Zahnd Team company logo

Back To Blog

Take control of your money and increase your credit score

One of the top 2 reasons we hear why people can't buy their first home is because they can't save money for the downpayment and they have bad or no credit.

Here are some super simple tips and some info on how to take control of your spending and saving and the different ways to increase your credit score and what things you might be doing that are causing a bad score.

Understand your Money!

Here are a few key points discussed in the video to help take control of your money:

  1. Know the difference between good debts and bad debts
  2. Start tracking -know where you're putting your money!
  3. Create a weekly/monhtly budget - try using Mint
  4. Figure out your fixed and variable expenses and what you can improve
  5. The 'Latte Factor' small spending habits that add up
  6. Increase your credit payments to pay off debts faster

Increasing your Credit Score!

The first step is knowing where you stand with your credit score. There are lots of ways to check your score, what I use is an app called Credit Karma. It's easy to use and shows all of the lines of credit, payment history, and balance for each line of credit. It's a great way to keep tabs on what credit is listed under your name as well as checking in on what your score is. A perfect score would be 900, but the basis for a good credit score is around 650, and the higher it is, the better.

Here's a breakdown of how your score is calculated so you can make sure that you're doing your best to increase your score:

  1. 35% of score- Payment History
  2. 30% of score- Utilization (credit used vs credit available)
  3. 15% of score- Length of credit
  4. 10% of score- New Credit
  5. 10% of score- Types of credit

The 2 X 2 X 2 Rule

Lenders want to see that you have 2 lines of credit open for at least 2 years, worth at least $2000. This will help you build your credit.

We hope you found value in today's video! Feel free to hop in the comments section and let us know what you found most helpful!

Chat with us!

Add Comment

Comments are moderated. Please be patient if your comment does not appear immediately. Thank you.


  1. No comments. Be the first to comment.

Related Posts

Guelph Real Estate Market Update: Inventory Crunch and Rising Prices06.07.2023

Guelph Aerial View
Welcome to another insightful Guelph Market Update for June 2023. In this report, we will explore the current state of the real estate market in Guelph, highlighting key trends, macroeconomic [...]

Guelph's Market Data Revealed!05.26.2023

alt tag
  Hey, welcome to another Market Update. My name is Steve Zahnd from The Zahnd Team Real Estate Advisors. Today is May the 4th, so May the 4th be with you. Alright, let's do a couple of things [...]

Why Now Is The Best Time to Upgrade Your Home01.11.2023

alt tag
  Is now the best time to upgrade your home versus back in January, February, March, and April 2022, when interest rates were low when prices were high, versus today, where interest rates are [...]

3 Undeniable Benefits of Selling Your Home and Downsizing01.06.2023

alt tag
Admittedly, living in a ginormous house comes with its perks. There’s ample space for you to do whatever you want, whenever you want in the comfort of your own home. Maybe you recently

Inside Guelph - February Market Review03.03.2021

Inside Guelph: Brought to you by Zahnd Team
Don't worry about trying to decode the real estate market! Our experts have unpacked everything you need to know in our Real Estate segment on Inside Guelph. Check back every week for new [...]

Zahnd Team Starter Kit!02.16.2021

Personal Development Books
We thought by giving away a Starter Kit full of the pieces that keep us fired up, hydrated and disciplined to crush our goals could help someone outside of our team in a really big way.  

Should You Upgrade Your Home? 02.05.2021

Are You Ready to Upgrade
There are several different reasons why youd want to upgrade and I want to give you a couple of things to think about because there are a lot of people dreaming about upgrading to their next [...]

Avoid These Renovations Before Selling01.10.2021

Avoid these renovations
Renovations are expensive and modeling your home for yourself is one thing but not everyone has the same taste as you do. Consider avoiding certain renovations before selling your home, after [...]