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8 Simple Steps to Improving Your Credit Score

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Fix Your Credit – CloverMortgage.ca

If you have made credit mistakes or have encountered financial hardships in the past and your credit score suffered as a result, you will likely have a difficult time to qualify for credit products and loans such as a mortgage, car lease, credit cards, and more. This can continue to negatively impact an already challenging financial situation.

Fortunately, there are steps that you can take to help rebuild your credit score and open yourself up for being able to qualify for credit and loans that can improve your overall financial situation.

Here are 8 things you can do to help increase your credit score:

Studies have shown that as many as 1 in 5 people have errors reported on their credit bureaus that have negatively impacted their credit scores and resulted in those individuals not being able to qualify for credit products such as credit cards, mortgages, home refinancing, and more.

When it comes to financing your home by getting a mortgage or home refinance, working with an experienced mortgage broker can be your best bet to getting approved for the lowest rate on a mortgage loan. Since mortgage brokers have access to non-conventional lending institutions such as trust companies and credit unions, along with access to private mortgage lenders if needed, you are more likely to get approved for the mortgage even if you have bad credit provided that you have enough equity available in your home. The main shortcoming with that come along with getting a mortgage or refinance through a sub-prime mortgage lender is that you are going to be paying a higher interest rate and may have stricter terms associated with your loan.

This is why it is imperative that you regularly check both your TransUnion and Equifax credit bureau reports. By doing this regularly, you are more likely to find errors such as reported missed payments that were actually made on time, wrong personal information, debts that have been fully paid yet still appear as outstanding, and other inaccuracies that should not appear on your record.

By checking your credit report yourself, you are not........

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