Sometimes, you just can’t help but feel like you’re behind the 8-ball when it comes to managing your money. If you’re in need of a way to improve credit rating then here are a few easy tips to raising and maintaining a high credit score:
- Apply only for the credit you need. Never open credit just for the sake of having credit
- Pay your bills on time. Late or outstanding payments and collections reflect negatively on your credit score
- Don’t let a bill get to the collection stage. Even if you pay off the collection agencies, the mark will stay on your record for seven years
- Keep revolving credit balances low. Pay off your credit cards at the end of the month or keep the balances as low as possible
- Don’t close unused credit cards or open credit lines you don’t need. This can lower your credit score
- Having credit cards and installment loans will raise your credit score. If you have no credit, you’re seen as a greater risk than someone who manages credit responsibly
If your credit history isn’t as good as you need it to be then opening a second mortgage on your home pay also be a great solution. Use the second mortgage money to consolidate your high interest credit card balances into one mortgage payment. By paying off your credit cards and then paying your second mortgage regularly every month you will improve credit rating for yourself fairly quickly. In the future this better credit rating will allow you to get even lower interest loans or new mortgages as your credit history will show you have a good record of repaying loans.
If you are thinking of using a second mortgage to improve credit rating then get in touch with us today through the contact form to the right or at (403) 543-0927, (780) 428-1222 or toll free: (866) 405-1228.