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In this padlet, I have provided various resources on ways you can improve and maintain your credit score. Credit scores are an important part of you every day finances. They provide a snapshot to credit card companies, banks, and financiers on your management of repaying credit/loans that are issued to you. Having a strong credit score, as well as a strong overall credit report is vital within today's society.

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Image 1: 10 Simple Steps to Improve your Credit Score

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Image 1: 10 Simple Steps to Improve your Credit Score

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An image of a list with ten great tips to maintain and improve your credit score. Following these ten steps is the best way to ensure a strong and healthy credit score. These suggestions are simple but very effective!

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This is an image of how a credit score ranges, from poor to excellent. Understanding your credit score within the scope of this range is the best way to know where you stand and how much further you may need to improve.

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This image shows the factors that affect your credit score rating. Understanding these factors is just another way to utilize and improve your credit score. It is quite helpful to see how these factors are broken down, and to compare them to your own breakdown of your credit usage and maintenance.

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Image 4: 5 Tips on Using Credit Cards Wisely

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Image 4: 5 Tips on Using Credit Cards Wisely

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This is a simple, yet effective image showing 5 easy to understand tips on how to use your credit card(s) wisely. Misuse of your credit card on a repeated basis could severely impact your credit score. By being responsible and following these 5 guidelines can help ensure you maintain and build your credit successfully.

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Video 1: 6 Credit Card Mistakes to Avoid as a Beginner by: Daniel Braun

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Video 1: 6 Credit Card Mistakes to Avoid as a Beginner by: Daniel Braun

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In this video, the creator goes over 6 credit card mistakes to avoid for beginners that are just getting started. These credit card mistakes are easy to avoid. Some mistakes worth mentioning are applying for too many credit cards, maxing out credit cards, 0% APR credit cards.

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6 Credit Card MISTAKES To Avoid As A Beginner

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Video 2: When to Pay your Credit Card Bill by: Daniel Braun

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Video 2: When to Pay your Credit Card Bill by: Daniel Braun

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This video, the creator goes over when to pay your credit card bills to avoid interest and when to pay to build your credit. The creator also goes on to explain what to look for on a credit card bill summary, and understanding when the bill cycle takes place.

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When To Pay Your Credit Card Bill (Everything You NEED To Know)

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Video 3: Improve Your Credit Score by: Canadian In A T-Shirt

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Video 3: Improve Your Credit Score by: Canadian In A T-Shirt

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In this video the creator goes over the seven most common steps for improving your credit. Those steps include; checking your credit score, using credit cards instead of cash, always paying bills on time, decreasing credit utilization, credit history, credit mix, and hard inquiries on your credit report.

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IMPROVE YOUR CREDIT SCORE IN CANADA | EASY STEPS TO BUILD CREDIT | Credit Card Guide Chapter 4

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Video 4: How To Improve your Credit Score by: Equifax

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Video 4: How To Improve your Credit Score by: Equifax

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In this quick video by Equifax, it offers some tips on how to improve your credit score, as always, tips like; paying your bills on time, checking for any signs of fraudulent activity, keeping your credit utilization low, limit applying for new accounts, and keeping old accounts open.

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Credit Karma is a great resource for monitoring and tracking your credit score. The company offers tips and suggestions on ways to improve your credit score. They also suggest different credit cards that you may be eligible for based on your score. If you need to build or establish credit, a lot of the cards suggested are great!

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It looks like we're having some trouble accessing your Credit Karma account. We're working hard at getting everything back up and running, so check back soon to access your free credit scores, full credit report and more.

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Checking your credit on Credit Karma won't hurt your score. It only takes about two minutes to sign up, and we don't ask for your credit card information. To learn more about how we work, check out our About Us page.

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The Government of Canada website offers tips on how to manage and improve your credit score.

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Monitoring your payment history

Your payment history is the most important factor for your credit score.

To improve your payment history:

always make your payments on time

make at least the minimum payment if you can't pay the full amount that you owe

contact your lender right away if you think you'll have trouble paying a bill

don't skip a payment even if a bill is in dispute

Get electronic alerts from your financial institution

Your financial institution may send you an electronic alert when the credit available on your credit card falls below a certain amount.

These alerts may help you manage your day-to-day finances, such as your credit payments.

Learn more about these electronic alerts.

Using credit wisely

Don't go over your credit limit. If you have a credit card with a $5,000 limit, try not to go over that limit. Borrowing more than the authorized limit on a credit card may lower your credit score.

Try to use less than 30% of your available credit. It's better to have a higher credit limit and use less of it each month.

For example, suppose you have a credit card with a $5,000 limit and an average borrowing amount of $1,000. Your credit usage rate would be 20%.

If you use a lot of your available credit, lenders see you as a greater risk. This is true even if you pay your balance in full by the due date.

Improving your credit history

The longer you have a credit account open and in use, the better it is for your score. Your credit score may be lower if you have credit accounts that are relatively new.

If you transfer an older account to a new account, credit bureaus consider the new account as new credit.

For example, some credit card offers come with a low introductory interest rate for balance transfers. The new card on which you transfer your current balance is considered a new credit product.

Consider keeping an older account open even if you don't need it. Use it from time to time to keep it active. Check your credit agreement to make sure there is no fee if you keep the account open.

Limiting your number of credit applications or credit checks

Credit inquiries, also known as credit checks, count toward your credit score. It's normal and expected that you'll apply for credit from time to time. When lenders and others ask a credit bureau for your credit report, they record it as an inquiry.

If there are too many credit checks on your credit report, lenders may think that you're:

urgently seeking credit

trying to live beyond your means

To control the number of credit checks on your report:

limit the number of times you apply for credit

get your quotes from different lenders within a 2-week period when shopping around for a car loan or a mortgage. Credit bureaus will combine and treat your inquiries as a single inquiry for your credit score

apply for credit only when you really need it

"Hard hits" versus "soft hits"

"Hard hits" are credit checks that appear on your credit report and count toward your credit score. Anyone who views your credit report will see these inquiries.

Examples of hard hits include:

credit card applications

some rental applications

some employment applications

"Soft hits" are credit checks that appear on your credit report. They're recorded on your credit report but only you can see them. These credit checks don't affect your credit score.

Examples of soft hits include:

requesting your own credit report

businesses checking your credit report to update their records about an existing account you have with them

Diversifying your credit

Your score may be lower if you only have one type of credit product, such as a credit card.

It's better to have a mix of different types of credit, such as:

A mix of credit products may improve your credit score. Make sure you're able to pay back any money you borrow. Otherwise, you might end up hurting your score by taking on too much debt.

Related links

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What affects your credit score and how to improve it.

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Capital One is one of biggest credit card issuers for people with little to no credit established. Generally, when issuing your first credit card, Capital One, will ask for a security deposit. This security deposit can be anywhere from 25% to 100% of what the total credit limit of the card is. In most cases, the credit limit will small starting out, but with proper and responsible usage, Capital One will offer to increase your limit and return your security deposit in full.

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Want Guaranteed Approval for a Credit Card?

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Build credit or repair bad credit with a Guaranteed Mastercard. Capital One has been helping Canadians build credit for more than 20 years – apply online.

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Equifax is an American credit reporting bureau, one of three of the largest credit reporting bureaus in North America. They provide consumers and businesses with consumer credit monitoring, identity theft prevention, commercial identity and fraud solutions, financial marketing and analytical services.

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Tips on How to Improve Credit Score | Equifax

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There are things you can do to increase your credit score regardless of your unique credit situation. Start the process by learning credit score basics and how to practice positive credit behavior.

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1. What did you learn about the topic that most surprised you?

What surprised me the most, was how simple the steps really are to improving your credit score. At a quick glance, the credit score system can seem intimidating and even a little confusing. With a bit of patience, and some research, you can quickly begin to understand just how simple the credit score system works. As well, once you understand it, it becomes easier to manage and improve your credit score by following the simple steps that are out there.

2. Provide a real-life example of how this topic is relevant or interesting for you?

This topic is relevant to me because, just a few years ago I had a very low credit score. I couldn't even get approved for a credit card without having to a security deposit. After three years of monitoring and managing my debts and repayments, I was able to bring my credit score up several hundred points, and now I have sufficient credit cards with limits I never thought I could ever have. Getting approved for any type of financing or loans is a lot easier now.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The biggest and most important thing I have learned regarding credit scores and how to improve them is to watch your credit utilization, and stay within a manageable amount. Make payments regularly, even if it's just the minimum, and never miss a scheduled payment.