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How to Improve Credit Scores?

Credit Score

If you own a mortgage, it is very important that you maintain healthy and good credit score. No lending company will grant you with another loan if you have bad credit history. There are ways that will help you in improving your credit scores. These ways will surely be very helpful for you.

 

Ways to Improve Credit Scores

 

 

  • Be aware of your credit history

You can receive your credit report through TransUnion and Equifax. If you have received the report, check if there are errors or identify fraud or theft.

 

  • Make sure that bills are paid on time

If possible, make sure to avoid late payments because it will surely ruin your credit score. Paying on time will not only ensure you that you have good credit score but it will also improve your credit score.

 

  • Your balances must be kept low

The Financial Consumer Agency of Canada suggests that you have to keep balance that is between 30-35% of your credit limit. You will have lower credit score if you are always close to the maximum limit.

 

  • Maintain healthy credit history

Some says that it is better that you avoid loans and credit in order to avoid lower credit score but then, it will result into getting lower credit score most especially if you don’t have credit history. Better if you will obtain credit even low-limit credit and build credit history.

 

Maintaining better credit scores will help you in your financial health as well as to your capability to borrow. You can ask for help if you find difficulty in managing and controlling your debt loans and credit.

 

 

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