• Bad credit can kill your chances of being approved for a mortgage. Countless clients have come in to see me with a great job and lots of savings only to find out that their credit score is so bad that they don’t qualify. And half the time, they’re under the misconception that their credit is wonderful.

    Here are the three main points that kill your credit score:

    1. Payment History: if you miss payments or you are late for payments on any loan that is registered including credit cards, loans and of course mortgages, it will kill your credit score. Make your payments on time, every time.

    2. Over Limits: if you have any credit cards that are over their limit, this is a HUGE black flag. The credit checks are random so NEVER let your loan balance go over the limit. Try to keep your balance below 80% of the limit and it will do wonderful things for your credit.

    3. Hits: if everyone is checking your credit, it will drop your score. Limit the number of enquiries to maximum 4 per year.

    The best thing you can do if you have bad credit it to get credit and keep it in good standing – use it, make the payments religiously, never go over 80% of the limit and BUILD YOUR CREDIT!

    Robert Floris does more than just offer great rates on mortgages. This is one of the examples of how he can help you plan for success.

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