We all know that no one is perfect. We all make mistakes. But when it comes to money and loans, a seemingly meager mistake i.e. missing a payment installment can make a huge impact; it can result in a bad credit score.
Most likely, you will end up in a daunting situation if your credit score is poor with a common question “How to get a loan with bad credit”, which almost every individual with poor credit score has as it can difficult to find a lender who offers bad credit loans, Canada.
It takes a lot of years to maintain a good credit score. Below are some tips which will help you in fixing your credit score as quick as possible.
Keep a Check on Your Credit Card Balances
This is a factor that must you must not neglect. You should know that how much you have and much you are using. The smaller the percentage, the better it is for your credit score. If you are one of those who is willing to boost up your credit score, make sure that you pay down your balances and keep them low.
If you are someone who has multiple credit card balances, combine them with your personal loan. This will help your credit score.
Even if you pay your balances completely every month, you still have a higher utilization ratio. One strategy you can use is that check your credit card issuer will accept multiple payments throughout the month.
Eliminating odd balance
One of the good ways to improve your credit score is that you can eliminate your all the useless balances. All those small balance you have on the number of your credit card. The reason why this strategy can boost up your credit score is that one of the things that your score looks up to is that how many of your cards have balances.
In short words, one of the solutions to improve your credit score is to gather up all the credit cards which have small balances and just pay them off. That is the way you are not polluting your credit report with a lot of balances in it.
Make Minimum Payments
In order to stay on track with the lenders and maintain a good credit score, make sure that you pay off the loans by making minimum payments.