Spring credit clean up

Kids back in school, you back to work, now time to look at your money!
Now is an excellent time to check your credit score and see if your habits are on track when it comes to cleaning up your credit.

The following steps can help you clean up your credit:

The first. It is not something we think about often until we are in need of it, to pull our credit report. You can also check your standing at this time if you are unsure! Using Equifax or TransUnion, you can get one free credit report every year under the Fair Credit Reporting Act. The decision to pull your credit report yourself results in a “soft” inquiry on your credit report and does not affect your credit score. Ask Us, we will be more than happy to work on to get your credit report pulled by Us or help you to pull your own

The second. Verify There Are No Errors: When you review your credit score annually, it is important to go line-by-line and ensure there are no errors. Your score could be affected if any errors are reported and disputed.

The third. In order to manage your credit and achieve future financial success, consolidating your loans is one of the best tips. The goal of debt consolidation is to reduce the number of loans you owe to a single monthly payment, for which the interest rate is often lower, allowing you to maximize your expenditure on the principal.

Keeping your credit clean is worth the effort once you’ve cleaned it up! The following are some tips for keeping your credit strong and maximizing your financial future:

The first step. You may think that paying your bills is pretty straightforward, but it’s not that easy. Bills must be paid not only in full but also on time whenever possible. Getting a loan or mortgage depends heavily on your ability to pay your bills on time. It is a good idea to pay at least the minimum required on your monthly statement if you cannot afford the full amount.
The second. Your debts should be paid off as fast as possible, whether they are credit cards, car loans, lines of credit, or mortgages. Starting with the smallest debt items and working your way up will make the most impact. Removing low-debt items also removes interest payments on those loans, which allows you to pay off larger debt items with the money you saved.
The third step. Maintain a good credit score by staying within your limits. You should not use your entire credit line. If you have available credit, you should use no more than 30% of it. Your credit card limit should never exceed $700, for example, if your limit is $1000.
The best way to increase your credit limit if you need more credit is to increase the limit rather than using more than 70% of what you have available each month.

A credit score of 680 for at least one borrower (or guarantor) is recommended for mortgages through banks, credit unions, and other financial institutions. I’d be delighted to help you review your credit score and financial information if you are considering buying a home or refinancing your existing mortgage.

Lastly, check out our bundle mortgages, created for people with less than perfect credit, self employed, seasonal workers, new to Canada and other issues.

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