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A bad credit rating is something that can put a damper on many things in your life. When you experience this situation, it makes it difficult to get that student loan, buy a home, or get a secure line of credit. You may think it is impossible to get out of this type of situation, but think again. This can surely happen to anybody and there are solutions! Here are some tips on improving and building your credit score rating:

Get a credit card.

If you don’t already have one, get yourself a credit card but ONLY to make small purchases that you can easily pay off each month. For those who already have a credit card, follow the same criteria.

Timing is everything.

Make sure you are paying off your credit card bills on time. If possible, it is best to pay off your bill in its full amount; however, if you are unable to do this, at least make the minimum payment indicated on your statement before the deadline. If you have a difficulty remembering to do so, make a reminder in your smartphone and activate an alarm to ensure you don’t forget.

Track your spending behaviors.

It is helpful to keep a journal of everything of your spending habits. Make it a point to write down everything you are purchasing and the amounts you are purchasing them at. This way, you won’t be in for a total surprise when your credit card statement comes in! In addition to this, studies have shown that writing down your spending habits will ensure you don’t go over your credit limit or spend more money than you should.

Limit yourself.

Limit yourself to one or two credit cards. When you have more than this, it becomes more difficult to track all your spending behaviors and it becomes easier to over spend.

The key to this exercise is to remember that it takes time and dedication to improve your credit score, so don’t expect to have this happen overnight. Be persistent, remain patient and follow these tips for success.

Our team has extensive experience in addressing these issues so feel free to email info@dodicklandau.ca or call us at 416 736 4357 (HELP) to book a free, no obligation consultation with one of our debt solutions’ experts. Make an appointment today, specifically tailored to your situation. We look forward to assisting.