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Four simple yet effective methods to improve your credit score

Start raising your credit rating with these easy tweaks

Your credit score indicates how likely lenders are to give you a loan. Your credit report is called upon when applying for a credit card, a mortgage, sometimes even a job.

In this sense, the higher your score during a credit check, the better.

It’s easy to get your credit history off track with a few missed bill payments. Still, what can you do to improve your credit score?

There are several ways Canadians can work toward a good credit score. Here are four ways you can start improving your credit score today:

Keep an eye on your financial history

The first step in improving your credit score is knowing where you currently stand.

A credit report is a detailed summary of your financial history, including accounts you’ve opened or closed, outstanding loans, and current credit cards.

Checking your credit report can help you better understand the areas you need to improve. You can request a free copy of your credit report from your credit bureau.

Pay your bills on time

Every time you’re late paying a bill, your credit score takes a hit.

Setting up automatic payments and setting reminders can help ensure you’re paying your bills on time.

Reduce your credit utilization

Your credit utilization refers to how much of the total available credit you are currently using. So, if you have a $2,000 credit card limit and your balance sits at $1,800, you have a high credit utilization score.

Potential lenders like to see that you use less credit than you have available. This indicator shows them you’re not overspending.

In this sense, the lower your credit utilization, the better. The rule of thumb is to keep your credit utilization below 30%.

Increase the length of your credit history

The length of your credit history shows how long your credit accounts have been open.

The longer your accounts have been open, the better, as it shows that you have a history of managing your credit reliably.

If you have bad credit or next to no credit, you can improve your credit history by applying for an instant loan online which may help you build creditworthiness.

 You can access an online instant loan even with a low credit score today. Visit to get started.

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