How to get 800 credit score in 45 days in Canada?

Achieving an Exceptional Credit Score: A 45-Day Guide to 800+

In the competitive financial landscape of Canada, a stellar credit score is paramount for unlocking access to the best loan rates, credit card rewards, and more. While reaching the coveted 800+ score may seem daunting, it is certainly within reach with a strategic and proactive approach. Here’s a comprehensive guide to help you boost your credit score to exceptional levels in just 45 days:

1. Diversify Your Credit Profile:

Lenders assess your creditworthiness based on a variety of factors, including the types of credit you have. Aim to have a mix of:

• Loans: Personal loans, car loans, or student loans demonstrate your ability to handle different types of debt.
• Credit Cards: Maintain several credit cards with responsible usage and low balances to showcase your ability to manage revolving credit.
• Mortgage (if applicable): A mortgage is a powerful tool for building credit, provided you make timely payments and maintain a low loan-to-value ratio.

2. Maintain Impeccable Repayment Habits:

Your payment history accounts for 35% of your credit score. To ensure a spotless record:

• Pay bills on time: Set up automatic payments or reminders to avoid missed due dates.
• Maintain low credit utilization: Keep your credit card balances below 30% of the available credit limit.
• Avoid excessive inquiries: Limit hard credit inquiries, as multiple applications in a short period can negatively impact your score.

3. Correct Credit Report Errors:

Review your credit reports regularly for any inaccuracies or errors. Dispute any incorrect information with the credit bureaus to ensure your score reflects your actual financial situation.

4. Increase Your Credit Limit:

Requesting a credit limit increase can lower your credit utilization ratio, which contributes to a higher score. Contact your credit card provider and make a formal request, providing justification for the increase.

5. Consider a Credit Builder Loan:

If your credit history is thin or limited, a credit builder loan can help you establish a positive payment history. These loans are specifically designed for individuals with lower credit scores.

6. Monitor Your Progress:

Track your credit score regularly using free services or paid credit monitoring tools. This allows you to identify any areas that need improvement and stay on top of your progress.

Remember, building an exceptional credit score takes time and consistent effort. By adhering to these strategies for the next 45 days, you can significantly improve your financial outlook and reap the benefits of a top-tier credit score.