Have you been nice?
Let’s face it, your credit rating is a bit like that. Have you been kind to your finances? Or have you done a few little silly things that could affect how lenders perceive you?
But yes, it’s all about perception and you could say that credit score is the pair of glasses with which you are judged trustworthy or not by creditors.
Is the system perfect? Of course not! We regularly see errors on the credit bureau and that is why we must be on the lookout and aware of the image we project.
Let’s face it, your credit rating is a bit like that. Have you been kind to your finances? Or have you done a few little silly things that could affect how lenders perceive you?
But yes, it’s all about perception and you could say that credit score is the pair of glasses with which you are judged trustworthy or not by creditors.
Is the system perfect? Of course not! We regularly see errors on the credit bureau and that is why we must be on the lookout and aware of the image we project.
But what can you do to increase your score?
The date displayed on your invoice has a meaning! By paying before that date, you show that you are serious. Always pay on time.
You should never exceed a certain borrowing ratio on your limits. Ideally 30%. If you have a $10,000 credit card, for example, try not to exceed $3,000 per month in balance. It is therefore better to have good limits and not to exceed them.
It seems obvious, but many people have always paid cash without ever buying anything on credit, such as furniture or a car for example. Someone who has never proven their reliability as a borrower will have a lower credit score.
We said it earlier, but there are plenty of errors on the credit bureau! Take yours out to see what might need fixing.
If you take out your credit 10 times a month, there will be a serious problem. You will send the message that you are REALLY too much looking for credit and therefore in need.
The final word: be nice!
Be kind to your finances. Do what needs to be done to always send the right message at all times. That is to say, you will be a good borrower if you always do what needs to be done!
Need more advice and instructions? Your apoint mortgage broker can guide you even more!
