How can I improve my Credit Score?

If you have a bruised credit score, or you have recently moved to Canada and would like to establish credit, here is a list of things you can do to improve your credit score:

• Make sure to have a least two credit facilities in use at all times. Use each credit facility every month and pay off the balance.
•  Always make your payments on time, and always pay at least the minimum payment. If you cannot make the minimum payment, let your lender know right away, as they may be able to accommodate you by extending your payment due date.
•  Do not use more than 35% of your available credit. For example, if you have a credit card with an available limit of $5,000, try not to use more than $1,750 ($5,000 x 35% = $1,750) during each monthly cycle.
•  Establish a long credit history. Try not to cancel your oldest credit card, even if you rarely use it. The longer your credit history is, the better your credit rating will be.
•  Limit how frequently you apply for credit. The more times you apply for new credit, the worse it looks to lenders. Please note that checking your own credit will not affect your credit score.