Your credit Score….Is it costing you a fortune?
Your credit score can cost you more than money. It can cost you that home or car that you really want and need. The lower your credit score the more likely you’ll be turned down for financing entirely. But even if you’re approved, your interest rate may be higher based on that score.
In Canada the Beacon Score is the number that is attached to your credit report. It is an indicator of how you have managed your past credit. The higher the score the better the credit history. Many things determine it. It is based on number of credit cards and lines of credit that you can access, the limits of those credit sources, your repayment history and whether you have any collections or judgments against you.
Your credit score is one of your most valuable assets. In the current economic climate this is truer than ever. Lenders have tightened their guidelines, making a clean credit score the best way to assure the best interest rate when you wish to borrow money. A seasoned mortgage agent may be able to assist you even if your bank is not comfortable lending to buy a home of your own.
If you have difficulty paying your debts on time your credit score will decline. If you make several late payments, some banks will now revoke the credit and demand payment in full or they may register a collection.
Protect your credit score by paying your bills on time. Using on-line banking can really help. Keep your balance well below the available limits and don’t make unnecessary credit enquiries.
Bruised credit doesn’t mean you can’t get help with a mortgage! Let the experience and knowledge of “Your Durham Region Mortgage Doctor” work for you. We’ll help you rebuild your credit if that’s what’s standing in the way of your approval! Contact us today, get back on your financial feet tomorrow!
