Five tips to increase your credit score

With a key rate hike imminent, it is important to maintain a good credit rating in order to be able to borrow in the coming years.

Here are five tips for increasing credit from the co-founder and CEO of Hardbacon.

Increase the credit limit of your cards

“An important ratio for calculating a credit rating is the credit utilization ratio. If you go from the 5,000 to 10,000 limit, but you don’t put more debt on your credit card, that increases that ratio.”

Pay off your cards faster

“Try to pay off the entire card balance every month,” advises Julian Braault.

Access your credit file and correct errors

“Once a year you get a copy of the credit file report from Equifax and TransUnion and sometimes there are errors like two people with the same name or an old credit card still active,” he explains.

Diversify your credit sources

“It’s a good idea to have a mobile plan because it shows that we are able to make payments on time on several types of credit,” states the Hardbacon co-founder.

Choose a secure credit card

“It’s good advice to rebuild your credit rating,” he says.

Watch the full explanation in the video above.