Review, Measure, Adjust.
Your six month credit review
You are halfway through the 12 month credit plan.
Step 6 is a chance to pause, review the facts, and decide where your attention belongs next.
A credit score is one measure, not the full picture.
Scores can vary by credit bureau and scoring model. Look at the information behind the number,
- including payment history,
- balances,
- credit limits,
- account status, and
- recent credit inquiries.
Six months of consistent work deserves a careful review.
Step 6 is where you compare your starting point with your current position, confirm that both credit reports are accurate, and identify the habit producing the strongest result.
The goal is a dependable credit profile supported by accurate information, manageable balances, and payments made on time.
A midpoint story;
When Maya began her credit plan, two credit cards were close to their limits and her payment dates were spread across the month. She often paid more than the minimum, but the timing was inconsistent and the balances remained high.
During the first five months, Maya set payment alerts, arranged automatic minimum payments, and directed extra money toward the card with the highest utilization.
At her six month review, every payment had been made on time and both balances were lower. Her credit score had improved, although not as much as she expected.
Rather than opening another account or changing the plan, Maya reviewed her Equifax and TransUnion reports. She confirmed that the accounts were accurate, calculated her current utilization, and chose one priority for the next 90 days, reducing the balance on the card closest to the limit.
Your Step 6 actions
1. Review both credit reports Request your credit reports from Equifax and TransUnion. Reviewing your own report is a soft inquiry and does not affect your credit score.
Check each report for:
- correct personal information
- accounts that belong to you
- accurate balances and credit limits
- payment history reported correctly
- duplicate accounts
- unfamiliar inquiries or accounts
Old negative information that should no longer appear If you find an error, gather your supporting documents and file a dispute with the credit bureau reporting the information. Accurate negative information cannot be removed simply because it is unfavourable.
2.
Return to the information you recorded in Month 1 and compare it with your current position. Look for progress in your payment habits, balances, and use of available credit. A credit score may change slowly, so review the full picture rather than relying on one number.
Record the following:
Total revolving balances
Month 1: ____________________
Month 6: ____________________
Change: ____________________
Total credit limits
Month 1: ____________________
Month 6: ____________________
Change: ____________________
Credit utilization
Month 1: ____________________
Month 6: ____________________
Change: ____________________
Past due accounts
Month 1: ____________________
Month 6: ____________________
Change: ____________________
On time payments
Month 1: ____________________
Month 6: ____________________
Change: ____________________
Credit inquiries
Month 1: ____________________
Month 6: ____________________
Change: ____________________
Credit score, bureau, and date
Month 1: ____________________
Month 6: ____________________
Change: ____________________
Credit utilization measures how much revolving credit you are using compared with the total credit available to you.
Credit utilization = total revolving balances ÷ total revolving credit limits × 100
Aim to keep utilization below 30 per cent. Lower usage may support your credit profile, but no single percentage guarantees a particular score.
3. Review your payment system
Payment history is the most important part of a credit score. Confirm that every account has a reliable payment process.
Ask yourself:
Are all payments made by the due date?
Are automatic payments set for at least the minimum amount?
Are payment alerts active?
Does the payment date work with my income schedule?
Is any account at risk of falling behind?
If a payment may be difficult, contact the lender before the due date. A manageable plan is more useful than an aggressive plan that creates missed payments.
4. Choose one priority for the next 90 days
Choose the action that will have the greatest practical value.
My priority is:
- Correct an error on my credit report
- Bring a past due account current
- Reduce the balance on one high utilization account
- Maintain six more months of on time payments
- Avoid unnecessary credit applications ☐
5. What is one decision I will repeat each month?
YOU are not alone! I am here to support you. If you have questions, or need a shoulder to lean on, please call me.
