Derek Sparrow’s Post

Name: Derek Sparrow on LinkedIn: #credit #creditscore #creditcards #credittips #financialdiscipline…
Uploaded: 2024-04-19T21:00:03.494Z
Channel: Derek Sparrow
Description: Financial discipline . . If you need a mortgage, I’m here to help, reach out today! Derek Sparrow dsparrow@innovativemortgage.ca 780-818-7347 . #credit #creditscore #creditcards #credittips #financialdiscipline #albertamortgagebroker #reddeermortgagebroker #mortgageadvice #mortgagetips #homebuyers #buyingahome

Derek Sparrow

Mortgage Broker provide excellent service and low rates for purchasing, refinancing, and renewing

6mo

Financial discipline . . If you need a mortgage, I’m here to help, reach out today! Derek Sparrow dsparrow@innovativemortgage.ca 780-818-7347 . #credit #creditscore #creditcards #credittips #financialdiscipline #albertamortgagebroker #reddeermortgagebroker #mortgageadvice #mortgagetips #homebuyers #buyingahome

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Part of your credit score is determined by the balances on your credit cards and the limits on those credit cards and the comparison between the two. And I've seen a lot of people recently with $1000 limits of $1500 limits. And if you have the financial discipline to increase those limits and keep the balances low, it will improve your credit score. So for example, let's say your limit is $1000 and you go grocery shopping, which could be a couple $100 a week and you. Pay off your credit card once a month and now your balance is 80% of the limit, which does not reflect good for the credit score. Ideally, we want to keep the balances under 35%. Anything above that credit starts to get impacted above 50%, above 75% and then right at limit or over limit, it really starts to impact your credit score in the negative way. We want to keep the balances on your credit card as far away from the limit. On that credit card, so if you have the opportunity and the financial discipline to say. Have your credit limit be 5000, but you fluctuate in a 600 to $800 range. We're not worried about credit score being impact.

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