What’s Good Credit Utilization?
Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
If you’ve been trying to increase your credit score, it’s important to understand one of the biggest components of it – credit utilization. That’s our focus this month.
Credit Utilization Rate Explained!
What exactly does credit utilization mean? How do you control it?
Tune in to this short and informative explainer by Doug Hoyes to learn why your credit utilization rate matters and how it relates to the health of your credit score.
Good Reads From Around the Web
Best Credit Utilization Rate To Increase Credit Score
Did you know: your credit utilization rate is the second biggest factor contributing to the make-up of your credit score. It accounts for 30% of the total calculation.
So what is the right utilization rate to increase your score? Is there a ‘best’ time to pay off your credit card each month? Listen to this discussion between Diane Cunha and Doug Hoyes and learn how to be strategic with credit utilization so you maintain a good credit profile.
3 Simple Tips For Improving Your Credit Score
Remember, you need to use credit to improve your credit score, but you don’t have to carry any balances and in fact, you shouldn’t. Instead:
- Put a simple monthly charge on your credit card each month.
- Pay charges off as soon as they go through. Don’t feel you have to wait for the payment due date.
- If you have larger balances you need to get under control, make many small payments as often as you can to get the balances down to zero.
Do You Use Telus For Your Cellphone Service?
We would like to inform you that Telus has asked the CRTC for permission to add a 1.5% surcharge to customer bills if they pay for their cellphone service using a credit card. While this request has by Telus hasn’t been approved yet, we are sharing this news with you so that you can monitor your credit card bill for higher charges if you’re a Telus customer.
$50 Canadian Tire Gift Card Giveaway
Enter for your chance to WIN 1 of 10 free $50 Canadian Tire gift cards!
Maybe you have some projects or repairs you want to do around your home or you want to buy a new appliance. Save on some spending money this month by entering for a chance to win a gift card from Canadian Tire.
Enter soon. Giveaway ends August 25, 2022 at 11:59 p.m.
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