Credit Repair in Canada
We make all payments on time. Your punctuated when it comes to your card payments but your having trouble getting into the perfect credit category. How are you damaging your credit?
Damaging your credit score is easier than you might think, particularly with all the misconceptions about credit floating around. The main problem is many of us don't know how our credit score is calculated and therefore have no idea what we are doing wrong. Payments are such a small ratio of what makes up your credit score.
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Before we can raise our credit score, we must first be aware of the following can damage your credit and we have the strategies to avoid them at the same time.
1. We sometimes don't let credit be a part of our lives. Many people think that credit cards equal debt. Debts are horrible, so are credit cards? Not right. Having little or no credit can be detrimental to your credit score. The whole point of a credit score is to show that you know how to handle credit. If you don't have credit history, lenders and banks have no way of knowing if you can deal with debt. A credit card isn't a bad idea, having debt is bad.
Strategy: Limiting yourself when spending and using a small ratio of your credit limit as well as making payment on time can help keep your score strong.
2. We remove the cards or lower our limit. If you think decreasing your credit limit or canceling that card is a good idea, think again? While these actions may help ease the temptation to spend, they can also hurt your credit score. Here's how: One of the major thing your credit score is build up of is a "credit utilization ratio," which measures your limit-to-balance ratio on your credit cards. As the ratio goes up, your credit score is likely to be negatively affected. Example: Your credit limit is $5,000 and your balance is $500. You credit utilization ratio is 10 percent. By cutting your limit to $2,500 your balance remains at $500 and the ratio would be 20%.
Strategy: A higher credit utilization ratio is considered a negative factor because it means that you are using more of your credit limit.
3. There is only one type of credit. We have credit cards and were punctual with our payments so out credit must be over the top? That's not it. Staying away from different credit can also damage your score. If you don't have any loans or mortgage your score can be low. Having no credit card and taking a school loan can also hurt your score. The greatest way to increase your credit score.
is to have many amounts of credit in your portfolio in addition to making payments when required.
Strategy: Having a car loan or a mortgage can help out your credit score.
4. We listen to myths about "good" debt. One of the worst misconceptions about credit is the myth that holding on to a little bit of debt can actually help your credit score. The problem is the total amount of debt that you owe, along with your credit utilization ratio, is a big factor in calculating your credit score. You can get certain charges you may not pay by holding on to debt and will not only hurt your credit score.
Strategy: The less money you owe, the better.
5. We don't check credit until we are in need of it. Its been a while since you check your credit score. What's the point, it was fine where you left it? Later you go to buy a car or apply for a mortgage and discover you've been denied because of your credit score. One day you decide to check and you realize everything you had is gone, as someone stole your identity and started using your name with credit cards, completely destroying your credit. Now your not able to get that house or car and your a big puzzled on how to repair those damages.
Strategy: Things outside of your control can affect your credit score. Mistake can be made by lenders. Your identity could be stolen with credit opened in your name. If you are not regularly monitoring your credit score, these mishaps can drag down your score unbeknownst to you. Its a wise idea to keep check your scores once a year, or even few months before you think you might be doing some investment. You can get credit monitoring services if you want to keep a eye on your credit.
The most important piece of the puzzle is making payments on time as all this other advice is helpful. Timely payments show that you know how to handle your credit without taking on too much debt. Strategy: A piece of advice, high credit score can be obtained if you have less debt and more credit.
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