Good habits that can help you improve your credit score Jan 1st

How to go about securing the best rate and plan for your credit card in Canada.

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Good habits that can help you improve your credit score

– moneysense.ca

You probably know you should care about your credit score, but do you know why? Simply put, this three-digit number can either help or hurt you in your journey towards financial wellbeing—and it can have far-reaching effects.

Your credit score affects your chances of getting approved for a credit card, a mortgage or a personal loan. It can influence your chances of getting lower interest rates on loans, and it may even impact your ability to land a job or rent an apartment.

What is a credit score?

A credit score is a number, usually between 300 and 900, that indicates your creditworthiness. The higher your score, the better. Numerous factors affect your score including how much debt you carry, whether you pay your bills on time, and your credit history. (Not everyone has a credit score. If you’re a student or a newcomer to Canada, or if you haven’t used credit in a while, the credit bureaus may not have enough information to determine your score.)

The higher your score, the greater confidence banks and other lenders will have in your ability to pay them back…

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