With another key rate hike looming, maintaining a good credit rating is crucial to securing a loan in the coming years.
Here are five credit-boosting tips from the co-founder and CEO of HardBacon.
Increase your cards credit limit
“One of the important ratios for calculating credit rating is credit utilization ratio. If you go above the limit of 5,000 to 10,000, but you don’t have too much debt on your credit card, it will increase this ratio,” he says.
Pay off your cards faster
“Try to pay off the card’s balance in full each month,” advises Julien Brault.
Access your credit file and correct errors
“Once a year, you get a copy of the credit file report from Equifax and TransUnion, and sometimes there are errors like two people with the same name or an old credit card that’s still active,” he explains. – He is.
Diversify your sources of credit
“Having a cell phone plan is good because we’re able to make on-time payments on many types of credit,” says Hardbacon’s co-founder.
Choose a secure credit card
“It’s good advice for rebuilding your credit rating,” he says.
Watch the full explanation in the video above.