Please find below some useful tips:

• Most major lenders require a minimum of 2 full years of credit history with at least 2 active trade lines and a minimum of $3,500 of available credit before they will consider offering you a mortgage. This demonstrates that you have a history of paying back borrowed money before being given theirs.
• It is important to never go into overdraft on your credit card, as this could cause you to borrow more money than your credit limit allows.
• Try to keep your credit utilization below 30% of your credit limit. For example, if you have a credit card with a $1,000 limit, try not to have a balance over $300.
• Missing a minimum payment on even a small cell phone bill can negatively impact your credit score for up to 2 years, so be sure to always make your payments on time.
• Remember to use your credit cards, as inactive accounts do not help your credit score.
• Additionally, overpaying your account by even just $1 can help boost your credit score.
• Limit the number of hard inquiries on your credit report, such as applying for new credit cards or vehicle financing.
• Refrain from requesting an increase in credit from your credit card company or bank. However, if they offer you an increase in credit, always accept it. But remember not to use the additional credit, as having lots of available credit can improve your credit profile.
• If you have deferred any payments, they will show on your credit bureau, and we will need to explain why the payments were deferred and ensure they are in good standing now.

Let's Chat: www.chatwithcraig.ca