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Our Padlet includes the best tips, tricks and strategies to maintain and improve your credit score if or when, you get into trouble.

Within this Padlet we have included informative websites that can be utilized by everyone, as well as videos and images that give a great visual to improve your knowledge on improving your personal or business credit.

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In the photo provided, it gives us seven 'best ways' to improve your personal or business credit score.

I chose this image as it gives us reasonable information that everyone can do within their own limits. Even if you are unable to fully complete each credit tip at once, utilizing even one, can start to increase your credit score and hopefully, make you motivated to try more.

https://www.jnadealerprogram.com/blog/business-loan-credit-score/

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This image states the percentage of information from the FICO, that effects your credit score the most in hopes to help the understanding of your personal or business score.

I feel this image is very informative even if it is directly related to the FICO, it still gives a great example of what to be mindful of when thinking of improving your credit score.

https://www.creditzipper.com/wp-content/uploads/2016/11/Credit-Score-101-Infographic-512x1024.jpg

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How to Improve Credit Score (Short Term) Video #1

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How to Improve Credit Score (Short Term) Video #1

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This video shows...
This video is an excellent video on explaining credit score and how to dramatically increase your credit score. He suggest steps into improving scores is to aggressively pay of your credit cards. also to pre pay your card before the amount is due to keep your utilization at zero, which also helps to budget and also to not default on any of your cards

I chose this video because I feel that it is a great introductory video, explain what affects your credit score. He does a great job of going in depth and explaining each step.  I also went ahead and read some of the comments on his video before watching  and the reaction seemed positive. The comments show that his methods seemed to have worked.

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How to Dramatically Increase Your Credit Score (Short Term Strategy)

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Everything About Credit Score  Website #1

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Everything About Credit Score  Website #1

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This website is an easy and great read. It covers everything in depth from the start of how a credit score is calculated, how to improve and what you y not know about credit scores. This article follows the same ideas as the video #1 which are to pay bills on time, keep utilization low, and only apply and open new cards as needed. One thing this article included which is handy was how long it takes to rebuild your credit score.

This website was a great choice because it was laid out nicely, very in depth. The website included more than three options on how to improve your credit score The piece of information that I found very useful and unique was explaining how long it may take to rebuild your credit score

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It's possible to improve your credit scores by following a few simple steps, including: opening accounts that report to the credit bureaus, maintaining low balances and paying your bills on time. You can try to boost your credit score by getting credit for paying bills like your cell phone, utilities, and popular streaming service, free, with Experian Boost®ø. However, it can be difficult to know where to start. Whether you're building your credit from scratch or rebuilding after your scores have taken a hit, it's important to learn how your scores are calculated and the basic ways to improve them. Then, you can dive into more detailed guides based on your situation.

1. Build Your Credit File

Opening new accounts that will be reported to the major credit bureaus-most major lenders and card issuers report to all three-is an important first step in building your credit file. You can't start laying down a good track record as a borrower until there are accounts in your name, so having at least several open and active credit accounts can be helpful.

These could include credit-builder loans or secured cards if you're starting out or have a low score-or a great rewards credit card with no annual fee if you're trying to improve an established good score. Getting added as an authorized user on someone else's credit card can also help, assuming they use the card responsibly.

If you're starting from scratch with no credit file at all, the most important step is simply getting a credit report with a bureau. With Experian Go™, you can sign up for a free Experian membership and create an Experian credit report. Then you can use options like becoming an authorized user or signing up for Experian Boost to build your credit.

Experian Boost is a tool you can use to add positive utility, cellphone and streaming service payments to your Experian credit report. These on-time payments wouldn't otherwise be added to your credit report, but using Boost means they'll be factored into your Experian FICO ® Scores ☉ .

2. Don't Miss Payments

Your payment history is one of the most important factors in determining your credit scores, and having a long history of on-time payments can help you achieve excellent credit scores. To do this, you'll need to make sure you don't miss loan or credit card payments by more than 29 days-payments that are at least 30 days late can be reported to the credit bureaus and hurt your credit scores.

Setting up automatic payments for the minimum amount due can help you avoid missing a payment (as long as you're careful not to overdraft your bank account). If you're having trouble affording a bill, reach out to your credit card issuer right away to try and discuss hardship options.

Staying on top of accounts that don't generally appear on your credit reports (gym memberships and subscription services, for instance) can also be important. The on-time payments might not help your credit, but the account being sent to collections could still cause your scores to dip.

3. Catch Up On Past-Due Accounts

If you're behind on your bills, bringing them current could help. While a late payment can remain on your credit report for up to seven years, having all your accounts current can be good for your scores. Additionally, it stops further late payments from being added to your credit history as well as additional late fees.

For those having trouble with credit card debt, talking to a credit counselor and getting on a debt management plan (DMP) could be a good option. The counselor may be able to negotiate lower payments and interest rates, and get card issuers to bring your accounts current.

4. Pay Down Revolving Account Balances

Even if you're not behind on your bills, having a high balance on revolving credit accounts can lead to a high credit utilization rate and hurt your scores. Revolving accounts include credit cards and lines of credit, and maintaining a low balance on them relative to their credit limits can help you improve your scores. Those with the highest credit scores tend to keep their credit utilization ratio in the low single digits.

5. Limit How Often You Apply for New Accounts

While you may need to open accounts to build your credit file, you generally want to limit how often you submit credit applications. Each application can lead to a hard inquiry, which may hurt your scores a little, but inquiries can add up and have a compounding effect on your credit scores. Opening a new account will also decrease your average age of accounts, and that could also hurt your scores.

Inquiries and the average age of your accounts are minor scoring factors, but you still want to be cautious about how many applications you submit. One exception is when you're rate shopping for certain types of loans, such as an auto loan or mortgage. Credit scoring models recognize that rate shopping isn't risky behavior and may ignore some inquiries if they occur within the span of a couple of weeks.

Scores are calculated based on the information in one of your credit reports.

Scoring models try to predict the likelihood that a borrower will be 90 days late on a bill in the next 24 months.

A higher score indicates a person is less likely to fall behind on a bill, and vice versa.

How to Get Your FICO® Score for Free

Understand the reasons that help or hurt your FICO ® Score, including your payment history, how much credit you are using, as well as other factors that influence your overall credit.

Check Your Credit Score for Free

Knowing where you stand and watching your progress can be important. With Experian, you can check your FICO® Score for free. Your account gives you a breakdown of which factors are impacting your score the most, so you can take a focused approach to improving your score. Your credit score will also automatically be tracked and updated each month.

Additional Topics on Improving Your Credit

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It's possible to improve your credit scores by following a few simple steps, including: opening accounts that report to the credit bureaus, maintaining low balances and paying your bills on time. You can try to boost your credit score by getting credit for paying bills like your cell phone, utilities, and popular streaming service, free, with Experian Boost ® ø.

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In this video it begins of with things to stop doing to increase your credit score is to have stability in your life, what he mens is to hold  a job and try to not move round a lot. He also suggest to stop shopping around credit if you are denied the first time. This video also has the same plan as the first video which is to pay off your credit in full each month and to keep utilization, never charge more than 50% of your utilization.

This video really stuck out to me because the creator of the video is Canada and all of his tips were used by himself in Canada. The best idea he gave that had been unique had been to stop doing certain things and improve stability.

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This video is great for college students because it is a long term plan. The idea behind a long term plan is a less aggressive and helpful if you are a person who is a long time away from planning on getting a mortgage. The optimal strategy is to get more cards when you are younger. Except if you get cards at a young age look for cards with no annual fee  or cards with an annual fee but do not require much spend. To use this method you must be a financially responsible person and be willing to take the time to make it work.

I chose this video because a long term plan is something that would apply to me as a college student. The piece of information that stuck out to me is that you should collect cards at a young age.

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How to Improve Your Credit Score (Long-Term) as a Millennial

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This video suggests to monitor your credit score every few months on website that are deemed soft inquires that do not harm your score. This video says to quit using cash and pay with credit and then use that cash to pay off your credit card. The creator's ideas follow suit with all the ideas from others. Which is just to keep low utilization, do not cancel old cards and pay bills on time or early.

This video was appealing because it was a younger guy from Canada. The information that I found useful was how to check your credit score without damaging it, which are soft inquires and do not impact your score.

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IMPROVE YOUR CREDIT SCORE IN CANADA | EASY STEPS TO BUILD CREDIT | Credit Card Guide Chapter 4

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Investopodia- Want a Better Credit Score? Website #2 

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Investopodia- Want a Better Credit Score? Website #2 

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This website, Investopedia, gives general information to all things investments. They have a full section of Credits; how to improve, what a bad credit looks like and what hurts your credit score. They also provide you with education article, tools and simulators along with information of market news.

I chose this website as I thought it gave a great seven-step strategy of the best ways to improve your credit score. The most interesting point I felt they made was information on 'making the most of a thin file'. They give you examples of new programs that will help you "thicken" a credit file into being able to improve or at least start a credit score.

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Your credit score is one of the most important measures of your financial health. It tells lenders at a glance how responsibly you use credit. The better your score, the easier you will find it to be approved for new loans or lines of credit. A higher credit score can also open the door to the lowest available interest rates when you borrow. If you'd like to improve your credit score, there are a number of simple things you can do. It takes a bit of effort and, of course, some time. Here's a step-by-step guide to achieving a better credit score.

1. Review Your Credit Reports

To improve your credit, it helps to know what might be working in your favor (or against you). That's where checking your credit history comes in.

Pull a copy of your credit report from each of the three major national credit bureaus: Equifax, Experian, and TransUnion. You can do that for free once a year through the official AnnualCreditReport.com website. Then review each report to see what's helping or hurting your score.

Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit. Late or missed payments, high credit card balances, collections, and judgments are major credit score detractors.

2. Get a Handle on Bill Payments

More than 90% of top lenders use FICO credit scores, and they're determined by five distinct factors:

Payment history (35%)

Credit usage(30%)

Age of credit accounts (15%)

Credit mix (10%)

New credit inquiries (10%)

As you can see, payment history has the biggest impact on your credit score. That is why, for example, it's better to have paid-off debts, such as your old student loans, remain on your record. If you paid your debts responsibly and on time, it works in your favor.

So a simple way to improve your credit score is to avoid late payments at all costs. Some tips for doing that include:

Creating a filing system, either paper or digital, for keeping track of monthly bills

Setting due-date alerts, so you know when a bill is coming up

Automating bill payments from your bank account

Another option is charging all (or as many as possible) of your monthly bill payments to a credit card. This strategy assumes that you'll pay the balance in full each month to avoid interest charges. Going this route could simplify bill payments and improve your credit score if it results in a history of on-time payments.

3. Aim for 30% Credit Utilization or Less

Credit utilization refers to the portion of your credit limit that you're using at any given time. After payment history, it's the second most important factor in FICO credit score calculations.

The simplest way to keep your credit utilization in check is to pay your credit card balances in full each month. If you can't always do that, a good rule of thumb is to keep your total outstanding balance at 30% or less of your total credit limit. From there you can work on whittling that down to 10% or less, which is considered ideal for improving your credit score.

Another way to improve your credit utilization ratio: Ask for a credit limit increase. Raising your credit limit can help your credit utilization, as long as your balance doesn't increase in tandem.

Most credit card companies allow you to request a credit limit increase online; you'll just need to update your annual household income. It's possible to be approved for a higher limit in under a minute. You can also request a credit limit increase over the phone.

4. Limit Your Requests for New Credit-and 'Hard' Inquiries

There can be two types of inquiries into your credit history, often referred to as "hard" and "soft" inquiries. A typical soft inquiry might include you checking your own credit, giving a potential employer permission to check your credit, checks performed by financial institutions with which you already do business, and credit card companies that check your file to determine if they want to send you preapproved credit offers. Soft inquiries will not affect your credit score.

Hard inquiries, however, can affect your credit score-adversely-for anywhere from a few months to two years. Hard inquiries can include applications for a new credit card, a mortgage, an auto loan, or some other form of new credit. The occasional hard inquiry is unlikely to have much of an effect. But many of them in a short period of time can damage your credit score. Banks could take it to mean that you need money because you're facing financial difficulties and are therefore a bigger risk. If you are trying to improve your credit score, avoid applying for new credit for a while.

5. Make the Most of a Thin Credit File

Having a thin credit file means you don't have enough credit history on your report to generate a credit score. An estimated 62 million Americans have this problem. Fortunately, there are ways you can fatten up a thin credit file and earn a good credit score.

One is Experian Boost. This relatively new program collects financial data that isn't normally in your credit report, such as your banking history and utility payments, and includes that in calculating your Experian FICO credit score. It's free to use and designed for people with no or limited credit who have a positive history of paying their other bills on time.

UltraFICO is similar. This free program uses your banking history to help build a FICO score. Things that can help include having a savings cushion, maintaining a bank account over time, paying your bills through your bank account on time, and avoiding overdrafts.

A third option applies to renters. If you pay rent monthly, there are several services that allow you to get credit for those on-time payments. Rental Kharma and RentTrack, for example, will report your rent payments to the credit bureaus on your behalf, which in turn could help your score. Note that reporting rent payments may only affect your VantageScore credit scores, not your FICO score. Some rent reporting companies charge a fee for this service, so read the details to know what you're getting and possibly purchasing.

A new entry into this field is Perch, a mobile app that reports rent payments to the credit bureaus free of charge.

6. Keep Old Accounts Open and Deal With Delinquencies

The age of credit portion of your credit score looks at how long you've had your credit accounts. The older your average credit age, the more favorably you appear to lenders.

If you have old credit accounts you're not using, don't close them down. Though the credit history for those accounts would remain on your credit report, closing credit cards while you have a balance on other cards would lower your available credit and increase your credit utilization ratio. That could knock a few points off your score.

And if you have delinquent accounts, charge-offs, or collection accounts, take action to resolve them. If you have an account with multiple late or missed payments, for instance, get caught up on the past due amount, then work out a plan for making future payments on time. That won't erase the late payments, but it can improve your payment history going forward.

If you have charge-offs or collection accounts, decide whether it makes sense to pay off those accounts in full or to offer the creditor a settlement. Newer FICO and VantageScore credit-scoring models assign less negative impact to paid collection accounts. Paying off collections or charge-offs might offer a modest score boost. Remember, negative account information can remain on your credit history for up to seven years -bankruptcies for 10.

7. Consider Consolidating Your Debts

If you have a number of outstanding debts, it could be to your advantage to take out a debt consolidation loan from a bank or credit union and pay them all off. Then you'll just have one payment to deal with and, if you're able to get a lower interest rate on the loan, you'll be in a position to pay down your debt faster. That can improve your credit utilization ratio and, in turn, your credit score.

A similar tactic is to consolidate multiple credit card balances by paying them off with a balance transfer credit card. Such cards often have a promotional period during which they charge 0% interest on your balance. But beware of balance transfer fees, which can cost you 3-5% of the amount of your transfer.

8. Use Credit Monitoring to Track Your Progress

Credit monitoring services are an easy way to see how your credit score changes over time. These services, many of which are free, monitor for changes in your credit report, such as a paid-off account or a new account that you've opened. They typically also give you access to at least one of your credit scores from Equifax, Experian, or TransUnion, which are updated monthly.

Many of the best credit monitoring services can also help you prevent identity theft and fraud. For example, if you get an alert that a new credit card account that you don't remember opening has been reported to your credit file, you can contact the credit card company to report suspected fraud.

The Bottom Line

Improving your credit score is a good goal to have, especially if you're planning to apply for a loan to make a major purchase, such as a new car or home, or try to qualify for one of the best rewards cards available. It can take several weeks, and sometimes several months, to see a noticeable impact on your score when you start taking steps to turn it around.

You may even require the aid of one of the best credit repair companies to remove some of those negative marks. But the sooner you begin working to improve your credit, the sooner you will see results.

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Want a Better Credit Score? Here's How to Get It

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Your credit score is one of the most important measures of your financial health. It tells lenders at a glance how responsibly you use credit. The better your score, the easier you will find it to be approved for new loans or lines of credit.

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9 Steps to Improve Credit Score Website #3

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9 Steps to Improve Credit Score Website #3

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The Strategies listed on this website are very basic. This website would be useful for someone with not much knowledge with credit score and just looking for an easy fix. The steps given are similar to all the others that have been given so far, low utilization, pay bills on time, use credit more often. The one given that is new is to lead old debts on your credit report if you have nothing else to work with, it is hard to have a credit score with a credit history. Plus if you are looking to improve your score might as well show everything anyways.

This website was chosen because it has very basic and easy steps for improving your score.  The information that I took from this website was that when wanting to improve your score you should leave your old debts on your credit report.

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Need to buy a bigger car to make room for a new bundle of joy in nine months, but can't get a loan because of your poor credit? Don't worry - it's entirely possible to improve your credit score in a relatively short period of time. Since the factors affecting credit score ranges are within your control, you have the power to improve your situation. Unfortunately, it will take some work on your end.
A question that always tends to rear its head is "how do I quickly improve my credit score by several hundred points?" While you can't increase your credit score tomorrow, it is possible to turn your credit around in a relatively short amount of time - usually give or take one year depending on the health of a person's current score. Showing you can be diligent about your spending and debt repayments will go a long way in convincing lenders you are a low-risk customer.

Before you do anything - Request a copy of your credit report

You can get free credit reports from the two largest credit bureaus in the country, Equifax Canada and TransUnion Canada. Simply send in some basic information and wait two to three weeks for your report to arrive in the mail. You can also access it immediately online from both companies for a small fee.
Your three-digit credit score is the most important number in your report because it gives you a picture of the overall health of your credit. Your report includes a lot of additional details about specific accounts, which can be overwhelming to sift through if you're not sure what you're looking for. The Government of Canada has a great online explainer and sample credit reports so you can figure out those other numbers (and sometimes letters) mean.

Improving Your Credit Score:

Here we'll discuss the different steps you can take to improve your credit score, so you can get financing for your ideal vehicle as quickly as possible.

How to Improve Your Credit Score in 9 Steps:

1. Leave old debts on your credit report.

2. Correct errors in your credit report.

3. Increase your credit limit.

4. Pay your bills on time.

5. Set up automatic payments.

6. Use your credit more.

7. Open a secured credit card account.

8. Keep a low credit card account.

9. Monitor and request a copy of your credit score.

Leave old debts on your credit report

You can't improve your score if you don't have any credit to begin with. Young people and new Canadians often run into this problem because they are just starting to establish themselves financially.
It's a good idea to keep old credit accounts open because the longer your history of using credit responsibly, the better. Having an old debt that was paid off as agreed can be a boost for your overall credit score.

Correct errors in your credit report
It's a good idea to check your reports at least once a year to make sure all of your information is right. If you notice any errors or incorrect information, contact the credit bureaus and ask for a correction. Errors could include someone else's information in your file, debts listed that aren't yours, debts that have been paid in full and incorrect payment history.
Increase your credit limit

A lot of folks think that Increasing your credit limit just means giving yourself the opportunity to spend beyond your means. But, not necessarily. Increasing your credit limit can have a number of upsides if you manage your credit wisely, but mainly it will lower your overall credit utilization and increase your score provided you keep your utilization low and make your payments on time.

Pay your bills on time
Punctuality is key, as they say - in life and in credit repair. Your payment history accounts for roughly 35% of your credit score. If you are regularly making late payments on your credit cards or student loans, your score is going to take a big hit.
Set up automatic payments

If your credit score is suffering due to past missed or late payments, you should consider setting up automatic payments for those debts that have fixed payments. This includes, but is not limited to student loans, personal loans, mortgages and car loans. This way you'll never forget to pay a bill again, which can seriously hurt your credit score.

Use your credit more
This tip might seem counterintuitive, but one of the best ways to repair your credit score is to use your credit more often. Credit is built on your ability to use credit and pay it back responsibly, which shows you are able to manage your finances. Continue using your credit as long as you are able to repay it on time.
Open a secured credit card account
One way to build your credit history is by opening a secured credit card account. This kind of account require a deposit upfront, but can be used like a regular credit card. A secured card is good for someone with no credit history or a poor credit score who may have a harder time getting approved for a credit card or a loan.
Keep a low credit card balance
Keeping a high balance on your credit cards is not good practice. Maxing out your credit cards month-after-month and not paying them off can affect your score because credit bureaus compare how much credit you use to the amount of credit you have available. As a rule of thumb, it's a good idea to keep your credit to less than 30% of your available credit. For example, if your card has a credit limit of $2,500 you should only be using $750 of that each month.
Monitor and request a copy of your credit score

You can get free credit reports from the two largest credit bureaus in the country, Equifax Canada and TransUnion Canada. Simply send in some basic information and wait two to three weeks for your report to arrive in the mail. You can also get access it immediately online from both companies for a small fee.
Your three-digit credit score is the most important number in your report because it gives you a picture of the overall health of your credit. Your report includes a lot of additional details about specific accounts, which can be overwhelming to sift through if you're not sure what you're looking for. The Government of Canada has a great online explainer and sample credit reports so you can figure out those other numbers (and sometimes letters) mean.

The bottom line

Having a good understanding of your credit situation will give you a leg up when it comes to improving your credit score. It can also help ease the stress of applying for auto financing - even if you have a low credit score. At Birchwood Credit Solutions we understand that everyone's financial situation is different and we do our best to find a car loan that best suits you and your credit. Get in touch with one of our trusted advisors today.

Free Buyers' Guide

Download Now

October 18, 2019

October 16, 2019

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9 Steps to Improving Your Credit Score Quickly in Canada

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Need to buy a bigger car to make room for a new bundle of joy in nine months but can't get a loan because of your poor credit? Don't worry - it is entirely possible to improve your credit score in a relatively short period, We'll tell you 9 steps you can take immediately to start improving your credit score today..

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Credit Score Boost in 30 Days?- Website #4

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Credit Score Boost in 30 Days?- Website #4

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LoanMe website is an American website for anyone's personal or business loan needs. They give an easy application method as well as information on different loans and credit.

I have chosen this website to post as it gives four steps based on answering the question; "is it possible to improve your credit score in 30 days?". The best information I took away from this site was the idea of becoming and "authorized user" this gives individuals with a high credit score the ability to sign onto another persons lesser-credit score ultimately increasing their chance of receiving loans and increasing their own credit score.

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Oops! Looks like you've hit a dead end.

© 2020 LoanMe, Inc. All Rights Reserved. LoanMe is located at 1900 S. State College Boulevard, Suite 300, Anaheim, CA 92806.

Credit approval is subject to LoanMe's credit standards, and actual terms (including actual loan amount) may vary by applicant. LoanMe requires certain supporting documentation with each new application. If you have any questions regarding this, call us at (844) 311-2274. LoanMe also offers loans in certain other states which may have higher minimum loan amounts.

California loans are made pursuant to LoanMe's California Department of Business Oversight Financing Law License #603K061.

Texas residents: LoanMe is a registered Texas Credit Services Organization and operates as a licensed Credit Access Business (CAB). The lender, PCAM CREDIT VIII, LLC, is an unaffiliated third party.

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LoanMe | Personal Loans | Page Not Found

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© 2020 LoanMe, Inc. All Rights Reserved. LoanMe is located at 1900 S. State College Boulevard, Suite 300, Anaheim, CA 92806. Credit approval is subject to LoanMe's credit standards, and actual terms (including actual loan amount) may vary by applicant. LoanMe requires certain supporting documentation with each new application.

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1. The most surprising thing that we learned was that a person can co-sign onto a credit, which is helpful for younger adults who do not have credit history.
2. This topic is extremely relevant to myself and my partner as young adults. With being young and just getting our first credit cards we are not quite too sure how they work. I feel that both of us have learned a ton. Credit scores are crucial to being adult wether that is buying a car or house you must have good credit.
3. The knowledge that i would pass on would be to quit using cash and use credit to collect the reward like cash back, and just use the cash that you have to pay it off immediately. The other would be to monitor your credit score using soft inquires just to have an idea of where you are at. The last would be to always have a plan in mind on how to maintain your score or improve it.