December 2017 Preferred Client Update

YOUR CREDIT RATING – Understanding ‘Hard Hits’ VS ‘Soft Hits’

Hard Hits are credit checks that appear on your credit report and count toward your credit score. Anyone who views your credit report will see these inquiries.
Examples of hard hits include:

• an application for a credit card
• some rental applications
• some employment applications

Soft Hits are credit checks that appear on your credit report but only you can see them. These credit checks don’t affect your credit score in any way.
Examples of soft hits include:

• requesting your own credit report
• businesses asking for your credit report to update their records about an existing account you have with them

It’s normal and expected to seek credit every so often. When lenders and others ask a credit bureau for your credit report, it’s recorded as an inquiry. That being said, if there are too many credit checks on your report, lenders may think you’re urgently trying to get credit or trying to live beyond your means, so it is best to limit unnecessary credit checks when possible.

Holiday Light & Electrical Safety

Many people choose to celebrate the holidays by decorating the interior and exterior of their homes with a variety of different lighting options. Here are a few tips to ensure any extra lighting you put up is done safely.

• Only purchase UL-listed lights and extension cords.
• If you are decorating outdoors use products that are rated for outdoor use.
• Before placing your lights (inside or outside) inspect them for any damage that may have occurred in storage.
• Unplug lights before you change bulbs.
• If you need to get on a ladder to hang lights, try to use a wooden or fibreglass-reinforced plastic one instead of a metal one.
• Do not connect too many strings of lights together. The general rule is 3, but check with the packaging.
• Do not overload extension cords or sockets.
• Check your lights every now and then and make sure the wires are not warm to the touch.

Always turn off your lights before going to bed or leaving the house. This is a big one that many of us are guilty of. You spend all that time decorating and you want to show it off. We understand! But we also would hate for you to return home to a fire or wake up to one!