According to FICO, 60% of all people have a credit score less than 750. This means there is plenty of room for improvement for many people. Here are some tips you can use for keeping your credit report tuned up and your credit score in good shape:
Pay your bills on time.
Maintain consistency in identifying yourself on credit applications. Use your full legal name to avoid being confused with relatives whose credit records could inadvertently be mixed with yours.
Don't bounce checks.
Avoid opening new accounts if you've applied for a mortgage. Scoring is heavily weighted to recent behavior. All accounts less than 12 months old drive scores down, especially such deals as "no payments for a year."
Contact your creditors directly with any disputes. They are responsible for reporting accurately. Some creditors will re-age, or modify, your past-due account to current status only if you personally negotiate-not a third party.
Apply for a secured credit card.
Pay down revolving balances to 50% of your credit limit. Paying them off does not help. Keeping them at half their limit improves your credit score. Buy nothing on credit until your loan closes.
Work to decrease your debt.
Remember that Authorized User Accounts are always treated as joint accounts by the scoring system even if they technically are not.
It's a good idea to order your personal credit report at least once a year to keep the record current and uncover any incorrect information. If you or anyone you know would like additional information on credit
reports, or would like to know how to repair your credit report, call or email me.
Here you can read more about Toronto real estate market and great Toronto mortgages - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html
Alexandre Malkhassiants, Sales Representative and Mortgage Specialist,
Right at Home Realty, Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/
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