10 Lessons I’ll Teach My Daughter To Be Happy, Successful and Rich.
There are many ways a person can improve their credit score. This is a question I get asked often and I usually have the same comment for everyone. It goes like this. You’ve decided to have a bunch of family over for dinner and you are going to make this amazing pasta sauce.
Would you just take tomato paste and add salt to it? I compare a credit score to the best pasta sauce you could ever put together. It doesn’t just have salt though. A credit score is made up from all the ingredients found in your credit bureau. It could be how many places have you lived? How long have you had the same telephone #, how many inquires do you have on your credit bureau and how frequent are they?
Do you have delinquencies and how far past due are you? Generally speaking if you have any of the above out of wack, and maybe some others that I haven’t mentioned, then you need to start getting you credit bureau back in shape to assist in improving your credit score.
One way is to go and take out a RRSP loan. Not only do you put some money away for yourself, and you can use this as a tax break at the end of the year, you can also build you credit score as this is now a secured loan from a financial institution.
To get a few more ideas, check out my video for more.
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