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Boost yourCREDIT SCORE
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GettingSTARTED
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Keep things simple.Start building a manageable payment history.Consistency is key.
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Open one credit card and use it for small, regular payments.
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Pay your bills on time. (It’s kind of a big deal.)
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Pay Cable Bill
TUE
automaticpayments
Email alerts, reminder apps and even automatic bill pay can help you stay on top of your payments.
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Building yourCREDIT
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Be aware of your borrowing behaviour.Understand the relationship between your financial activity and your credit score.
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Try not to carry a balance. Your credit card shouldn’t be treated as extra income.
outstanding
balance:
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Keep your credit utilization low. This means using only 10% of your available credit.
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$150 / $1,000 limit
$430 / $500 limit
How to calculate your credit utilization:
Find the amount charged to your credit card(s) each month as well as the credit limit of each card.
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1,000 limit 150 / $$500 limit 430 / $$
1,500 limit 580 / $$
+
How to calculate your credit utilization:
Add them together to see your total credit card spending vs. your total credit limit.
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$580 / $1,500 limit
How to calculate your credit utilization:
This represents your utilization. In this case, it’s 580/1,500 or 39%.
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Remember, 10% credit utilization is where you want to be in order to boost your credit score.
10%
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Space out new account openings and closings to minimize the effect on your credit score.
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Mix it up. Having a variety of credit can raise your credit score.
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MonitoringYOUR CREDIT
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Read your credit report.Your credit report is a valuable tool when it comes to understanding your credit score.
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Request your free credit report from each of the major credit bureaus.
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When you request your own credit report, it does not affect your credit score, so don’t be shy!
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Sources: Financial Consumer Agency of Canada, TransUnion Canada, LearnVest Planning Services
It’s a Money Thing is a registered trademark of Currency Marketing
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