How to improve your credit score quickly!

Credit scores constantly fluctuate, so it’s important to start taking steps to boost your credit score the moment you start your home search. The higher your credit rating, the better your chances of securing a mortgage, and the better your interest rates and terms. Here’s how to boost your credit score, so you can obtain the loan you need. We service the Georgian Triangle and can assist you with your Meaford Mortgages and other local towns in Simcoe county.

improve credit score

Steps on how to increase credit score quickly

  1. Apply for a secured credit card: getting and using a secured credit card get greatly help you to build credit or rebuild credit. A secured credit card functions just like a standard credit card, except that these cards require a deposit to obtain it. In case of default, the security deposit is forfeited. A secured credit card is important because the card issuer reports the cardholder’s account to the relevant credit bureaus.  By using the card and making timely payments, you will be boosting your credit score over time.
  2. Examine your credit report and ensure there are no errors: if you have always paid your bills on time and have had no issues with credit card companies or loan lenders in the past, and you still have a bad credit score, then there could be an error on your credit report. If there are any mistakes, contact the credit agency.
  3. Have a good bill payment history: Make sure you pay all your bills on time to repair your credit history. If you haven’t made it a habit of making your bill payments on time, start doing so to boost your credit score.
  4. Keep your overall credit card utilization below 30%: it is recommended to keep your credit use below 30% across all your cards if you want to improve your credit score.  Credit agencies see that figure as a sign of responsible credit use.
  5. Finally, make sure you have a credit history: You should have a record of debts and repayments. Keep this in mind if you are considering cancelling a card. Not having a credit history may reduce your options and make borrowing much more expensive.

How long does it take to improve credit score?

Having a bad credit or low credit score doesn’t mean that a mortgage loan is always out of your reach. If you have made it your goal to become a homeowner, contact us today and let’s help you achieve your goal even if you have a bad credit score. We will expedite your Mortgage application as fast as humanly possible once you book and appointment so don’t wait if you need to act fast.

As a trusted mortgage broker, we are here and happy to help you rebuild your credit score, match you up with our Owen Sound Mortgage Lender who have less stringent lending criteria, and get you the financing you deserve today. So don’t hesitate anymore! Give us a call today!