featured Listings & Offers
Copyright© Canada Realty News™. All Rights Reserved.

The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.