Matthew Gottfried

Your credit score is a number between 300-900 that the credit bureaus calculate. In Canada, we have two credit bureaus, Equifax and TransUnion.

Your score indicates how responsible you are with credit and the likelihood you’ll repay it. Scores above 660 show you can manage credit well, and a lender should feel comfortable letting you borrow money at a competitive rate.

Below is a list of factors that impact your credit score:

πŸ“Œ The length of time you’ve had credit

πŸ“Œ If you carry a balance on your credit cards

πŸ“Œ If you frequently miss payments

πŸ“Œ How much debt you currently have

πŸ“Œ How much credit you use out of the total amount available to you

πŸ“Œ If you’ve ever filed for bankruptcy

πŸ“Œ If any of your debts have ever been sent to collections


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