Are you having trouble getting credit? If yes, here are some simple things you can do to improve your credit score.
- Pay your bills in full and on time. Or at least pay the minimum amount shown on your statement.
- Don’t go over the limit on your credit card. Keep your balance low – below 35% of your credit limit if you can. The higher your balance, the more it affects your credit score.
- Don’t apply for credit too often. Too many lenders asking about your credit in a short period of time can lower your credit score.
- Pay off your debts ...as quickly as possible.
- Build a strong credit history. You may have a low score simply because you don’t have a long record of borrowing money and paying it back. You can improve your score by using a credit card – wisely. Learn more.
As an added bonus, if you follow these five steps, you’ll not only improve your credit score - you’ll also improve your overall financial health!
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.