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How to increase your credit score

How to Increase your Credit Score

According to Financial Consumer Agency of Canada,

Credit scores range from 300 to 900 points. The best score is 900 points. Your score will change over time as your credit report is updated.

Businesses use your credit report and score to see how risky it would be for them to lend you money. It is up to each lender to decide on the lowest score you can have and still borrow money from them.

Lenders may also use your score to set your interest rate and credit limit. If you have a high credit score, you may be able to get a lower interest rate on loans, which can save you a lot of money over time.

While they are very important, credit scores are usually not the only thing a lender will look at. Often, they will also consider other factors, such as your income, job or any assets you own.

It seems it takes only a moment to destroy your beacon score and a life time to restore it. Increasing your credit score takes time and involves managing every facet of your credit properly.

In our ABC’s of credit we discuss the process of how to both understand and build your credit score. Click here to learn more.

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