Maintaining a high credit score is vital when you need to borrow money.
Always have it ready when you don't need to borrow.
Not sure what your score is?
Here are some key things you must know:
- Start using your credit card! Have at least 2 credit cards and use them regularly.
- It is better to have major bank credit cards than retail credit cards (Bay, Future Shop, etc).
- It is the best to stick with the card and use them at least one a month (could be just for 3 bucks purchasing).
- Pay off credit card every month. I mean, pay it off!
- Never use over 70% of the available credit. Best, never use 50% when you can. It is not good to have a high revolving balance all the time even you pay off each month.
- Monitor your credit score twice or once a year. Stats show that 1 out of 8 people will notice an error on their credit report.
- Don't shop around for interest rate when doing a house mortgage. It hurts your credit score for each inquiry. If you know mortgage broker, let them do one check and shop rates for you.
FREE credit report from Equifax.
http://www.equifax.com/EFX_Canada/consumer_information_centre/docs/request_report_form_e.pdf
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment