Getting your credit score back on track with tips from Envision Financial expert, Kay Gandham

Having great credit is to your advantage and is the key to a healthy financial future—it can mean higher credit card limits, more opportunities to borrow money, and even better rates on mortgages and loans.

Having great credit is to your advantage and is the key to a healthy financial future—it can mean higher credit card limits, more opportunities to borrow money, and even better rates on mortgages and loans.

Boost your credit with these simple tips from Kay Gandham, branch manager the Willoughby branch of Envision Financial, a division of First West Credit Union:

Accept an increase on your credit limit
If you’re offered an increase on your credit limit by the bank, consider accepting it—especially if you don’t plan on using much of it or maxing out your card. Having credit that you don’t use can help to improve your credit score. On the flip side, applying for more credit when it hasn’t been offered can set your credit score back a bit.

Pay off your credit card twice a month
If you max out your credit card every month, you can appear irresponsible with your credit card even if you’re paying it off in full and on time. Paying your credit card twice a month instead of once will help you look more financially responsible. It also gives you a great opportunity to regularly examine your spending and see if there are any unnecessary expenses you can eliminate.

Use different kinds of credit when possible
Paying for big ticket items using a variety of credit sources is good for your credit score. Consider taking out a car loan when you need a new vehicle, an RSP loan at tax season, and sign up for a line of credit as a general financial safety net.