Monday - Credit Day

Did you know ...

Men are more likely to say they are in great or good financial shape than women.
Men are more likely to have asked for their credit report.

Each time you pay a bill on time for something like a credit card or a monthly utility service, you are building your credit rating. A credit rating is a number or score that banks, mortgage companies and other lenders use to assess your financial responsibility. They will consider this when you are looking to obtain a mortgage or loan.

Paying your bills on time will contribute to a good credit rating. If you miss payments or are often late with your payment, your credit rating is probably not as good. Numerous factors contribute to your credit score, such as outstanding debt payment history, staying within or exceeding your credit limit amount. Even the number of credit applications you make will contribute to a good or poor credit rating.

Your Credit Report and You

Establishing good credit is key to ensuring long-term financial fitness. In fact, your financial future depends on it. Your Credit Report reflects information about your credit activity over time, including how you manage your debt. Your ability to borrow money to finance your goals, such as homeownership, is influenced by the strength of the credit history that you have. It is very important to understand your credit history and how lenders view it. According to Henrietta Ross, CEO of the Canadian Association of Credit Counselling Services, "everyone should get a copy of their Credit Bureau Report and learn how to interpret what it means". If you want to find ways to build better credit, Credit Counsellors can help you get back on track financially. To improve the way you manage your money, credit and debt, find a certified Credit Counsellor and qualified Financial Coach at an accredited Member Agency, by clicking here.

Articles

	Understanding Your Credit

	Homebuyer's Checklist - Mortgage Preparation Made Simple

	Credit Profile Example

	Is Your Income at Risk? Your Home Doesn't Have to Be

Videos

If you're a first time homebuyer, you will find out early on that your credit score plays an important part in the homebuying process and whether you will be granted a mortgage. Click here.

Ask your mortgage professional for a Genworth-insured mortgage today,
or call 1-800-511-8888