Blemished or No Credit

A credit score is a three-digit number that is calculated using a mathematical formula based on the information in your credit report. You get points for actions that demonstrate to lenders that you can use credit responsibly. You lose points for things that show you have difficulty managing credit. To find out what counts toward your credit score, see the section called “How to improve your credit score”.

In Canada, credit scores range from 300 to 900 points. The best score is 900 points. Your credit report is a summary of your credit history. If you have ever used a credit card, taken out a personal loan, or used a “buy now, pay later” offer, you have a credit history.

This guide can help you:
• Understand your credit report and score
• Improve your credit score
• Order your credit report and score.

Building a good credit history is important for your financial health!!!!

Here are some tips on how to improve your credit score:

• Always pay your bills on time.
• Try to pay your bills in full by the due date. If you aren’t able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
• Don’t go over the credit limit on your credit card. Try to keep your balance well below the limit. The higher your balance, the more impact it has on your credit score.
• Reduce the number of credit applications you make.
• Make sure you have a credit history.

Many Canadians often to run into the dilemma of what we call a “catch 22”. You need credit, but can’t get approved for credit, so what do you do? Fortunately, industry experts have identified this issue and as of a result have created programs to help these types of individuals out.