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Boost your credit score from First Credit Union

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Page 1: Boost your credit score from First Credit Union

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Boost yourCREDIT SCORE

Page 2: Boost your credit score from First Credit Union

GettingSTARTED

Page 3: Boost your credit score from First Credit Union

Keep things simple.Start building a manageable payment history.Consistency is key.

Page 4: Boost your credit score from First Credit Union

Open one credit card and use it for small, regular payments.

Page 5: Boost your credit score from First Credit Union

Pay your bills on time. (It’s kind of a big deal.)

Page 6: Boost your credit score from First Credit Union

Pay Cable Bill

TUE

automaticpayments

Email alerts, reminder apps and even automatic bill pay can help you stay on top of your payments.

Page 7: Boost your credit score from First Credit Union

Building yourCREDIT

Page 8: Boost your credit score from First Credit Union

Be aware of your borrowing behaviour.Understand the relationship between your financial activity and your credit score.

Page 9: Boost your credit score from First Credit Union

Try not to carry a balance. Your credit card shouldn’t be treated as extra income.

outstanding

balance:

Page 10: Boost your credit score from First Credit Union

Keep your credit utilization low. This means using only 10% of your available credit.

Page 11: Boost your credit score from First Credit Union

$150 / $1,000 limit

$430 / $500 limit

How to calculate your credit utilization:

Find the amount charged to your credit card(s) each month as well as the credit limit of each card.

Page 12: Boost your credit score from First Credit Union

1,000 limit 150 / $$500 limit 430 / $$

1,500 limit 580 / $$

+

How to calculate your credit utilization:

Add them together to see your total credit card spending vs. your total credit limit.

Page 13: Boost your credit score from First Credit Union

$580 / $1,500 limit

How to calculate your credit utilization:

This represents your utilization. In this case, it’s 580/1,500 or 39%.

Page 14: Boost your credit score from First Credit Union

Remember, 10% credit utilization is where you want to be in order to boost your credit score.

10%

Page 15: Boost your credit score from First Credit Union

Space out new account openings and closings to minimize the effect on your credit score.

Page 16: Boost your credit score from First Credit Union

Mix it up. Having a variety of credit can raise your credit score.

Page 17: Boost your credit score from First Credit Union

MonitoringYOUR CREDIT

Page 18: Boost your credit score from First Credit Union

Read your credit report.Your credit report is a valuable tool when it comes to understanding your credit score.

Page 19: Boost your credit score from First Credit Union

Request your free credit report from each of the major credit bureaus.

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When you request your own credit report, it does not affect your credit score, so don’t be shy!

Page 21: Boost your credit score from First Credit Union

Sources: Financial Consumer Agency of Canada, TransUnion Canada, LearnVest Planning Services

It’s a Money Thing is a registered trademark of Currency Marketing

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