Mortgage Blog

Improve Your Credit Score

June 19, 2019 | Posted by: Holly Cochrane

If you see your dream home in your future, now is the time to start to assess your credit score and create a path to make it as best it could possibly be. 


The three digits that make up your credit score tell a lender a lot about your credit history and ultimately the status of your financial health. Holly Cochrane from the Holly Cochrane Mortgage Team advises “Essentially, lenders use your credit score to assess the risk you present as a potential borrower – which significantly impacts if and how much lenders are willing to let you borrow.” Two reporting agencies, Equifax and Transunion, determin your score using a scale from 300 to 900. Higher scores on this scale indicate a healthy credit score and lower on the scale indicates more risk for the lender.

Holly gives the following tips to improve your credit score: 

  1. Know Your Credit History – Order a copy of your credit reports annually from or Review it carefully and correct any significant errors.
  2. Pay Your Bills On Time – Ensure you are paying bills by their due date and immediately contact suppliers if you receive an overdue notice.
  3. Keep Your Balances Low – Keep balances low in relation to the available credit. For Example, if the credit limit is $10,000, keeping the balance below $2,500 (or 25% of the limit) will improve you score. Balances over $7,500 (75% of the limit) will decrease the score. Going over the limit has even more negative effect.
  4. Close Unused Accounts – Don’t open accounts and then don’t use them. Having 5 or 6 of the same type of credit card does not work in your favour.
  5. Get Help – Seeking help from professionals, such as the Holly Cochrane Mortgage Team, can ensure you get the best advice for your financial situation. “My team can provide you with ways to improve your credit score and give you advice on how your current credit score would effect your mortgage approval,” says Holly.

With your credit score being responsible for a large part of approval with any loan or mortgage, everyone needs to be personally accountable for understanding their score maintaining its accuracy and actively working towards improving it. Contact the Holly Cochrane Mortgage team on 780-485-7908 for more advice on your credit score.

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