How can I build a stronger credit score?

You already know why bad credit is such a big deal, but do you really know everything you can do to keep your credit score in the green? Below, find the 9 habits you can pick up to help you build a strong credit score and maintain it, via TD Bank:

1. Pay your bills on time. This golden rule of a good credit history will also save you the expense of late-fees and other unnecessary charges. Online banking can help you stay organized.

 

2. Make regular payments. Paying at least the minimum payment requirement due on all credit will show other lenders that you are a responsible borrower.

 

3. Know what you owe. Be aware of the amount of all your debts and set a repayment timeline and schedule as soon as you start earning money after graduation.

 

4. Do not spend beyond your personal limit. Just because the credit limit is there doesn’t mean you have to use it.

 

5. Close or cancel any credit card accounts you don’t need.Having one credit card account makes it easier to keep track of bills.

 

6. Keep your account out of collections. Stay on top of bills, and don’t ignore calls or reminder letters. If missed payments on credit cause the lender to send the credit to a collection agency, it will stick with you on your credit history.

 

7. Don’t ignore debt issues. If you can’t make full payments or are feeling overwhelmed, talk to your creditors. Usually, you can make some kind of arrangement that doesn’t jeopardize your credit history.

 

8. Make sure your monthly statements are correct. Mistakes can happen, so be sure to review your monthly statements to quickly detect any errors or unauthorized use of your credit.

 

9. Learn more about your credit report and score. Find out more from the Financial Consumer Agency of Canada.

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