How to Build Credit Fast! - Credit Tips and Tricks Refresh Financial

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How to Build Credit Fast!

how to build credit fast

The big question! How to build credit fast? Most people seem to think that it's always a long, daunting process. However, increasing your credit score isn't as difficult as you might think! Here are some of the great tips for boosting your credit score!

How to build credit fast: get a credit builder loan

A credit builder loan is one of the most effective ways to build your credit score. Almost everyone is approved, and the loan payout acts as the security funds. There is no upfront cost and no money up front. The loan is paid out at the end of the term, but the best part is that a credit builder loan reports to the credit bureau just like a regular loan! As long as you keep your account in good standing, your credit score will continue to build.

Get a secured card

Get a secured card. This is one of the most common methods people use to boost their credit score. This type of credit card is low-risk to the lender but appears as a normal credit card on your credit report. So, all you have to do is keep it in good standing to see your credit score grow. Get your secured card today. 

Pay more than the minimum payment

If you're carrying a balance on a lines of credit, loan or credit cards, it's worth paying it off as quickly as possible. You'll save money on interest, and your credit score will improve faster.

Increase your credit limit

This step can be risky for those who struggle with overspending, but being approved for an increased credit limit can have a wonderful effect on your credit score. It decreases your credit usage percentage, which is the amount of your available credit that you've used. If your available credit goes up but your balance doesn't, your credit score will increase.

Get new sources of credit

This works similar to the previous tip. Adding more credit diversity can reduce your usage percentage (as long as you don't rack up a balance) and is an easy to improve your credit score.

Clear your credit report of any issues/errors

Check your free credit report at Refreshfinancial.ca/find-credit-score and look for any mistakes, errors or issues that can easily be cleared up. Clearing these things up can have a nearly immediate positive effect on your credit score.

All of these methods can result in a new and improved credit score, but remember, you still need to treat these new credit opportunities with responsibility. This means, no late or missed payments, no collections, no defaults, and keeping your spending to an absolute minimum.

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If your credit score isn't as high as you'd like it to be, consider a credit building program like the one offered by Refresh Financial to boost your credit score!

 

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