{"id":2248,"date":"2023-03-05T13:11:00","date_gmt":"2023-03-05T18:11:00","guid":{"rendered":"https:\/\/www.greatcanadianrebates.ca\/finance-tools\/?p=2248"},"modified":"2023-03-10T03:41:15","modified_gmt":"2023-03-10T08:41:15","slug":"5-habits-to-practice-thatll-improve-your-credit-score","status":"publish","type":"post","link":"https:\/\/www.greatcanadianrebates.ca\/finance-tools\/2023\/03\/05\/5-habits-to-practice-thatll-improve-your-credit-score\/","title":{"rendered":"5 Habits to Practice That\u2019ll Improve Your Credit Score"},"content":{"rendered":"\n

You may have heard the saying, \u201cno credit history is not good credit history,\u201d and it\u2019s absolutely true! As a Canadian resident, your credit history<\/a> is often used to gauge your reliability and legitimacy. This is why you should always look for ways to build a solid credit history and have a good credit score.<\/p>\n\n\n\n

But what exactly is your credit score?<\/p>\n\n\n\n

Your credit score is a score assigned to you based on your credit report and your past financial statements. TransUnion and Equifax are the two credit bureaus in Canada that are responsible for calculating your credit score. Your credit age, credit mix, payment history, credit utilization rate, and hard inquiries are all factors that determine your credit score.<\/p>\n\n\n\n

Are you looking for ways to improve your credit score? Here\u2019s how you can do it.<\/p>\n\n\n\n

1.     Improve Your Payment History<\/h1>\n\n\n\n

Your payment history is one of the most important determinants of your credit score. Poor credit history will quickly translate into a low credit score. To that end, make sure to pay off your statement amount and avoid carrying your debt forward to the next billing cycle.<\/p>\n\n\n\n

2.     Keep an Eye on Your Credit Report<\/h1>\n\n\n\n

Always keep an eye on your credit report so you can identify any red flags that need to be dealt with. Small steps towards financial discipline will significantly add to your credit score and help you reach a good\/excellent score.<\/p>\n\n\n\n

3.     Get a Secured Credit Card<\/h1>\n\n\n\n

Secured credit cards<\/a> are backed by collateral that can be liquidated in case you default on your credit. If you have a poor credit history or you\u2019re just starting, you should get a secured credit card and use it to build your history.<\/p>\n\n\n\n

4.     Minimize Your Credit Utilization Rate<\/h1>\n\n\n\n

Your credit utilization rate<\/a> is the average of the debt you\u2019ve taken divided by the available credit. For example, if your available credit is $1,000 and you take an average of $300 of debt every month, your credit utilization rate will be 30%. Typically, your credit score is better if you have a low credit utilization rate (ideally less than 30%) and pay off your credit on time. This way, they know that you\u2019re only lending money for what you need.<\/p>\n\n\n\n

<\/a><\/p>\n\n\n\n

\"Gold<\/figure>\n\n\n\n

5.     Don\u2019t Apply For New Accounts Frequently<\/h1>\n\n\n\n

Every time you apply for a new credit card, the creditor starts a hard inquiry<\/a> about you. Frequent and multiple hard inquiries can have a negative impact on your credit score. When choosing a new credit card, make sure to do all your research and find one that gives you the most benefits, so you don\u2019t have to apply for another card.<\/p>\n\n\n\n

Find The Best Credit-Building Credit Cards in Canada on Great Canadian Rebates<\/h1>\n\n\n\n

If you\u2019re looking for ways to build your credit score, compare the best Canadian cashback credit cards at Great Canadian Rebates<\/a>.<\/p>\n\n\n\n

Our online platform will help you find and compare a variety of credit cards in Canada so you can choose the ones that provide the lowest APR and the most rewards. You can also enjoy generouscash back rebates on credit cards if you apply using our platform and are approved for the card. For more information, visit our website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

You may have heard the saying, \u201cno credit history is not good credit history,\u201d and it\u2019s absolutely true! As a Canadian resident, your credit history is often used to gauge your reliability and legitimacy. This is why you should always look for ways to build a solid credit history and have a good credit score. […]<\/p>\n","protected":false},"author":4,"featured_media":2249,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n5 Habits to Practice That\u2019ll Improve Your Credit Score -<\/title>\n<meta name=\"description\" content=\"Are you looking for ways to build or improve your credit score? 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