Looking for ways to improve your credit score? Here are some steps on how to strengthen your credit and raise your beacon score.
 
A Beacon score is a measurement of your over all credit picture. Scores range from 300 – 900 with an average score ranging around 600. There are two credit bureau’s in Canada, Equifax and TransUnion and it is recommended that you review your credit report with one of these bureau’s on a annual basis to verify that the information is correct.
 
1. The First step is to know your credit score. Go to either www.equifax.ca or www.transunion.ca to get an up to date report.
 
2. Do not open any new credit accounts. Every time there is an inquiry on your credit bureau it brings your Beacon score down a few points. You should also try to pay down your existing credit accounts.
 
3. Try to keep all of your accounts at a lower balance. Higher outstanding debt will affect your credit score negatively.
 
4. Verify your report for the correct information, if there is any discrepancies make sure that you notify Equifax as well as TransUnion as soon as possible before it effects your Beacon Score.
 
6. If your credit is bruised, or if you have a short credit history, try opening up a new credit account and make sure all payments are made on time as well as paying more than your minimum payment. It is important that you make sure that the creditor you are applying with reports to the credit bureau, not all creditors do.
 
7. If you need to rebuild your credit after claiming bankruptcy or having a judgment filed against you, there are a number of banks and credit card companies that offer a secured credit card. Secured credit cards are perfect for rebuilding your credit as almost anyone can qualify for one, they require that you put down a security deposit before they issue your card, and they will be reported to the credit bureau.
 
8. Pay all of your accounts on time, all late payments and delinquent accounts are reported to the credit bureau and cannot be removed. If you cannot pay the full amount, try to pay at least the minimum amount shown on your monthly statement, and never go over the limit on your approved credit.
 
9. Minimize the amount of inquires on your credit report, don’t apply for multiple accounts in a short amount of time and don’t apply for an account that you know you won’t qualify for. If you choose to shop around for a mortgage at multiple banks to get the best rate, each one of them pulls your credit report. At Stewart Mortgage Corp we only pull your credit report once and we can submit your file to any of our lenders. Even if we have to submit your file to multiple lenders to get you the best rate, there is only one credit report pulled.
 
Stewart Mortgage Corp. is your Kamloops Mortgage Specialists, contact us today at 250.372.1995 or info@stewartmortgage.ca and we can work with you to help you repair your credit and get you the mortgage that works for you.
 
250.572.0762 - jamie@stewartmortgage.ca