what does your credit score actually mean?
TRANSCRIPT
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Credit Tips
By Craig Barrett, Mortgage Agent
Let’s Go!
![Page 2: What Does Your Credit Score Actually Mean?](https://reader035.vdocuments.us/reader035/viewer/2022062313/55c32168bb61ebad3c8b461a/html5/thumbnails/2.jpg)
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?
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www.craigsmortgageservice.comPhone: (416) 900-3662
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.
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www.craigsmortgageservice.comPhone: (416) 900-3662
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.
![Page 5: What Does Your Credit Score Actually Mean?](https://reader035.vdocuments.us/reader035/viewer/2022062313/55c32168bb61ebad3c8b461a/html5/thumbnails/5.jpg)
www.craigsmortgageservice.comPhone: (416) 900-3662
Craig Barrett
Mortgage Agent
One Final TipHow to Protect your credit score
●Check your credit report regularly
●Report and correct errors immediately
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www.craigsmortgageservice.comPhone: (416) 900-3662
Craig Barrett
Mortgage Agent
• Go to ww.craigsmortgageservice.com • Call Craig at 416-900-3662• Email [email protected]
Learn MoreTo find out more:
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me!