If you are seeking a mortgage, credit or Lends In the country of the maple leaf, you would need to have the optimum score to be the ideal candidate for these types of applications. Banks will always want to lend money to those with a great financial rating, because this “guarantees” that a person will be able to pay off their debts. If interested, at Q’PASA we tell you how you can improve your credit score in Canada.
Before you begin, find out how your credit score works in Canada. If you score from 300 to 599, you are rated “poor”; If from 600 to 649, you have a “fair” rating; If it is from 650 to 719, you have a “Good” rating; If from 720 to 799, you have a “very good” rating; If it’s 800 to 900, you have an “excellent” rating.
If you already know the range of your credit score and are concerned, here are some tips that will help you improve your score.
- Improve your payment history:
It is recommended to improve your payment history, you must execute all your debt transactions on time. In the event that you are unable to enter the total amount, it is a good idea to speak with your lender to reach an agreement.
- Don’t use your credit card, credit lines, or loans all the time
Credit utilization determines 30% of your credit score; So try to keep your card usage below this percentage. According to the Government of Canada website, “It is better to have a higher credit limit and use less every month,” because if you use a larger amount, the lenders will see your request as a “risk”.
- Increase your credit limit
By increasing your credit limit and continuing to use the same amount that you were already using, this will reduce your balance usage.
For example, if you used a 4000 CAD credit card before and you only spent 1500 Canadian dollars; By increasing your credit limit to 5,000 and still using the same amount spent, this will make you enjoy a very reliable profile with the financial institutions.
- Don’t often ask for credits or verifications
Requesting credits or frequent checking will make banks and lenders believe that you are not an ideal candidate for converting them into a loan. When these entities request a credit report, this is recorded as an inquiry, and the more inquiries they “accumulate” that you have, the less they trust you.
- Get a car loan
Another way to improve and prove your credit score is to use different types of credit, among them lines of credit, cards, and Auto loans.
If you are interested in this last option, extend Micarro.ca You can improve and build your balance by purchasing a car. “Just one click”, this agency allows you to finance your dream car, regardless of your balance.
With this platform you can get specialized loans with economical, safe, efficient and fast operations. If you are concerned about not getting funded, we tell you that 99% of the credits have been approved.