Blog by Michael Giesbrecht

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5 Hints for Good Credit



Limit your number of credit cards.

Own two to four credit cards: According to most credit-scoring systems, less is bad and so is more. Other factors to consider: how close are you to the limits on your various cards? How much do you carry in balances?


Pay your bills on time.

If you don't, you may be reported to a credit bureau, while also being charged a late fee. When it comes to late charges, different companies have different styles, but why take the risk?  Pay your mortgage on time as well. Although most mortgages offer a grace period of 10 or 15 days before you're charged a late fee, making your mortgage payment anytime after your due date is considered late and will reflect negatively on your credit.


Limit your inquiries for additional credit.

Your credit file shows how many inquiries have been made about you recently from credit issuers. If you've had more inquiries over the past year, your credit will suffer.


Get comfortable and don't move.

Stability is a good thing for credit. If you've been in your current home for three years or longer, and with your current employer for three years or more, you rack up points.


Keep at least one account in good standing.

Even if you have had to file for bankruptcy or have a bad credit history, don't lose hope. Stop spending for six months and then concentrate on keeping at least one of your credit accounts in good standing and will insure a good online credit report score.




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