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A credit score is a number on a scale of 300 to 900. It tells potential lenders how well you manage debt and credit; money that doesn’t belong to you. The higher the score, the better you are at repaying your debts. The lower the score, the less likely you are to repay your debts. The only way you can increase your credit score in Canada is through your behaviour and demonstrating that you can manage your payments.

Specifically am going to speak about the strategies to improve your credit score. Also about the factors that affect one's  credit score. I hope that the information provided would be helpful.

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This website provides information about credit cards and different methods to improve your credit score. It gives you a clear idea about how to use credit cards effectively. The seven best strategies to improve your credit score are discussed in this website. The article also explains how the banks are calculating the credit score and how our monthly activites are affecting our scores.

Most of information provided in this article were new to me. And I find this strategries helpful in every means. The article is submittted by professionals and the data provided in this website is trustworthy.

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This is the official canadian website which provides information about credit card payments. It provides information on, how to monitor your  payment history and how to use your credit wisely. The article also provides stratagies to improve your credit.

As it is a government website, all the information provided are trustworthy and provided to the public as a means to improve your credit history.

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Monitoring your payment history

Your payment history is the most important factor for your credit score.

To improve your payment history:

always make your payments on time

make at least the minimum payment if you can't pay the full amount that you owe

contact your lender right away if you think you'll have trouble paying a bill

don't skip a payment even if a bill is in dispute

Get electronic alerts from your financial institution

Your financial institution may send you an electronic alert when the credit available on your credit card falls below a certain amount.

These alerts may help you manage your day-to-day finances, such as your credit payments.

Learn more about these electronic alerts.

Using credit wisely

Don't go over your credit limit. If you have a credit card with a $5,000 limit, try not to go over that limit. Borrowing more than the authorized limit on a credit card may lower your credit score.

Try to use less than 30% of your available credit. It's better to have a higher credit limit and use less of it each month.

For example, suppose you have a credit card with a $5,000 limit and an average borrowing amount of $1,000. Your credit usage rate would be 20%.

If you use a lot of your available credit, lenders see you as a greater risk. This is true even if you pay your balance in full by the due date.

Improving your credit history

The longer you have a credit account open and in use, the better it is for your score. Your credit score may be lower if you have credit accounts that are relatively new.

If you transfer an older account to a new account, credit bureaus consider the new account as new credit.

For example, some credit card offers come with a low introductory interest rate for balance transfers. The new card on which you transfer your current balance is considered a new credit product.

Consider keeping an older account open even if you don't need it. Use it from time to time to keep it active. Check your credit agreement to make sure there is no fee if you keep the account open.

Limiting your number of credit applications or credit checks

Credit inquiries, also known as credit checks, count toward your credit score. It's normal and expected that you'll apply for credit from time to time. When lenders and others ask a credit bureau for your credit report, they record it as an inquiry.

If there are too many credit checks on your credit report, lenders may think that you're:

urgently seeking credit

trying to live beyond your means

To control the number of credit checks on your report:

limit the number of times you apply for credit

get your quotes from different lenders within a 2-week period when shopping around for a car loan or a mortgage. Credit bureaus will combine and treat your inquiries as a single inquiry for your credit score

apply for credit only when you really need it

"Hard hits" versus "soft hits"

"Hard hits" are credit checks that appear on your credit report and count toward your credit score. Anyone who views your credit report will see these inquiries.

Examples of hard hits include:

credit card applications

some rental applications

some employment applications

"Soft hits" are credit checks that appear on your credit report. They're recorded on your credit report but only you can see them. These credit checks don't affect your credit score.

Examples of soft hits include:

requesting your own credit report

businesses checking your credit report to update their records about an existing account you have with them

Diversifying your credit

Your score may be lower if you only have one type of credit product, such as a credit card.

It's better to have a mix of different types of credit, such as:

A mix of credit products may improve your credit score. Make sure you're able to pay back any money you borrow. Otherwise, you might end up hurting your score by taking on too much debt.

Related links

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What affects your credit score and how to improve it.

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This website provides information on, how to check your credit rating and how to get your credit report. It also provides information on how the credit scores are calculated and different methods to build your credit history.

I find this website more useful over the others as they provide each and every information about credit. Most of the information provided were new to me.

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How to Improve Your Credit Score | Credit Canada Debt Solutions

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Get help with your credit score from the professionals at Credit Canada. We can help improve your score the right way so you can move on.

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This article provides strategies to improve credit rating and also explains different ways to stay out of debt. This website also answers most of the credit card related questions. It also explains how a bank accepts your credit card request and what are factors considered by the banks to accept ones request to increase the credit limit.

This website gives a clear idea about how your credit ratings are affected in your forcoming transcations. I find it useful as it gives ideas on , how to stay out of debt while increasing your credit score.

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How to Improve Your Credit Rating (Credit Score) in Canada While Staying Out of Debt | My Money Coach

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When you apply for credit, lenders look at the whole picture to see if you've got balance. You need some money saved, not too much debt and enough stable income to meet all of your obligations. Lenders and the credit reporting system know that someone only has a set amount of money available each month to make debt payments.

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Having a credit rating or a credit score is essential for life in Canada. A good credit score can ensure you qualify for better interest rates on mortgages and other loans down the line. To get started with building your credit history, having and using a credit card is essential.  In this article, it gives an outline what a credit score is, share valuable tips to help you build a good credit history as a newcomer in Canada, and provide information on how to check your credit score and order a credit report.
Most of the information provided in this video were new to me. The information provided here gives a clear idea about the topic. The video is presented in a simple way as everyone understands the topic clearly.

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How to build a good credit score from scratch as a newcomer in Canada?

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There are many different credit score models used today by lenders and other organizations. These scores all have the same goal: to predict a consumer’s likelihood to pay their bills. There are some differences around how the various data elements on a credit report factor into the score calculations. This video provides information on how it is calculated.
I find this video helpful as this provides information what's a good credit score is in words of the customers and also shows how this may affect our lives.

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Credit score tells potential lenders how well you manage debt and credit; money that doesn’t belong to you. The higher the score, the better you are at repaying your debts. The lower the score, the less likely you are to repay your debts.
This video gives information of how to check your credit score online and what are the factors affected. I find this video trustworthy over the others as it is published bt the banks officially.

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Get your credit score for free in RBC Online Banking

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Here in Canada, your credit score always matters, even when you are applying for a mortgage with an alternative lender or a private mortgage lender. It’s true they specialize in helping borrowers with damaged credit, but they still want to see signs of rehabilitation and repayment performance in the applicant’s track record. And the higher your score, the more favourable the terms of your mortgage will be.
This video provides information of credit ratings and how this is affected in your daily life. It gives a clear image about all these information.

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This image gives us the information to boost your credit score. It provides the strategries in a simple manner.

I find these eight tips useful to improve the credit score.

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This image provides the information about how our credit scores are calculated. It explains the factors that effect our credit ratings.

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After researching into this topic, I have been acknowledged with a lot of things which are so surprising. How the credit card history and credit scores are affecting our day to day life surprised me a lot. The different ways to improve your credit ratings and how these steps are important for our daily life and how further we can be affected, all were a new information for me.

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This has proven to be a very interesting topic for me. It may also be useful to me in the future. Because I now know enough about credit cards and credit scores, I can make intelligent selections in my real life, particularly when it comes to selecting the credit card companies and while applying for loans. It may also assist me in reducing financial risk.

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From my perspective, the most useful information that I would pass to my family members and friends is about how the banks calculate the credit scores. And would also likes to explain different ways to improve your credit scores with any further debts.