Tips to improve your credit score

(NC) What do renting an apartment, financing a vehicle and getting approved for a credit card all have in common? Your credit score plays an important role in all three.

Your credit score represents an assessment of your ability to repay borrowed money or fulfill financial obligations. The score itself — a three-digit number between 300 and 900 — is based on your credit history. Here are some tips to keep in mind:

1. Start by knowing your number. Learning your own credit score is called a “soft” check and doesn’t have any negative impact on the score itself.

2. If you have a credit card, pay it off monthly. Paying your bill in full and on time each month helps build your credit history in the long run. A good tip is to only use your credit card for purchases you know you can pay off to avoid going into debt.

3. Pay bills when they’re due. This applies to car payments, hydro or your cellphone, for example. It can help establish a track record of being a reliable borrower. If it is challenging to remember your due dates, consider setting up pre-authorized payments or creating calendar alerts to remind you.

4. Catch up on missed payments. If you do miss a payment, try to commit to getting caught up as soon as possible.

5. Keep tabs on your overall debt load. Mortgage debt, personal loans and credit card balances can easily add up. Monitor your total debt to ensure it doesn’t become unmanageable for you.

6. Remember, it’s important to regularly check your credit score. To help make this easier, some banks like TD allow customers who use their app to check their credit scores for free.

Learn more about ways to improve your credit score at td.com.