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HP OPINION HOW CAN | MAINTAIN A GOOD CREDIT RATING? SEEMINGLY MUNDANE HABITS CAN HAVE AN ADVERSE EFFECT ON YOUR CREDIT RATING, WRITES CHRISTINE IBBOTSON CHRISTINE IBBOTSON Column Dear Readers, I recently chatted with someone who only pays their bills online, the day they are due. I wanted to remind you that if you also do that, you may be ruin- ing your future credit! Let's review some facts about your credit. There are two major credit bu- reau companies Ghat all fi- nancial institutions and rchants use today: Equifax and TransCanada Money Lady The system for measur- ing hits to your credit score is indeed intuitive, meaning it measures and evaluates re type of mer- chant and int First and foremost, you want to protect your cred- it. This is the foundation of all lending and is the only way for lenders to judge your creditworthiness for the future. If you always pay your bills wen and have never declared bank- icy, If you are the opposite, and your credit score is too low, you may find it very difficult to get future cred- it. Your credit bureau score can range from 300 to 900. As a general guide- line, banks are looking for clients with sores above erally au- tomatically decline appli- cations with scores under 600. Here are some tips to improve your credit and or three days before they are due. them on the due date © (es. pecially throug! banking) will whe ae a day or two late. This is re- corded on your credit bu- reau and will definitely lower your score without ances on credit cards or personal loans month over month. This means your credit is revolving automatically drop your score. 3. Resist the urge to have a lot of open credit cards, even i if they have balan OL You oemust have some credit. If you had previous bad credit and now are just using cash, you are essentially hand- uffing your future. With- out reestablishing good credit, the banks will de- cline you every time 5. Property taxes and support payments in ar- rears can also drop your score once they are re- ported. 6. Mortgage and vehi- cle payments in arrears, once reported (which usually happens after 60 days) are a major hit to your score. Please try to avoid this. Keep a watchful eye on (SIN) and be mindful of au- tomatic approvals for spe- cial offers and incentives. Banks will need to ask for your SIN when open accounts or apply fo ‘or credit, but other organiza- your credit and your right to protect yourself. luck and best wishes, Money Lady Christine Ibbotson is a national radio host, You- ak Give yourself the gift of happiness. * ch FEQFOPE OVER 96% OF ALL MODELS SOLD IN CANADA IN THE LAST 10 YEARS ARE STILL ON THE ROAD TODAY. RESERVE YOUR 2023 LEASE FROM C IV I C $ 9 5, a 7 7 APR by 48 MONTHS® WITH HONDA SENSING™ SAFETY TECHNOLOGIES* $2,875 DOWNPAYMENT/oac ECON MODE & ECO ASSIST™ « HEATED FRONT SEATS PROXIMITY KEY ENTRY SYSTEM WITH PUSHBUTTON START + APPLE CARPLAY® & ANDROID AUTO™ RZIH3PE RESERVE THE ALL-NEW 2023 LEASE FROM $92 | 6.89: WEEKLY FOR 48 MONTHS? WITH $2,525 DOWNPAYMENT/oAc. HONDA SENSING™ SAFETY TECHNOLOGIES* - ECON MODE & ECO ASSIST™ « HEATED FRONT SEATS ITY KEY ENTRY SYSTEM WITH PUSHBUTTON START + 17” ALUMINUM-ALLOY WHEELS. Reserve yours today. & Z = z 3 Et Fy 2 a a 2 z g ES 2 Fa g S 8 8 8 Tuber and author of three Mondeo ntarto-<om DEALER ORDER/TRADE MAY BE NECESSARY. finance books, including the Canadian bestseller inal 7 "How to Retire Debt Free to8i ti & Wealthy." Visit as UC charge (6100), and OMMG fee ($10) Te nd a 6.89% lease he question to info@ask incentive included. Down i deposit and inepton. Tol lease obligato s $16,427.01 y $18,209 al “a 01 r check — Kisnate cme carp of S0szten fs donee PPSA fon opstan fee 000 and en reper eps $0.5 ect to change or for deta. “None of out her YouTube channel: a features unless iti ASK THE MONEY LADY and refer to |For al ofers: cence, PSA, othe and tear are extra. Taxes payable on full amount of pur Offers only valid fr 30, 2022. Dealer - Your Canadian Finance Coach. may lease for les Dealer arderftrade may be neces: ‘but may not be avaiable in all cases). Colour avalabiy may vary by Dealer. Vehicles and accessor crv for ilustration purposes only. Offers, prices and features subject to change without noice, See your Ontario Honda Dealer or visit HondaCntario.com for fll deta, 8