Strategies to Improve Your Credit Score If You Get in Trouble by

Avoid these mistakes to boost your credit score

aliciajkim — 2025-04-01 00:39:50 UTC

Video #1 - This video highlights mistakes to avoid when trying to increase your credit score. First is to avoid missing payments and paying late. The second mistake is having a high credit utilization and that it is best to keep your utilization rate at or under 30%. Thirdly, not having enough credit history. Fourthly, having negative public records have an impact on your credit score. Lastly, having too many credit inquires can hurt your credit because there is a hard inquiry each time on your report.

I chose this video because she goes into depth of why these factors are mistakes and the biggest contributors to your credit score.

Equifax Canada - How to Improve Your Credit Scores

aliciajkim — 2025-04-01 00:40:27 UTC

Website #1 - This article by Equifax Canada highlights the basics of how to build credit. Some factors that will help improve your credit score are things like regularly checking for identity theft or fraud on your credit account, making sure debt has not gone to collections, paying bills on time, keeping credit utilization rate at or below 30%, limit applying for new accounts, and keeping old accounts open.

I chose this article because it included information that I didn't know and provided the information in a brief format while explaining why the factors helped improve your score. The information I didn't know was keeping old accounts open helps improve your credit score!

Upgrading Credit Cards to Boost Credit Score

aliciajkim — 2025-04-01 01:17:07 UTC

Video #2 - This video explains gradually upgrading your credit cards to build credit. This is helpful if you have no credit to start with or have a lower credit score. By starting with a starter credit card, you can build your credit with a lower limit and paying on time. Later you can upgrade to a higher limit credit card with benefits like points or cash back with no annual fee to further improve your score by having a lower utilization with your higher limit. However, I personally don't agree with opening so many accounts/credit cards in a short amount of time because that can hurt your credit score because of the amount of hard inquiries this will have on your report.

I chose this video because that is how someone I know built their credit. They had low credit and was not getting approved for credit cards so they chose to start with a starter credit card by Capital One with a low limit to pay off small daily finances. This slowly helped improve their credit rating to upgrade to a credit card with benefits.

Improving Bad Credit

aliciajkim — 2025-04-01 01:29:13 UTC

Video #3 - This video goes over someone's credit journey where he shares his tips on how he improved his score. He used resources that would help him track his credit score for all major credit bureaus as well as used their suggestion tools to find a credit card that had a higher chance of approval to build and improve his credit. He also used a consultation company that helped him remove the negative remarks on his credit report which greatly boosted his credit score. He also suggested to call the credit bureau regarding the negative remarks on a credit report before paying to ensure that once it is paid off, it will be removed. It is also best to check to make sure it is not mistakenly recorded on your report as well.

I chose this video because this is someone's real story of how they improved their credit score with tips on how to tackle negative remarks recorded on your credit report.

Boosting Credit Score

aliciajkim — 2025-04-01 01:55:21 UTC

Video #4 - This video describes tips and strategies to build your credit score in Canada. First to pay bills on time, even if it's only the minimum. Second, check your own credit score annually to make sure there's no errors/mistakes. Thirdly, pay off old debts. Fourthly, be aware of retail credit cards and hard inquires. In addition, keeping old accounts and not closing them, having different types of credit (credit card/line of credit/mortgage), go credit shopping to get the best rate, having higher credit limits and finally setting up automatic payments.

I chose this video because it mentioned tips that other videos didn't mention. That was to have different types of credit and to set up automatic payments.

Government of Canada - Improving Your Credit Score

aliciajkim — 2025-04-01 02:04:55 UTC

Website #2 - The Government of Canada has a great resource that provides tips on how to improve credit. It describes top 5 methods that will help improve your credit such as, monitoring payment history, using credit wisely, improving your credit history, limiting the number of credit applications and credit checks, as well as diversifying your credit. An example of monitoring payment history could be contacting your lender if you can't pay the full amount. An example of improving credit history is to keep older accounts open.

I chose this article or resource because it is directly from the Government of Canada's website that provides resources and guides on how to improve credit, pay back and understand debt, and contact information to reach out to a credit counsellor if needed.

Building Strong Credit for Newcomers

aliciajkim — 2025-04-01 02:13:51 UTC

Website #3 - This article by RBC explains the process of building a credit score for new immigrants to Canada. It explains to first get a SIN number, use a Canadian credit card, keep borrowing under control and stay within your credit limit, repay debt on time and in full, get a postpaid cellphone plan, limiting the number of credit checks, monitoring your score, diversifying your credit portfolio, taking time to build your credit history, and to be proactive to not miss payments and making payments on time.

I chose this article because it is a good resource and guide for new immigrants coming to Canada and explains how credit works in Canada with tips on how to build credit and keep on top of it.

Rebuilding Credit in Canada

aliciajkim — 2025-04-01 02:19:29 UTC

Website #4 - This article goes over how to rebuild credit in Canada if your score is low. First, it explains to check your credit report to see where you can improve. Second, it explains to pay off your debt and if you can't, to negotiate for a payment arrangement. Third, get a secured credit card to build a consistent payment history. Fourth, pay the minimum payment by the due dates to build your credit history. Fifth, adopt good financial habits by developing smart spending and saving habits to rebuild your credit score. Lastly, to take the time to rebuild credit and to have the financial discipline to improve.

I chose this article because it describes methods on how to rebuild credit if your score is low or if you have filed for bankruptcy.

Introduction to Strategies to Improve Credit

aliciajkim — 2025-04-01 02:26:52 UTC

I will be talking about different strategies and tips on how to improve your credit score whether you are rebuilding your credit from bankruptcy, improving your credit from a low credit score, or building credit from scratch. I will be providing four video and four website resources where each one has a slightly different approach to this topic with a written summary below each one with one reason why I chose the resource. I will also provide two photos regarding improving credit scores as well as a reflection area that answers a few questions regarding what I've learned, why this topic interests me, and what I can teach someone around me.

Factors Affecting Your Credit Score

aliciajkim — 2025-04-01 02:36:08 UTC

This infograph shows the top factors that affect your credit score. The top 3 factors include payment history at 35%, amount owed (debt) at 30%, and length of credit history at 15%. New credit and types of credit in use only make up 10% each.

What is a Good Credit Score?

aliciajkim — 2025-04-01 02:38:36 UTC

This infograph shows the credit scores with a brief description of what each range means. It shows that "Excellent" is a score of 760+ where you have very good chances of approval rates whereas "Poor" is a score of 300-559 and your approval rates are very low and is difficult to get approved for any loan or credit product.

What did you learn about your topic that surprised you the most?

aliciajkim — 2025-04-01 02:40:31 UTC

One fact that surprised me the most was to keep old accounts open to improve your credit score. I didn't know that keeping old accounts open could help and I thought closing the accounts was better. This explains why my credit dropped when I finished paying off my student loans and car loan!

Provide a real-life example of how this topic is relevant or interesting for you

aliciajkim — 2025-04-01 02:45:17 UTC

This topic is interesting to me because I have peers around me who struggle with their credit score and I would like to learn more to help them. I've been fortunate enough to have a good credit score because I was taught finances at an early age and my parents taught me how to use a credit card and how important it is to pay off at least the minimum each month. I remember once I had a very teachable moment that stayed with me until now when I forgot to pay the minimum payment on my Dad's credit card (he was teaching me how to pay credit cards and how online banking worked). He was upset, and rightfully so. At the time I didn't understand, but now that I'm older and using my own credit cards, I've never missed a payment because that moment stuck with me for life!

If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

aliciajkim — 2025-04-01 02:47:28 UTC

I think the most important factors to consider when handling credit and improving credit scores is to never miss a payment, and to only spend on your credit card what you can afford in your bank account. Never spend money you don't have. It's also a good habit to pay your credit card in full each month before the due date if you are financially able to.