VALUABLE CREDIT RATING INFORMATION



Get Intimate with your Credit Score!

Get to know your Beacon Score intimately. Start to watch over and nurture it at least a year before starting your house and financing hunt.
BEACON score is a dynamic, credit risk assessment tool that analyzes a consumer’s credit file information and produces a resulting three-digit numeric “risk” score.
BEACON score predicts the probability of an account going “bad” within 24 months. “Bad” is defined as 60+ days past–due.
Beacon risk score ranges from 300 to 900, the higher the score, the lower the risk.

Conditions or situations that can affect your Beacon credit score:

  • Late payments will lower your score. Missing your due date once should not affect your rating providing it is not a regular occurrence. However, if done regularly or more than twice in a row, your credit score will be significantly affected.
  • Ensure that at least the minimum payment is made to all creditors each month. If possible pay off monthly balances!
  • Utilization is the percentage of your credit limit that you regularly operate within. It is best to utilize less than 70-80% of your credit limit. Using higher than 80% on a regular basis will again negatively affect your score…..
  • HERE IS A SURPRISE:  Regularly maxing-out your credit card even if it is paid off in full each month, will negatively affect your credit score!
  • Approaching numerous lenders over a short period of time results in numerous credit inquires being performed on you….inquiries from “B” lenders in particular will have a negative effect on your credit score.
Hope that helps with your self-education concerning your credit score and how best to manage it!!

Get your BEACON Score from www.consumer.equifax.ca/home/en or by calling 1-877-277-8800 or other accredited consumer credit reporting agencies.

Click here if you have Questions concerning smoothing out your Beacon Score. I would love to answer your questions over a "no obligation", get-together coffee.  I look forward to hearing from you........