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Tips for improving your credit score


A damaged credit score - whether it's resulting from a missed credit card payment or a bankruptcy - can cause havoc on your finances. A credit score lower than 620 can prevent you from acquiring conventional mortgage financing, not to mention lines of credit or credit cards.

Depending on the type of credit infraction that damages your credit, it is possible to improve your rating in one year or less, by following a few simple steps:

1. Make sure you have two trade lines reporting to your credit bureau.
This can be two of either a credit card, car loan, student loan or line of credit - a mortgage doesn't count, because most lenders don't report to credit bureaus. Of course, if your credit is already low, it might be difficult to obtain these if you don't have two already. Try calling up your bank and exploring the options available to you. In some cases, banks will allow you to be a co-applicant on a credit card, which will give them the peace of mind, but also ensure the activity is reported to your credit report. Other options, such as pre-paid credit cards, can also help boost your credit.

2. Don't max out your credit.
When you do have two trade lines, make sure you don't max them out. Often, staying below a third - or half - of your available credit will enable you to boost your score quicker.

3. Pay your bills on time.
This sounds like a simple one, but it's important. One missed credit card payment can set you back to square one. Many credit cards offer you the option of setting up an automatic minimum payment to prevent this from happening.

4. Don't shop for credit - or mortgages.
The more inquiries on your credit report, the lower your score falls. Be selective about credit cards that you apply for, and opt for a mortgage broker over a number of different banks because brokers can do the shopping for you, and find the best deal out there.


myaxiom.ca January 2010



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At Greenwood Estates and Mortgage Company, Mission, BC, we represent dozens of lenders and loan programs across Canada. With our experience in banking and finance we can help you find the best rates for your needs. Many years working in the banking and finance industry has given us a great network of contacts that we can use to find the best product for you. Mortgages, business loans, refinancing, credit lines and debt consolidation are our business.

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