Tag Archive for: Equifax

Credit building tips

Credit building tips

I am often asked for ways to build your credit if you are new to Canada or just starting out and would like to soon purchase a home of your own. These tips also apply to those who have had some credit issues in the past and need to focus on improving their credit. So here are some tips that I give my clients.

  • Apply for a credit card with at least a $1,500 limit. Use it and make that it is paid on time and in full.
  • Apply for a small personal loan of a similar amount and make sure that your payments are made on time and in full
  • Keep the balances of your existing cards well below their limits.
  • Fixing mistakes on your credit report. Sign up for one of the free credit monitoring services out there
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Give yourself some credit!

It can reach the point where you don’t want to pick up the mail or answer the phone. There isn’t anything to look forward to anyway, who writes letter’s anyway? The daily mail invariably consists of a few pieces of colorful junk mail and yet another pesky bill to pay.

Believe it or not, those pesky bills are the ticket to your financial well being. The way you handle those bills can make a difference that you can measure on the bottom line of your family finances. 

A good credit score ( and the higher the better) is rewarded with good loan rates and access to money when you need it. A low credit score can cost you extra, even on your home mortgage, where the debt is secured against your home. You may find your self refused credit, and … Read more