- A secured credit card will allow you to establish or re-establish a solid credit rating. These cards require a deposit so the cardholder can never be in default.
- Check your credit report and make sure it is accurate. If there are discrepancies, get in touch with the credit agency.
- The single biggest factor in your credit score is having a timely bill payment history. Don’t let a bill get past due, and never let a bill go to collections.
- Your score is based on your credit balance relative to your available credit. Try not to use more than 30 per cent. If your limit is $10,000, don’t let your balance go higher than $3,000.
- Having a credit history is important. You need a record of owing money and paying it back. Take this into consideration if are thinking of cancelling a card.
Contact the experts at MiMortgage.ca at 866.452.1100 to find out more information.
Mortgage Intelligence 