Summer vacation is a time to take it easy, enjoy life and have fun.  Just put those feet up in the hammock and relax, right?  Who wants to to spend time worrying about their finances...

When you're writing out your New Year's resolutions this year, why not add "improve my credit score" to your list?  By including a resolution to improve your personal financial literacy, you will not only be boosting your credit score, but will also be putting yourself in a much stronger financial position when it comes to getting better rates on future credit and helping you buy a home.  Follow these small steps below to get you started on your way...

Many Lenders use credit bureau scores as a key part of the approval process. Credit scores are a statistical method of predicting a consumer's financial risk over a period of time. Your previous credit behavior is used to determine your credit score which is primarily derived by payment history, outstanding debt, credit account history, recent inquiries and types of credit on your credit bureau record. The two credit reporting agencies in Canada—Equifax and TransUnion—determine your credit score on a scale from 300 to 900 – the higher your score, the better.

The five main factors looked at by lenders are...