4 Financial Pitfalls You Can Easily Avoid – By Heather Contant
Did you know even a small $10 balance on your credit card can drastically effect your credit rating?
Don’t ignore your bills, even for a couple of months because it can significantly change your credit score. It’s very important to make at least the minimum payment.
Dealing with credit can be very scary but you don’t have to do it alone. In fact, it’s important to get some professional advice. As a mortgage broker, I do more than get you the best rates from the banks. I also help you manage your finances and plan for your future.
And that is why I want to give you some quick facts your teachers and parents never told you about managing your credit. When you realize your credit is not in order, you soon find out how valuable it is in today’s credit-driven world.
Firstly, your credit file is originated as soon as you apply for credit. A good score is over 680 and an excellent score is over 800 to a maximum of 900. Personal Information is on your file identifying you every time your credit bureau is obtained.
Secondly, you need to manage your credit well. Easier said than done, I know. Future credit applications will be denied if you have bad credit so make sure you stay organized. Keep all your bills in a folder and set reminders to pay your bills on time.
Thirdly, try to utilize 50% of your available credit. If you are using your credit cards to the limit, the bank’s computer will read you as a high risk client. Do not overextend one credit card and have another one at zero balance. You are better off spreading the debt across credit cards and lines of credit.
Lastly, it is very important that you contact Equifax once a year to make sure everything on your file is accurate. Data entry is often entered manually and mistakes are possible and costly. It’s up to you to make sure your bureau is accurate and current.
If you find out there is an inaccuracy on your credit bureau you need to contact Equifax and have them investigate and remove the inaccurate information.
If you have unpaid collections on your bureau they will show up as a derogatory on your bureau and must be paid or dealt with in order for your score to increase.
Take responsibility for your credit file. In the long run its worth it. Don’t be caught off guard when applying for a mortgage.
If you have any questions regarding your credit score or credit report please phone me at 778-996-7283 or by email at [email protected] and I will gladly walk you through it. Remember when it comes to your finances, you shouldn’t be alone.
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