HomeMy WebLinkAboutThe Citizen, 2016-02-04, Page 13THE CITIZEN, THURSDAY, FEBRUARY 4, 2016. PAGE 13.
FINANCIAL 2016
Good credit can lead to better lending opportunities
1
Cash or credit?
When it comes to building credit, there are a few tips which can lead to a better score such
as not using too much, utilizing automatic billing systems and monitoring credit scores. inns
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MS — A good credit score can go a
long way toward helping men and
women secure their financial futures.
When armed with a good credit
score, men and women can secure
lower interest rates on mortgages
and auto loans, saving them
thousands upon thousands of dollars
over their lifetimes.
Some people deftly use credit to
their advantage their whole lives by
never missing a payment or never
digging themselves into deep holes
with regard to consumer debt.
Others fight an uphill battle, earning
a great credit score after digging
themselves out of debt accumulated
in early adulthood.
Regardless of how men and
women made it to the top of the
credit score mountain, once they're
there the work has only just begun.
Credit scores are fluid, so high
scores must be maintained in order
for lenders to continue to view
prospective borrowers as worthy
investments.
The following are a handful of
ways consumers can maintain their
high credit scores so they can
continue to benefit from their well-
earned financial reputations:
• Routinely monitor your score:
Credit scores change constantly, so
it's important that you continue to
monitor your score to make sure
there are no inaccuracies that can
affect your standing. Some credit
card companies now offer free
monthly credit report updates.
Cardholders can take advantage of
such offerings to monitor their
Professional help
leads to better wills
Continued from page 12
prepare one.
While a will does not need to be a
complicated document, it is always
advisable to contact a lawyer or trust
company to help you. The peace of
mind which comes from ensuring
there are no small mistakes or
omissions which could cause
difficulties for your heirs is well
worth the costs of such services.
You can always change your will,
either completely or by means of a
codicil, which is a document that
adds to or alters your existing will.
You should seek legal advice to do
this as requirements vary from
province to province.
Always take care of your loved
ones befor giving money to charity,
but then consider if there are
organizations and causes you'd also
like to support with your estate. The
tradition of leaving money to
charities that benefit society and the
community is many centuries old.
Today, people at all income levels
support organizations like the
Cancer Society or Amnesty
International through their wills.
These bequests are a vital source of
funds for the organizations and
stand as a lasting memorial to the
donor. For individuals who feel that
they cannot afford to make a large
donation to a cause they support
during their lifetime, a bequest in a
will can be a good way to make a
lasting contribution.
A free information package is
available from Amnesty
International at 312 Laurier Avenue
East, Suite #19, Ottawa, Ontario,
KIN 1H9.
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scores.
Report any discrepancies to the
appropriate rating agency
immediately.
• Sign up for automatic bill pay:
Credit scores can plunge quickly
when consumers miss payments. No
one is perfect, so it's not out of the
question that you might miss a
payment one time. Numerous factors
contribute to your credit score, but
payment history is perhaps the most
influential variable when determining
the final score, so a single missed
payment can do significant harm.
One way to avoid that and protect
your credit score at the same time is
to sign up for automatic bill pay.
When signing up, use a bank
account that always has a relatively
high balance so you don't run the
risk of having insubstantial funds
when the money is automatically
deducted from your account.
• Don't use too much of your
credit:
One of the benefits of having a
great credit score is your available
credit is likely to go up. That's
because lenders see consumers with
high credit scores as good
investments worthy of higher lines
of credit. But using too much credit,
even when you have a high score,
can be detrimental to that score.
Credit utilization is another factor
used to determine your credit score.
Your credit utilization rate is the sum
of all your balances divided by your
total available credit.
While it's important to use credit,
avoid using too much of your
available credit. Even if you pay
your balances in full and on time
each month, a high utilization rate
may hurt your score.
Achieving a good credit score is
only half the battle for consumers.
Once that credit score is high,
consumers must take steps to
maintain it so they can continue to
benefit for years to come.
Sholdice
FINANCIAL
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PEAK
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Susan Alexander, CFP CLU CHS EPC
Doug Sholdice
472 Turnberry St.
PO Box 69 Brussels,
Ontario NOG 1H0
www.sholdicefinancial.com
Phone:
519-887-2662
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12 Courthouse Square, Goderich N7A 1 M3
Give us a call or stop in for rates on
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519-524-277311-800-265-5503
abcinvestments@gicinvest.net
4:14 tua4 WOOF
We're reminded again that Canada is a wonderful place to call `home';
a place where we can raise our families in a safe and secure community.
We're here to assist with your investment needs
and are only a phone call away.
PR Investment
611 Planning Counsel`
IPC SECURITIES CORPORATION
Leonard (Len) Lobb CFP, FMA
410 James St., Clinton, Ontario
519-482-8887 (toll free) 877-502-8887
len.lobb@ipcsecurities.com
C`PF
MEMBER