Raising Credit Score

any tips on building up credit? Should I make large purchases and pay them off right away?

Trust me, I'll pay on time everytime

get a home trust visa and charge to 60% of limit and pay off 90% of balance each month.

Originally Posted by peterbrowne

get a home trust visa and charge to 60% of limit and pay off 90% of balance each month.

why 90% ??

As far as a credit card get what you will qualify for. A $5000 limit would be nice. Then use it for things you need to buy like gas and food. Pay it off every month.

Get a loan. The easist right now would be for RRSPs and you will get a good rate.

The two main things to remember is always make your payments and if you are going to carry a balance on your Credit cards keep it below 30 percent of your limit.

Originally Posted by ruwaydr

any tips on building up credit? Should I make large purchases and pay them off right away?
Trust me, I'll pay on time everytime

Here are some details of how your credit score is calculated by the bureaus and some tips as to how to improve it.

How to raise your credit score:

To borrow as cheaply as possible, it helps to nudge your score from good to fabulous. Hoisting your number from 650 to 770 can save $3,100 a year on a 30-year, $300,000 mortgage.


Here's how your score is sliced and diced - and how to kick it up a notch. Remember: The bigger the slice, the more it affects your score.

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· 35% Your payment history. Pay your bills on time. Automating payments online can help.

· 30% How much you owe. Keep balances on credit cards and other revolving accounts below 50% of your credit limit (lower is better).

· 15% Length of your credit history. Rather than let old cards go dormant, charge a little a month (then pay it off). No activity lowers your score.

· 10% Your new credit. Don't open unnecessary new accounts. And if you're rate shopping for a mortgage or an auto loan, do it within two weeks; multiple requests could ding your score.

· 10% Your mix of loans. You can't do much to change this (except get a credit card if you don't have one).
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Hope this helps.


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