Raoul Carriere |  |  |
Raoul Carriere | | |
    
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What you need to know about your credit rating. Without a credit rating from the credit bureau you will have trouble getting credit. A lender uses your credit history to judge whether you are a good credit risk or not. The credit bureau establishes a credit score known in the United States as a FICO score and in Canada as a BEACON score. The higher your score is the more confidence a lender has that you will repay the loan. To establish a good score you will need either credit cards or loans that are registered with the credit bureau. Normally as long as you pay your card or loan on time your score will be good, but there are exceptions. If you have your credit checked numerous times within a year your credit score will be negatively impacted. Be careful to only let those who really need to do a credit bureau check have access to your report. Car dealers stores etc want to check your credit and often have no real need to do one. When you have a credit card or store limit of credit never use more than 75% of the limit. In other words is your limit is $1,000 dollars do not charge more than $750 dollars. Getting close to complete use of your limit of credit will drag your score down, until you reduce the loan to 75% or less. Check your credit with Equifax and/or Trans Union Credit Bureaus once a year. You can have this done for free at their offices. Checking your own score does not affect your credit score. See who is checking your credit. Remember they have no right to check you score without your permission. Check to see what your limit is on cards and loans and that your are not late paying and that you are keeping them below 75% of the limit. Report errors to the credit bureau with supporting data and approach the company who has entered the error to correct it with the credit bureau. Although there are other factors, by just doing these few simple steps you will ensure a good credit score which will ease obtaining loans, mortgages and other forms of credit and assist you in getting the best rates.
11 - 15243 - 91st Avenue Surrey, British Columbia, Canada V3R 8P8 Telephone: (604) 581-6633 Fax: (604) 581-6655 Cell: (604) 644-7379 E-mail: raoul@mortgages4bc.com This web site designed & maintained by The Dogwood Mall  |