My blog is here to not only keep you updated on my most recent listings, but also tips and tricks for buying or selling, and events happening around Edmonton.

Office (780) 481-2950

Direct (780) 444-GREG

Email: greg@gregsteele.ca

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Your credit score affects many areas of your life from your spending abilities to your stress levels.

 

Missing a couple of payments on a credit card can dramatically drop your score, even after years of consistently meeting payment deadlines.

 

Your credit report tracks your spending history for the past six years and bad credit (FICO score) makes it nearly impossible to get financing for a home, car, credit card or even cell phone.

 

So if, for whatever reason, your score has plummeted — there’s a few things you can do to repair it.

 

1. Know your score

Finding out your credit score and history is the first step to knowing what went wrong and how to fix it.

 

You can get a copy from two main credit bureaus in Canada: Equifax (the most highly recognized) and Trans Union. If you send it in by mail, you can receive a copy for free or you can pay for a digital version for the benefit getting it faster.


2. Review your history

Make sure that there are no errors. It’s not likely but not impossible either.

 

Check that no late payments have been erroneously added to your account, all the charges made are accurate and that your payments went through correctly.

 

3. Start making payments

This may be easier said than done but it really is the key to improving your credit score.

 

Set up a reminder schedule and make sure you are paying off your debt bit by bit each month — and on time. If you want, you can set up payment reminders or automatic withdrawals.

 

The general rule is to keep debt within 65% of your credit limit. When it comes to paying off debt, start with the one with the highest interest rate first.

 

It may seem overwhelming but, chunk by chunk, it is possible to pay off debt if you stay consistent with it.


4. Avoid more debt

Be aware of the credit limit on your card and don’t go over that limit. Also keep in mind that having too many credit cards, especially newly open accounts, can also negatively impact your rating.

 

5. Pay off debt as soon as possible

Although it seems strange to go into debt to pay off debt, and contrary to the previous step, sometimes taking out a loan or borrowing money is the best way to save your credit score.

 

Balance what the interest looks like, how quickly you can pay it off and whether a loan will ease your credit history.

 

Sometimes, borrowing money with a low interest rate can help pay off high-interest credit card debt. Repaying debt on a credit card will help speed repairs to your credit history.

 

6. Take the initiative

Check your credit at least a few months before you need to make a big purchase or re-finance something so you have time to improve your score if needed. This will help give you the best interest rates when you most need them.

 

Lenders make a lot of their financing decisions by looking at your history. If you pay off debt the day before, you score and reputation is much less credible.

 

If you absolutely cannot make the minimum payment on your card, consider calling the lender and explaining the situation.

 

They may have advice or ways to help you; people often look favourably at those who reach out with honesty and initiative and are therefore more willing to help in return.

 

7. Protect your credit score

If you have bad credit, don’t panic — it’s easy enough to repair it by paying off the highest interest rates first and being consistent with debt management.

 

If you have good credit, make sure you protect it — set up payment reminders and don’t fall into debt if you can avoid it.

 

Keep old accounts, even if you are not using them very often, and don’t open too many accounts too soon because the age of an account positively impacts your score. Use fraud alert services and be careful of who you give your information to in order to avoid identify theft.

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I have listed a new property at 8514 ELLIS LINK in Edmonton.
LOCATION, CONDITION AND INCREDIBLE PRICE!!! The 3 major considerations in Real Estate are evidenced in this beautiful Custom Featured Home. A large foyer entrance is the first unique feature upon entering this open concept design. RICH HARDWOOD FLOORING THROUGHOUT THE MAIN, QUARTZ COUNTER-TOPS, STAINLESS STEEL APPLIANCES, CUSTOM FIREPLACE, CENTRAL AIR, ARE ONLY A FEW OF THE UPGRADES. The main floor also has a private 2 piece bathroom and separate laundry room. The spacious master bedroom can easily accommodate a king sized suite and features a 4pc ensuite and large walk in closet with window. Two additional bedrooms upstairs and a bonus walk in closet in one. The basement awaits your design ideas and has roughed in double plumbing for a fourth bathroom. The private and sunny west facing fully fenced backyard has a deck bordered with raised flower boxes. This is the perfect starter or family home close to schools, shopping, public transportation and access to the Anthony Henday.
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I have listed a new property at 11431 126 ST NW in Edmonton.
RARE FIND!!! Original Owner built this Bi-Level side by side duplex nestled on a quiet elm tree lined street. The area has numerous parks and green spaces. Close to schools, shopping and restaurants. The duplex is a great opportunity to live on one side and rent out the other; or as a complete rental property bringing in income from both units. Each side has 4 bedrooms, 2 baths and a single car garage; as well as kitchen, living room, dining room. The front and back yard are shared space. One side currently has long-term tenants that would like to stay.
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I have listed a new property at 95 Beauvista DR in Sherwood Park.
This beautiful, 2 storey family home is waiting for you in Sherwood Park. With a total of 4 bedrooms and 2.5 bathrooms, there is enough space to entertain your family or to have some extra space for visitors. The large backyard features a deck, swimming pool and basketball hoop; as well as a substantial lawn. The view from the backyard is a treed area and Broadmoor Golf Course. The master suite includes a 4pc ensuite and 2 walk-in closets. The home is close to shopping, restaurants, entertainment and parks. 2,203 S.F.
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I have listed a new property at 16424 100 ST in Edmonton.
RARE FIND...INCREDIBLE PRICE...HANDICAPPED ACCESSIBLE AND REMODELED BUNGALOW TO ACCOMMODATE A SPECIAL NEEDS FAMILY!! This home has been remodeled with ramps front and back, wide door frames, no hallways, roll in bath, ceiling track system, motorized lift to basement, wheelchair accessible vanities, oversized attached heated garage (20'6"x28' with single door) with interior ramp, etc. All of the handicapped accessories can be easily removed to return the property to a standard single family. The property is located close to public transportation, numerous schools, ample shopping, parks and more.
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I have listed a new property at 118 13908 136 ST in Edmonton.
Down-sizing or starting out, look no further! This suite is perfect for roommates with bedrooms and baths at opposite sides of the unit or a young family or empty-nesters with room for guests. Nestled onto the end of a very quiet street next to parks, walk ways and multiple lakes gives one feeling of living in a private community. The ground floor condo includes 2 bedrooms, 2 bathrooms and 2 parking stalls plus in-suite laundry and easy to access storage. The large covered patio boasts ample sunshine for relaxing and is very close to visitor parking when guests arrive for a visit. One parking stall is underground and the other is on the surface. The location is quiet yet close to shopping, banks, restaurants, parks, lakes, walking trails, public transportation and schools.
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I have listed a new property at 9331 172 ST NW in Edmonton.
Location, location, location in the small, quiet neighbourhood of Summerlea, within walking distance to Terra Losa Shopping Centre and West Edmonton Mall, easy access to all amenities, bus routes, banking, stores, restaurants, theatres, schools, Misericordia Hospital, the Whitemud and Anthony Henday. This very clean 2 bdrm. &, den 1,097 sq. ft. south facing, upper corner carriage home has been fully renovated. LR features 2 sided, wood burning fireplace. French doors and built in wall unit in den. Crown mouldings add to the elegance factor. Renovated kitchen has newer cabinets; backsplash with hand painted tiles; movable Island with granite counter; walk in pantry with pocket door. Both good sized bdrms. have walk in closets, wood blinds. Bathroom has antique vanity. Stove, over the range microwave, fridge, dishwasher, garburator, washer and dryer included.
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