A very high credit score is your key for easy approval for credit cards and loans. If your credit score has gotten low or has reduced, then there are very proven yet simple techniques you can execute to increase your credit score swiftly, starting now.
How long does it take to increase your credit score? It will depend on how bad your credit score is, to begin with. With the proper steps, you can start seeing significant improvements in your credit score as soon as possible.
Increase Credit Score In Canada
GET YOUR CREDIT REPORT AND SCORE
Credit reports and scores are records of your credit history and they are preserved by credit reporting agencies. You can receive a free copy of your credit report once a year from each credit agency, and it will not affect your credit score, it mostly holds vital information such as;
- Your identity
- Payment history
- Public history
- Credit score
PAY YOUR BILLS EARLY
When organizations such as banks review your credit report and ask to see your credit score, they want to find out how trustworthy you are with paying your bills because past payment performance is required as a good predictor of future performance. To improve your credit history, it’s vital to make all your payments on time.
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USE YOUR CREDITS PROPERLY
You should always stay within your credit limit. If you have a limit on your credit card, try not to exceed that limit. You should spend only what you can offer to pay back. Making expenses more than the approved amount on your credit card can lower your credit score.
REPORT ANY FRAUDULENT ACTIVITES ON YOUR CREDIT CARD
Once you get your free report, you should endeavor to go through it, to ensure the activities and report is correctly written, there could be mistakes such as;
- False reports in credit cards
- Mistakes in your personal information
- Negative information
It is wise to monitor your credit to notice any mistakes or fraudulent activities. And once noticed should be reported immediately for correction as it can negatively affect your credit rating.
Any Positive information on your credit report stays permanently, from the time the report was created while Negative information that affects your credit score such as late payments or exceeding limits stays on your credit report for about six years. It is important to keep positive information as it increases your credit rating and enables you to get loans from banks and other organizations.
You can change things and better your score by several points in a very short time with the steps listed above and If you achieve all these, then it means that you are on your way to getting the perfect credit score and progress on your finances for good!