Find Great Tips &
Strategies Here that the
Banks Won’t Tell You
Know your credit score
If you are borrowing for big-ticket items, your credit rating may come into play and it pays to know where you stand.
When you apply for a loan, your financial institutions will inquire with one another to look at your credit score.
A high score, above 720, means you will qualify for the lowest interest rates.
- Pay off your debts in a timely and predictable manner. If they are too high or take too long to get paid off, this could negatively impact your score.
- Keep a long track record with at least one financial institution. For this reason, it makes sense to hang on to your oldest credit card, even if you rarely use it.
- Don't miss loan payments or the minimum payment on your credit card.
- Stability is key. Avoid frequent shuffling accounts or making frequent applications for credit.
- Bankruptcy, filing a consumer proposal, or receiving credit counseling cause the most damage and it can take 6 or 7 years for these to come off your record.
Pay off your debt faster
Use our Debt Payoff Calculator to see how you can accelerate your debt payments and save money over time.
Discover the possibilities
Find great tips and strategies here that the banks won’t tell you.
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