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Having a good credit history is very important when you apply for a mortgage, loan or credit cards. It can affect the interest rate you will be paying, and whether or not you qualify.

There are a number of things you can do to maintain a good credit history. This includes paying your bills on time, paying more than the minimum payment due, and paying in full by the due date. It is also important to make sure that your monthly credit statement is correct, because sometimes errors are made.

A factor that influences your credit score negatively is having too many credit accounts. Lenders may think you are spending more than you can comfortably pay and that you have over-extended yourself.  Try to keep your balances below 35% (and not higher than 50%), because this can have a negative impact on your credit score. It is also important to pay your utility bills on time. Although late utility bills are not regularly reported on your credit report, there are some cell phone companies that report late payments to the various credit agencies.

Credit score ratings vary depending on the credit reporting agencies (TransUnion or Equifax) and the Province you live in.

Having good credit is as important as maintaining good health and – like your health – it is never too late to repair your credit.

If your credit score isn’t as high as it should be, schedule a free consultation with one of our financial professionals. We can advice you about all the various ways to get out of debt and the quickest ways to increase your credit score.

Book a free Debt Solution Consultation