In the first two articles this week, we discussed how to get your credit report and how to calculate your credit score. Now we’ll look at what you can do to improve your credit score.
Pay your bills on time. Late payments are one of the biggest hits to your credit score.
Keep your balances low. Obviously the lower, the better. Certainly try to keep you balances lower than 50% of your credit limit.
Maintain a long credit history. The further back your credit history goes, the better. Because of this, you might not want to close a paid off credit card that you no longer use if it’s your earliest source of credit. Put a charge on it on occasion to keep it active and then pay it off again.
Have various types of credit. For example, credit cards, credit lines, car loan, RRSP loan. The variety of revolving credit and installment credit can help reinforce your credit history.
Don’t apply for more credit than you need. The more credit applications you have in your recent history, the more credit hungry you look, and the lower your credit score will be.
Following these steps should help you improve your credit score fast. If you are already doing this, continue lowering your balances and letting your history grow.
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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All of your articles are very good, but This one is really better, because you told the way out here, Hoping it will help increase my credit score.
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I’m glad reading your article about how to improve credit score. I have read the full article on Wealth Pilgrim. The five ways to do to improve the credit score is not too difficult. What more difficult is to pay bills on time and only use 30 % of the available credit limit. Thank you.