Improve your credit

Having a bad credit rating doesn't mean you can't get mortgage financing!

I see all kinds of credit ratings every day and there are strategies to help improve and even heal damaged credit. You may be surprised to know that you can still obtain a mortgage.  Whether you've had a bankruptcy or your credit is only slightly bruised, you can still obtain financing. 

I have access to non-traditional lenders who offer financing solutions to individuals who have some credit challenges that cannot be addressed by the major financial institutions. Together we can quickly assess your situation and decide on the best way to move forward. The worst you can do is do nothing. The following are five steps you can use to help attain a speedy credit score boost:

1) Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards so they’re below 70% of your limits. Revolving credit like credit cards seems to have a more significant impact on credit scores than car loans, lines of credit, and so on.

2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit score. If there is a balance at the end of the month, this affects your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month.

3) Access to more credit is goodHaving access to a lot of credit is not necessarily a bad thing. Many active credit cards that are used once a month and paid do not negatively impact your score. In fact, having access to more credit reflects positively on your credit score.

4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. Use these cards periodically and then pay them off.

5) Don’t let mistakes build up. Always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.

Call or email today for full details and a FAST mortgage pre-approval!

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