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Here are some tips that will help you improve your overall credit score.
Bill Payments
- Make your bill payments on time
- If you can't pay the full amount, make the minimum payment
- Contact the business if you think you'll have trouble paying a bill on time
- Don't skip a payment
Credit Cards & Loans
The bill payment tips above also apply to credit cards and loans. Plus...
- Try and use less than 35% of the credit available to you. For example, if your credit card limit is $5,000, try to keep your balance below $1,750.
- Limit the number of your credit checks. If you're often applying for credit, lenders might think you're spending more than you're making. Your credit score may then go down.
- Use different types of credit. For example, a credit card, car loan, line of credit. If you pay them off, or make minimum payments each month, lenders will see you can manage credit in a responsible way.
For more information visit the Government of Canada website.
Source of tips: "Improving Your Credit Score." Government of Canada, 13 May 2020.
