Ways To Improve Your Credit

Tips and tricks to pump up your credit score

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Doesn't matter if you are new to Canada or you were born here, you might want to continue reading if you want to apply for any type of loan. Your credit score can determine if you qualify to buy a house, a car or even if you can rent a place to live in Canada. People and lenders want to have some kind of information from you that can proof them you are able to manage your debt.

If you want to improve your credit score, I have some tips for you:

Get started- Get some credit. Start by opening a credit card. You might think that not having any credit will proof you are good with just your income in order to cover your expenses, but this will hold your credit score from growing. A credit card is a good way to get started if you are new in Canada.

Make your payments on time- Making your credit card payments before their due date will certainly maintain you on a good position when talking about your score. If you don't have all they money you need to pay for your statement, you can always pay just the minimum amount to don't hurt your credit score.

Get more payments- Get debt you can handle. Is good for your credit when you get some expenses. Your phone service, internet, cable, etc. count as positive credit if you pay them on time. This will show you can keep up with the payments you need to make in a regular basis.

Don't get lots of credit cards- If you apply for more than one credit card, this will hurt your credit score. Try to apply for only one credit card if possible. This is because banks can misunderstand this as you needing new credit to pay for your old credit so when you will apply for a big loan your credit report will be hurt and your loan might be in danger because of this.

Check your credit report- Reading your credit report and can prevent you from submitting you a report with errors to some your lending institution. Your credit report might have some errors you can fix by just calling the credit reporting agencies. If you see something on your credit report that doesn't look familiar, call and fix it!