How do I build my Credit?

The only way to build your credit is to obtain credit account/s and show that you are a responsible individual and are able to repay and stay below your allowable limits.

This means making at least the minimum payment on your accounts every single months, if you are in a tight spot one way to do this is instead of paying a bill cash you can pay the credit card and then use the card to pay the bill, doing it that way you would have effectively satisfied the credit company as well as your bill.

Many people don’t really understand what effect being over limit on their credit accounts have on their score but it is simply too high of a price to pay... for example if a bank give you a credit card with a 500 limit and you have a balance of $501 at the end of the billing cycle, you will lose about ten points off your score just for that.-- stupid eh.. but that’s how it works.. so pay them $2 the dollars get it under limit it wont kill you.

To get started building your credit from scratch on your own without a cosigner in canada join TD bank or CIBC or RBC, In the US join Bank of America these banks are pretty good at giving a 1st shot once they see a steady paycheck being cashed and some money being left over... If you need a kick start and cant wait for those banks to be happy with you there is Capitol One (both Canada and USA) they will give you a secured Credit Card matching the amount of money you put up...TD(in Canada) does the same as well.

Don’t bite off more than you can chew..

By: Omari Whyte