Sometimes you need to increase your credit score in a hurry. For example, maybe you are buying a house and your mortgage broker has told you your score is too low. Here are four quick tips which will give practically everyone’s score a boost.

  1. Access all your credit card and line of credit statements and make note of each statement date and due date. Get in the habit of paying off the balance on all revolving facilities 3 to 5 business days BEFORE the statement date. In other words, do not wait for your monthly statement to make a payment.
  2. Keep making frequent payments to any cards that you are actively using.
  3. If you cannot cover all outstanding balances, spread around the utilization of your credit, maintaining average utilization as low as possible. Do not have, for example, one credit card with a balance of $9,900 and a limit of $10,000 while concurrently having three other credit cards with zero balances.
  4. If you have not used some credit facilities in a few months or even years, make a small transaction on the card immediately, wait a few days, then pay it in full.

Here is an article published at Credit Cards Canada’s website on the topic of prepping your credit for a mortgage application. These tips can easily make the difference between qualifying or not when it’s close. Of course it goes without saying you do not under any circumstances let anyone access your credit history in the meantime. An inquiry may lower your score.

Related Article: How to protect your credit score

Tip of the Day

Most, but not all, major chartered banks will offer their clients a secured credit card. A very useful way to build or rebuild your credit history.

— Money Matter № 129
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