Do you have bad credit? What about no credit?
If you haven’t seen your credit score, you’re not alone.
Many of us don’t know about our credit score or even know what it is. Luckily, during our initial consultation, we go over your complete credit report with you.
So, how can you make sure you have a great credit score? Here are a few tips to get you started.
- You need to have credit. It may be surprising – but your credit score goes up as more credit is available to you. We recommend at least two sources: a line of credit and a credit card (or 2 credit cards), for example.
- Make sure to keep your balances low. It may help to have more credit available but not if you’re using it all up. One of the least known ways to hurt your credit is to have high utilization.
- You also have to pay your bills when they are due. That goes for your internet, cell phone and even parking tickets.
- It also helps to start as soon as possible. The longer you have a clean record of paying your credit card, loans or other credit facilities, the better your credit becomes.
Don’t ever hesitate to contact a Dominion Lending Centres mortgage professional about your mortgage related needs when you’re buying a property anywhere in Canada.