Best Financial Advisors in Ottawa, ON

New post: 6 things you didn’t know could be hurting your credit rating - CREDIT FIX: Simmons recommends getting a credit card with a low maximum balance of $500 or $1,000 and using it to automate payment of a cell phone bill or Netflix subscription. 4. YOU’VE MADE TOO MANY APPLICATIONS IN A SHORT TIME Another 10% of your credit rating hinges on whether there’s been a lot of credit inquiries in a short period of time. “There are allowances made if you’re shopping for a car and there’s five inquiries for that particular transaction,” says Betz. But if you’re applying haphazardly for various loan products, that signals to the bureau that you may be in a financial bind. CREDIT FIX: Be mindful; don’t apply for a new card or loan unless you really need it. Best to avoid promotional offers at retail stores for a special discount off your purchase if you apply for a store card on the spot. 5. YOU DON’T HAVE ENOUGH TYPES OF CREDIT The final 10% of your credit rating is based on the types of credit you hold. The bureau would rather you have a mortgage, line of credit or car loan than just a handful of credit cards. CREDIT FIX: If you only have cards, you may wish to add a line of credit and move some transactions there. Just like with investing, diversification can be good for your credit. 6. YOU DON’T HAVE A CREDIT CARD WITH A MAJOR BANK Similarly, while credit cards are among the best tools for demonstrating and building good credit, they’re not all considered equal. Cana...