Ask the Expert 2013- 8 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, How can I improve my credit score?   www.wheelsanddeals.ca

A…Credit Tips…8- If your credit score is not as high as you like, are you paying higher interest rates or worst you cannot obtain a car loan and need to get to work! Improve your credit score, always pay your bills on time, utility bills, phone, cable, electricity, etc. Pay at least the minimum amounts on your monthly statements and reduce credit cards and loans to 35% balances. Pay your debts on time. Do not go over your credit limits on credit lines and credit cards. Reduce number of credit applications (credit hits). Make sure you have a credit history, surprisingly bad credit is better than no credit..(next week Tip, on Building Credit History)

Organize Your Bills

Ask the Expert…Jim Gilbert

Ask the Expert…   mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 4 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…Credit Tip 4

Q- Jim, what does a Credit score look like?      www.wheelsanddeals.ca

A…Credit Tips…4- In Canada there are two Credit reporting agencies. Trans Union and Equifax both use date based of your creditworthiness again based on 300 lowest to 900 highest (credit score). This shows how your credit ranks based on Canadian population by %(credit ranking). Then, where you fit in the lenders perspective (Very poor-Poor-Fair-Good-Very Good). Lenders decide if you can have a loan, amount of loan and interest rate with this info..(next week Tip, on what factors lower credit scores).

Ask the Expert…Jim Gilbert..

http://www.transunion.ca/          http://www.consumer.equifax.ca/home/

                       

Ask the Expert….mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 3 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, what is a Credit Score?           www.WheelsandDeals.ca

A..Credit Tips…3- Influences on your Credit Score. Your credit score is a judgment of your financial health. It ranges from 300 low is bad  to 900 high. It is a mathematical formula based on your (good payment, missed payment history), (Collections or bankruptcy),(Outstanding debts and credit card limits),(Account history and number of recent inquires about your credit), (Type of credit you have and credit mix) these factors can affect you for up to 6 years.. ..(next week Tip, what does a credit score look like?)

Ask Jim a Question… Mailto:gilbert@wheelsanddeals.ca

Ask the Expert

Will Venator Sales and Finance Consultant
Where there is a Will there is a Way

mailto:will.Venator@wheelsanddeals.ca

Ask the Expert 2013- 2 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, what is a Credit Report?

A…Credit Tips…2- How your credit history is described; Credit agencies rate you 1 to 9 (1 you pay your bills with in 30 days, 9 you never pay your bills). A letter also appears – “I” means you have Credit on Installment basis – “O” Open Credit, buy now pay later plans, line of credit, student loans – “R” Revolving Credit, credit cards, etc. Payment charts indicate # of times you paid your bills, 30, 60, 90 days after date due. ..(next week Tip, on Credit Score) .

mailto:gilbert@wheelsanddeals.ca                                                                                                                                 www.WheelsandDeals.ca

Ask the Expert

How can I see or find my Credit Report

Q; Jim, how important is my credit report?

A:    After your health your credit is your second most important asset. I am not sure how all car dealers operate but at Canada's Huggable Car Dealer we have the ability to pull and go over your credit report with you. 

       Then we can help you correct discrepancies, get you an approval or give you advice on repairing/improving your credit. 
We do this free of charge and with no obligation.

Team Wheels and Deals (Sales and Financing Professionals are in my opinion the best trained and most Hugging in Canada)....Hugs Jim  

                                                                  wheelsanddeals.ca