There's no doubt that if you follow these easy tips you could start to see improvements to your score within the next 30 days.
If you’re reading this, chances are high that your credit score is less than perfect. This article doesn’t contain a magic trick that will boost your score, nor does it provide a secret code that will instantly unlock a door that leads you to debt-free heaven. However, the financial decisions that you make right now will determine the state of your credit in the future, and if you can manage it responsibly, there’s no doubt you’ll start to see improvements to your score within the next 30 days.
Here are three things that you can do right now to help rebuild your credit score:
A huge step in starting to rebuild your credit is making sure that you don’t have any old, negative history lingering on your credit report and weighing down your finances. Requesting a copy of your credit history will ensure that all items on your file are accurate, thus helping you re-build your finances and rev up your score. If you see any payments that are incorrect on your file, contact the credit bureau to dispute it – errors on your report that are more than 7 years old should be removed so that your history can be kept up to date. You can obtain a copy of your credit report from Canada’s two major credit bureaus, Equifax and TransUnion.
Eighty-five per cent of Canadians use online banking, and tools like payment reminders are often always a part of the service. Setting up a payment reminder is free and extremely helpful for people who are unaware of their payment due-dates, or have a track-record of forgetting to pay a bill. You can set up reminders to come through your e-mail, and some banks even offer text reminders. Alongside this, most online banking systems provide automatic payment options, which means that your minimum required payment is withdrawn from your account on the due date. If you have the funds accessible, this method will guarantee that you’re always making the payment deadline.
Getting to your desired credit score means that firstly, you must reduce the amount of debt you have. To achieve this, it’s crucial that you temporarily stop using your credit card so that you can organize your finances. Make a list of your accounts and check all recent statements to determine what you owe and what your interest rates are. By prioritizing what your available budget for debt payments should go towards, your financial plan will help with long-term financial goals. Once your debt is at a more manageable level, you’ll be able to pay your credit off in full monthly and watch your credit score raise at the same time.
Achieving a good credit score is like sticking to a healthy lifestyle – it’s not easy at first, but over time, the positive decisions that you make right now will eventually drain out any negative history that you once had. So, why not start right now?
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