Credit reporting companies calculate your score based on your payment history, how much you owe, how long you've had credit and how often you apply for new credit.

1. Ian MacLeod Mortgage Money Tips
Direct: 250-619-7266
Address: 2101A Boundary Ave | Nanaimo |
British Columbia | V9S 4P4
Email: ianmacleodmortgage@gmail.com Monster Money Tips
Website: www.ianmacleodmortgage.ca
Ian MacLeod
Mortgage Specialist

2. Have you ever wondered what your credit
score is or how it's calculated?
Here's the skinny...

3. Your credit score is a 3-digit
number that lenders use to
predict your creditworthiness.
Credit reporting companies
calculate your score based on
your payment history, how
much you owe, how long
you've had credit and how
often you apply for new credit.

4. In general, the higher your score, the less
likely you are to become delinquent on credit.
If it's above 650, you'll
probably qualify for a
standard loan.
If it's lower, you may have
trouble getting new credit.

5. Because your credit score and credit report are constantly
changing, it's important to review them on a regular
basis, at least once a year.
Since there are two main credit reporting companies in
Canada:
it's a good idea to check your records with both
companies.

6. This helps you identify and correct any
inaccurate information, detect any fraudulent
activity and gauge your overall credit health.

7. If you're planning on applying for a
mortgage, it's especially important to check
your report a few months in advance.

8. If your credit score is a little low, here are
5 tips for improving it:

9. Tip 1 Pay all your bills on time.
Paying late or going into collection can reduce
your score.

10. Tip 2 Don't max out your credit limits.
Keeping balances below 65-75% of your limit can
increase your score.

11. Tip 3 Don't apply for credit you don't need.
Too many inquires over a short period can
reduce your score.

12. Tip 4 Don't close old credit accounts, even if
they're inactive.
This can make your credit history appear shorter
which can reduce your score.

13. Tip 5 Correct any negative inaccuracies on
your credit report.
This can increase your score.

14. Still wondering what your credit score is
and how to improve it?

15. As an added value service,
we've made special
arrangements for the first
10 people who call our
office to receive a Free
Credit Review and Credit
Booster Consultation
(Value of $97).
To see if you qualify for
this special offer, call us
today!

16. Ian MacLeod Mortgage Money Tips
Direct: 250-619-7266
Address: 2101A Boundary Ave | Nanaimo |
British Columbia | V9S 4P4
Email: ianmacleodmortgage@gmail.com Monster Money Tips
Website: www.ianmacleodmortgage.ca
Ian MacLeod
Mortgage Specialist