Good Credit Score

In Canada, good credit score is a MUST. It gives access to various products and services and comfortable lifestyle. Whether you are leasing a car or apartment, buying a cell phone, opening a line of credit, applying for a credit card or a mortgage, creditors will obtain your credit report. In case of poor credit score, you will not be able to acquire what you are looking for or will be paying higher interest.

That's why it is so important to build and maintain good credit score. Equifax and Trans Union are two credit bureaus calculating the numbers from credit reports and generating the final number. The lowest score is 300 and the highest is 900. To have access to the best mortgage interest rate your score must be 680+.

Here is how the credit score is calculated:

Follow these tips to improve your Credit Score:

1. You must find out what is your credit score. Order a copy of the credit report from Equifax or Trans Union, and find ways to improve your score. You can always contact us for your FREE credit report. We will guide you and tell you exactly what must be done to fix your credit.
2. Pay all your bills on time.
3. Use your accounts responsibly.
4. Try not to open too many accounts without intention of using them. Don't open five or six accounts of the same type (such as Visa).
5. Having a credit card or installment loan will help boost credit score.
6. Keep your balance at about 25% in relation to available credit. If the credit limit is $10,000, keeping the balance below $2,500 will improve the score. Balances of more than $7,500 (or 75 per cent of the limit) will decrease the score. Going over the limit will damage your credit significantly.
7. Pay off credit card debt instead of moving it around to lower rate cards. Moving balances around and closing old accounts will hurt your credit score.

In order to build or re-build good credit score you should apply for a credit card as soon as possible. If you were declined a regular credit card you should apply for secured visa credit card. (The application works best with Internet Explorer) This is the best way to build your credit score. Go to our secured visa page to learn more.

Good Credit Score
Here is how the credit score is calculated
Secured Visa Card
Use Secured Visa Card to Rebuild Your Credit