A good credit score is something we should all strive to have. It can open a lot of doors for us. We can get a mortgage or a fast loan Guelph Ontario. Many companies will give us better deals, like access to better apartments. Building up a positive credit rating isn’t as hard as some people think. Here are some best practices you should follow:
Best Practices for Building Up a Positive Credit Score
- Always pay your bills on time. This is a no-brainer. We all know it’s our responsibility to pay our dues on time. But many adults don’t understand the gravity of the consequences if you miss a payment or pay late. You can get penalized, which will reduce your fast cash flow. It might also pull down your credit score.
- Be wise about credit card use. It’s never a good idea to max out your cards. It’s better if you only use about 70% of your credit. Leave some wiggle room. It gives you a buffer for emergencies and helps boost your credit score. You should also keep all your cards active. You’ll pull down your credit utilization if you close an account.
- Go with micropayments. This is the practice of making small payments throughout the whole month. It makes payments more manageable and helps keep your credit utilization low. Companies see this in a positive light.
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