Beginner's Guide to Credit Scores in Canada
Автор: Barry Choi
Загружено: 2025-07-04
Просмотров: 17
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Here’s a beginner’s guide to credit scores in Canada.
Your credit score is a three-digit number between 300 and 900. The higher your score, the more creditworthy you are. This is relevant because lenders use your credit score as one criteria to determine the risk of lending you money.
Canada's two main credit bureaus, Equifax and TransUnion, generate credit scores based on your credit history. That means you have two different credit scores.
Factors that affect your credit score include:
Payment history - such as if you’ve paid your bills on time
Credit utilization - which is how much credit you’re using relative to your total limit
The length of your credit history, so get a credit card as soon as possible.
Types of credit used, such as credit cards, auto loans, and more
And recent credit inquiries
Having a good credit score could help you secure a loan at favourable rates. It also matters to potential landlords as they want to know that you’ll pay rent on time.
Checking your credit score is free, and it doesn’t affect your credit score. You can also request a free, detailed credit report from Equifax and TransUnion once a year.
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