The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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How to Improve Your Credit Score – Maxing Out Your Credit Cards Edition
– ratesupermarket.ca
No one sets out to max out their credit cards. Sometimes, people get into this difficult situation because of an unexpected emergency such as losing their job or experiencing an illness. Many people have to rely heavily on credit cards during that time to cover their everyday expenses. For others, they may have difficulty controlling their spending and their debt gets out of control.
No matter the reason why your cards are maxed out, using up the last of your credit is often an important wake up call to address your financial situation and get control of your spending. While you might be tempted to just focus on repaying your debt, it’s important to consider your credit score during this period. Having a low score can greatly impact your financial future and your ability to get approved for mortgages and other loans and get a good interest rate. In addition, many employers and landlords require a credit check when deciding whether to hire or rent to you.
If you’ve maxed out your credit cards, here are a few suggestions on what to do to ensure your credit score stays high:
Ask for More Credit
This might seem counterintuitive, but increasing your available credit can help boost your credit score significantly…
