How do I improve my credit score?

Modified on Thu, 07 Mar 2024 at 04:07 PM

Your credit score is an important measure of your financial health. The higher your credit score, the more likely it is that you will be approved for things like loans and lines of credit. There are a few simple things you can do to help improve your credit score:

1. Review your credit report. This will give you a sense of where you currently stand, and what items are helping or hurting your score. You can find your credit report on TransUnion or Equifax.

2. Try to pay your bills on time. Payment history plays a significant role in determining your credit score. We suggest setting reminders to avoid missing payments, and making at least the minimum payment if you cannot pay the full amount.

3. Keep your credit card balance low. If you carry a balance on your credit card (as opposed to paying off the full balance each month), aim to keep it at around 30% of your credit limit. Ideally, strive to reduce it to 10% to enhance your credit score.

4. Use different types of credit. It’s good practice to have a mix of different credit types, such as a credit card and a line of credit. If you only have one type of credit, your credit score may be affected.

Please visit the Government of Canada website by clicking here to learn more about credit report and score basics.

We do our best to provide useful information. However, we cannot guarantee that the information is complete, accurate, up-to-date or otherwise reliable for any particular purpose. This article is provided to you as information only and not as advice tailored to your reality.

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