Credit Secrets Revealed by Vancouver Mortgage Broker. 3 Ways to Improve Any Credit Score

www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada reveals the secrets to increasing your credit score. 3 Ways to Improve Any Credit Score. Your credit score comprises of five factors and I’ve listed these below in order of importance, just as the lender will see it Payment History: 35% Impact. Paying debt on time and in full has a positive impact however late payments, judgments and charge-offs have a negative impact. Missing a high payment has a more severe impact that missing a low payment. Outstanding Credit Balances: 30% Impact. The ratio marking the difference between your outstanding balance and your available credit is important here. IN A PERFECT WORLD, you should keep your balance below 30 percent of your available credit limit. Credit History: 15% Impact. This marks the length of time since a particular credit line was established. A seasoned borrower is stronger in this area. Type of Credit: 10% Impact. A mix of auto loans, credit cards, ad mortgages is more positive than a concentration of debt from credit cards only. Inquiries: 10% Impact. This quantifies the number of inquiries that have been made on your credit history within a six month period. Each hard inquiry lowers your credit score.

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