Top 10 list for increasing your credit Score

Here’s my Top 10 List for Increasing your credit score. Please remember that increasing your credit score takes time.

  1. create an account at http://consumer.equifax.ca/home/en_ca and www.transunion.ca (monitor your credit reports). Credit Bureau contact information
  2. Pay Your Bills on Time every month.(make sure you make the minimum payment and pay more if you can)
  3. Keep your used credit below 25% of your max limit (example: your credit card has limit of $1000, keep your reporting balance below $250)
  4. Don’t open up new credit lines if its not needed(more credit lines does not equal higher credit score)
  5. If you have more than 1 credit card, keep them all open. Do not close your oldest credit card.(the credit score formula will use an average of all credit when calculating a score)
  6. Make sure all mistakes on your credit bureau are corrected and consistent with accurate information
  7. Avoid changing addresses if possible(the credit bureau can update with every move you make and staying in the same address will build consistency
  8. If possible keep trade lines at your own home institution( This will create same institution consistency. Their is no proof that this method will increase a score. Example: your bank account is at BMO, try to remain with BMO product)
  9. Create a mix of credit (credit cards are Revolving, car loans are Installment)
  10. Keep your credit separate from your spouses. If possible have your trade lines separate from your spouses so each others usage does not affect each others scores

Follwing these steps will increase your chances of getting approved for a                                          Car Loans in Calgary for bad credit or a car loan in allberta for good credit

Just my 2 Cents

-M

Mark

Mark

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