Tips to Improve Your Credit Rating

1. Always pay your bills on time. (The payment of utility bills such as phone, cable and electricity are not recorded in your credit report, however many cell phone companies report late payments.)

2. Pay Debts as quickly as possible.

3. Try to pay your full balance off on all cards every month whenever possible.

4. Don’t go over the credit limit on your credit cards.

5. Don’t make too many credit applications (use a Mortgage broker). Your score doesn’t change if you personally make credit inquiries.

6. Contact creditors if you’re having trouble making payments and work out solutions.

7. Read the statements you receive from your credit card company carefully. Keep yourself up-to-date with any changes or fee increases.

8. Keep your credit usage to no more than two credit cards and one Line Of Credit. Avoid store credit cards.

9. Get a copy of your credit report from all three credit-reporting agencies at least once a year and make sure they’re in order.

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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.