The following four steps can help boost your credit score above 700 — and keep it there.
Ask your creditors to cut you a break
If your credit is decent aside from a few honest mistakes, you should try writing a letter to your creditors to see if they’ll cut you some slack and remove blemishes on your credit history.
Start by explaining who you are (including your account number) and how long you’ve been a customer of the creditor you’re reaching out to.
Own up to the errors that led to the drop in your credit score, and briefly walk through the measures you’re taking to make sure they won’t happen again.
Try to make your letter as clear and concise as possible, and be sure to mention the specific dates and amounts of any missed payments you’re hoping will be removed from your credit history.
Once it’s ready, send it out using the contact information on your creditor’s website. There’s no guarantee that they’ll give you a break, but it’s worth a shot.
Improve your financial well-being
Good credit is important for your financial health, and Borrowell can help you take a turn for the better. Sign up for Borrowell to get your credit score and credit report for free!Sign up
Monitor your score for free and get personalized tips
Your credit history is unique to you, and so is your path to a better credit score. But even though everyone’s credit strategy may be different, there’s one move that’s essential no matter what: Monitoring your score.
Borrowell will let you check your Equifax credit score for free online whenever you want. Anytime your score drops you’ll get an alert, making it easier to deal with the problem before it gets worse.
Borrowell also offers personalized tips, articles, and tools to help you boost your score. For a lot of Borrowell users, these free resources are a game-changer. Just ask Oswald, who’s been using Borrowell since 2019.
“I followed their advice and went from a 560 to a 680 in a few months,” he says.
It only takes three minutes to sign up for Borrowell and start improving your credit score pronto.
Let this company pay your credit card bill
Credit card debt can have a huge impact on your credit score, especially if your cards are maxed out or you’ve missed a monthly payment.
If your credit card bills are dragging you down, you should consider taking out a debt consolidation loan with the help of a website called LoanConnect.
LoanConnect can match you with a loan that will totally wipe out your debt — yes, all of it. You’ll only have one monthly payment to worry about, and it will likely be lower than what you were paying before.
Applying for a loan through LoanConnect won’t affect your credit score, and you could be pre-approved in as little as 60 seconds. Once you’ve selected a lender, you’ll have your money within 24 hours.
If you want to clear your debt faster and give your credit score a push in the right direction, apply for a personal loan with LoanConnect today.
Wealthsimple x MoneyWise
Get a $25 bonus when you open and fund your first Wealthsimple Investment account* (min. $500 initial deposit). Trade and Cash accounts are not eligible. Sign up now to take advantage of this special offer.Get started
Shield yourself from the unexpected with a high-interest savings account
Although opening a high-interest savings account won’t impact your credit score directly, keeping an emergency fund to cover the unexpected ensures you can still pay your bills and avoid hurting your score.
Many financial experts recommend setting aside enough emergency savings to cover at least six months of your regular expenses. That way you won’t need to risk tanking your credit score with late or missed payments when money is tight.
Parking your emergency savings in a high-interest account like EQ Bank’s Savings Plus Account has the added perk of earning you up to 1.50%* interest on every dollar you put in, which means your savings will have the chance to grow over time.
And if you’re considering applying for a mortgage, having money in a savings account may be necessary — many lenders will require you to have enough saved up to cover at least two months’ worth of payments.
So even though it may not be listed on your credit report, a high-interest savings account is a valuable tool if you’re hoping to get your score over the 700-point hump.
You're 5 minutes away from the best mortgage
Searching for your perfect mortgage shouldn’t be hard.
Homewise is an online brokerage that will negotiate on your behalf with more than 30 big banks and other lenders, completely free, and it only takes five minutes to apply.
If you're in the market for a new mortgage, or if you're looking to refinance before interest rates rise again, go to Homewise now and answer a few simple questions to get started.