Credit – One of the things in love that can help you out greatly or ruin you quick! Credit is something many people take for granted and don’t realize the impact simple things can have on your credit.We have no problem racking it up however bringing it down is not so easy 🙁
- You should request your credit report annually! There are 2 National Credit Bureaus in Canada. They both have options to get a copy of your credit report for free.There are many options for credit reports however a simple stamp will get it for you for free! If you don’t have a printer to print out the form; its no problem, simply write out the information on a piece of paper and ensure you sign it. Click Here for Trans Union Credit Report and Click here for Equifax Credit Report. This does not count negative towards your credit score 🙂
- Every time there is a credit inquiry, every time you apply for a credit card, a loan, trying to get a cell phone. EVERY inquire is a “bad” towards our credit score.
- Every time you make a payment late it’s bad on your credit (If you call your creditor and make payment arrangements PRIOR to your payment being late; that does NOT count negative even if you make your payment past the due date as you made arrangements. If you make arrangements and breach them……that’s bad! One Late payment erases all the positive work to your credit for the next months!. If you have 20 bills and paid 19 on time and 1 late!! That one late does more damage to your credit than the 19 on time’s help
- Never pay Just the minimum payment; despite the fact that it takes forever to pay your balance that way. Even paying and extra 10 percent; On a $10 minimum payment that only means ensuring you pay at least $11 . Your credit gets points and normally based on, Pays minimum payment each month, Pays more than Minimum Payment, Pays Full Balance Each Month, Past Due, Collections! . Paying even that extra 10 percent makes a significant difference!
- Always pay your bills 5 days prior to due date! There are various reasons for that; to ensure it is processed on time and you don’t get dinged with a late. Again their rating system. Prior to due date, On Due Date, 5,15,30 Days past due.
- Your credit should never exceed 40 percent of your income! If you get to that number or higher…you may want to get some financial help before you get yourself in a bad position. For every $100… no more than $40 should go towards “credit” bills.
- Paying off credit can sometimes be overwhelming. Break it down to smaller amounts to manage it better. If you MUST pay a $100 bill this month and don’t know how your going to pay it. Worry about $25 this week, pay that, than work on the next $25
These are 7 little things that can help you keep your credit report clean, improve your credit and help you keep your bills under control a bit 🙂