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Credit Card Forum

How can I increase my credit score and keep it there?

Below are some tips you should follow in order to increase and maintain your credit score:

Things to Do:

·Use a revolving charge accounts such as a small loan with regular monthly payments to show good credit history

·Keep some credit card accounts, such as a Visa and Mastercard and don't spend what you can't pay off at the end of the month

·No matter what, make sure you pay all your credit card bills on time to stay in good standing.

Things to Avoid:

·Don't max out your credit card(s). You should aim to stay between 4%-12% of total available balance. The ratio of available credit to your total credit balance is important.

·Stay away from "finance" company credit cards.

·Avoid credit inquiries as these will typically lower your credit score.

·Try not to apply for multiple credit lines as this may lead to an inquiry of your credit, which lowers your credit score.

·If you can avoid it, do not co-sign a lease for anyone. This is a risk to your credit as it could be affected by their inability to pay down the road.

Paul Sidhu, Principal Mortgage Broker at KTX Financial Ltd.

Neither Kanetix® nor the KanetixForum.ca is a mortgage broker or agent. Although this information has been passed along to you from KTX Financial through the Forum, we are not responsible for the opinions expressed by them. Mortgages can be complicated. When reading these answers, keep in mind each person's situation is unique. Individual responses may vary depending on your lender, geographic location, and specific circumstances. If you have a similar situation, always speak with your mortgage provider, or a licensed mortgage representative, for terms and conditions that may apply to you.

Those are some great tips :)