Sophie Dessaautells, licensed insolvency trustee at Raymond Chabot answers audience questions about personal finances on TVA Nouvelles de Midi.
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This afternoon, the specialist offered two simple tips to help you improve your credit report.
1- Avoid having too many credit cards.
“Having multiple credit cards can damage your record” because it’s the same type of credit product: cards. It must be understood that the credit profile must be regular. We advise you to keep only one credit card, which is the oldest. This will create stability and the lenders really love it,” explains Ms. Desautels.
2- Leave plenty of room in the credit limit
Sophie Desautels says you should avoid loading a credit card more than 50% of the authorized limit, and even better, stay below the 30% threshold of the credit limit. This way of doing things also allows you to keep a good credit card.
“In the best of all worlds, we take advantage of it and pay our card ahead of time,” she adds.
*** Watch her full clip in the video above. ***
Sophie Laurent is a contributor to Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting that helps readers stay informed about current events and issues that matter to their communities. Sophie is committed to presenting accurate information, practical insights, and relevant stories in a straightforward and reader-friendly manner, making complex topics accessible to a broad audience.