What Does Your Credit Score Actually Mean?

Credit Tips

By Craig Barrett, Mortgage Agent

Let’s Go!

www.craigsmortgageservice.comPhone: (416) 900-3662

Craig Barrett

Mortgage Agent

It’s a numberBased on a scale of 300 to 900. Higher the score the better.

Used by lendersTells lenders how much they should lend you.

Credit Tips And AdviceWHAT DOES YOUR CREDIT SCORE ACTUALLY MEAN?


Craig Barrett

Mortgage Agent

How is it calculated?It is calculated by lenders and the credit reporting

agencies, Equifax and TransUnion. They use:

● Your Payment History

● Collections or Bankruptcy Records

● Outstanding Debts

● Your Account History

● Recent Inquiries by Lenders

● Your Credit Profile.


Craig Barrett

Mortgage Agent

How do I get a better score?Avoid the following issues to help you improve your score:

● Paying your bills more than 30 days late. Lenders won’t grant you credit if you don’t pay on time.

● Carrying Credit Card Balances above 35%-50% of your available credit. It implies that you are spending more than you can afford.

● Too many credit cards. This may indicate to a lender that you can potentially spend more than you can pay back.

● Not using your credit cards regularly. Lenders can’t properly evaluate your habits if they don’t see recent and regular credit transactions.


Craig Barrett

Mortgage Agent

One Final TipHow to Protect your credit score

●Check your credit report regularly

●Report and correct errors immediately


Craig Barrett

Mortgage Agent

• Go to ww.craigsmortgageservice.com • Call Craig at 416-900-3662• Email [email protected]

Learn MoreTo find out more:

ask

me!

What Does Your Credit Score Actually Mean?

Economy & Finance

Transcript of What Does Your Credit Score Actually Mean?