Monday, November 27, 2017

10 Ways To Improve Your Credit Rating

In the blog post yesterday, I posted a couple of free ways to get your credit rating.

Today, I’d like to share ten tips I learnt from a very experienced mortgage broker who specializes in getting financing for serial investors. These strategies will help you improve your credit rating.

Restructure Debts 

  1. Reduce your unsecured debt (i.e. credit cards and lines of credit (LOC) not secured by an asset)
  2. Eliminate car loans and car interest payments
  3. Reduce secured large revolving LOC debt (i.e. line of credit that is always full)

Boost Your Income

  1. Report all of your rental income
  2. Plan and report sufficient income (if self-employed)

Manage Mortgage Payments

  1. Slow down accelerated or double payments
  2. Re-amortize loans to reduce monthly obligation
  3. Avoid approvals with 25-year amortization. Always aim for 30-year amortization instead.

Plan Ahead 

  1. Review your investing strategy with an experienced mortgage professional
  2. Implement their suggestions

1 comment:

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