A good credit score is essential for accessing loans and credit at favorable terms. Here are some tips to build and maintain a healthy credit score:

• Credit Report: Regularly review your credit report for errors and discrepancies. You can access a free copy of your credit report from Canada's two major credit bureaus: Equifax and TransUnion.

• On-Time Payments: Making timely payments on all your debts, including credit cards, loans, and utilities, is the most significant factor influencing your credit score. Late payments can significantly damage your credit score.

• Credit Utilization: Keep your credit card balances low relative to your credit limit. This demonstrates responsible credit usage to lenders. Aim to maintain a utilization ratio below 30%.

• Credit Mix: Having a mix of credit accounts, such as credit cards and installment loans (e.g., mortgages or car loans), can positively impact your credit score. However, it's important to only open new credit accounts that you need and can manage responsibly.
  

First Foundation offers financial planning services to help you create a personalized strategy for debt management and credit building. Schedule a consultation with a First Foundation financial advisor to discuss your specific situation: 

By managing your debt responsibly and building good credit, you can improve your financial health and access better financial opportunities in the future.