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This image illustrates the different credit score ratings and the corresponding number ranges you might see on your credit report. It starts with a poor credit score (300-625), followed by a low credit score (626-680), a fair credit score (681-720), a good credit score (721-780), and an excellent credit score (781-900).                                                                        I chose this image to provide a visual representation of what both good and bad credit scores look like. It makes the concept much easier to understand.

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Understanding Your Credit Score And Why It Matters | Envision ...

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Found on Google from envisionfinancial.ca

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I chose this image because it provides clear guidance on how to read a credit report. This is particularly helpful for individuals who are new to credit scores and may not know how to interpret a credit report. The image breaks down each section of the report, making it easier for readers to understand and navigate the information effectively.

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. The presenter begins by explaining the primary purpose of a credit score. She states that if you are looking to buy a home, purchase a car, or open a new credit card, lenders—such as banks, credit unions, and credit card issuers—use your credit score as one of the factors to determine whether they will approve your request.She then explains that a higher credit score is often the result of years of building credit and consistently paying bills on time. However, she emphasizes that while a good credit score increases your chances of approval, it does not guarantee anything.The presenter also outlines the factors that typically determine a credit score, including payment history, credit utilization, the number of credit accounts, credit history length, and credit inquiries. She concludes by stressing that understanding your credit score is an essential component of your financial future.                                                      I chose this first video because it provides a foundational understanding of what a credit score is and why it is important for our financial success.                                 

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What is a Credit Score and How is it Calculated?

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What are credit scores and how we can improve them

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What are credit scores and how we can improve them

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As the term suggests, a "credit score" is a rating or score you receive each month based on your credit card usage. Your credit score is influenced by factors such as paying your credit card bills on time, staying within your credit limit, and overall activity on your card during the month. Maintaining a high credit score can be challenging, but with some help, it can become much easier.

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The article starts by explaining what a credit score is. As we already know, a credit score consists of three numbers that reflect your credit activity. Moving on, the article provides a detailed explanation of how credit scores work and how they can significantly impact our current and future lives, either positively or negatively. This emphasizes the importance of maintaining a good credit score.                                                                               Furthermore, the article mentions various ways for readers to improve their credit scores. For example, it suggests paying your credit card bills on time, avoiding the closure of credit card accounts, correcting any errors on your credit report, and more. Overall, this article serves as an excellent resource for understanding the basics of credit scores.                   I chose this article as my first source because it delves deeper into what we already know about credit scores while also offering practical tips to improve them. Similar to the video, this article provides foundational knowledge about credit scores and actionable ways to enhance them.

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What Is a Credit Score? Definition, Factors, and Ways to Raise It

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A credit score is a number from 300 to 850 that rates a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders.

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  This article provides another overview of the basics of what a credit score is but goes further into discussing the two main credit bureaus in Canada—Equifax and TransUnion. These companies keep track of your credit activity. While they are not the only organizations that provide credit information, they are the two main and most accurate sources in Canada.The article continues by explaining what credit history is and emphasizes the importance of managing your credit responsibly. It also offers strategies to improve your credit score, such as paying your bills on time, avoiding frequent applications for new credit cards, and more.To conclude, the article provides tips on maintaining a high credit score if you already have one and explains concepts like the utilization ratio or debt-to-credit ratio.I chose this article because it comes directly from a bank. I believe readers are more likely to trust and pay attention to the information when it comes from a reliable source like TD Bank.

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So, what is a good credit score, anyway? Let's start at the beginning.

According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time. ¹ It can be an important part of building your financial confidence and security. ¹ For example, building a good credit score could help you get approved for loans and larger purchases, like a home. ¹ You may also be able to access more competitive interest rates. ¹

There are two main credit bureaus in Canada: Equifax and TransUnion. ¹ These are private companies that keep track of how you use your credit. ¹ They assess public records and information from lenders like banks, collection agencies and credit card issuers to determine your credit score. ¹

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What is a good credit score? | TD Canada Trust

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What is a good credit score? Credit scores can range based on the scoring model used. Learn what range you want to fall under and how to improve your credit score. Canadian credit scores are officially calculated by two major credit bureaus: Equifax and Transunion.

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 This article addresses what to do if someone encounters problems with their credit. It begins by defining a bad credit score, which is typically anything below 500. It then explores the common causes of bad credit, such as missed payments, late payments, maxed-out cards, and more.Next, the article explains how credit scores are calculated, considering factors such as payment history, credit history length, debt-to-income ratio, new inquiries, and public records. It also discusses how a bad credit score can negatively impact your life, limiting your ability to buy a house, get approved for a loan, purchase a vehicle, and more.Finally, the article provides actionable steps to recover from a poor credit score. These include paying off debts, making all payments on time, monitoring your credit, and using credit-building products. Following these steps can help ensure your credit score improves over time.                                                                                                                         I chose this article because, while I have mainly focused on the benefits of good credit scores, I wanted to highlight what to do if you find yourself in a challenging financial position. This article effectively demonstrates the negative impact of a bad credit score and offers valuable advice on how to recover.

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The great thing about credit is that it can be improved. If you currently have bad credit, you are not stuck with it forever. You can work to build better financial habits, pay off debts, and ultimately rebuild your credit.

What is a Credit Score?

The majority of the time when someone has bad credit, it means that they have a low credit score that is affecting their ability to get approved for the financial products they need. A credit score is a 3 digit number created by a credit reporting agency (in Canada we have two, Equifax and TransUnion). It represents an individual's creditworthiness, meaning their likelihood of getting approved for a loan or new credit.

The two credit reporting agencies (for more information on credit reporting agencies, click here) calculate your credit score based on how you use and pay back credit. If you've never used credit or have never had a loan, then you do not have a credit score. There are 5 major factors that are used during the calculation of your credit score:

History of Payments (35%)

Have you missed any credit card payments or have you ever been late making a loan payment? If yes, your credit score was negatively affected. On the other hand, if you always make your credit and loan payments on time then your credit score is probably good, depending on your other financial habits.

Amount of Debt (30%)

We all have at least some debt, whether it's a mortgage or a maxed out credit card. But those who carry large amounts of debt month to month are more likely to have lower credit scores. Typically, this factor is most affected by personal and consumer debt. Individuals who constantly use up more than 30% of their available credit limit are more likely to have bad credit.

Credit Length (15%)

This factor has less weight in the calculation of your credit score, but it's also probably the easiest factor to change, in both a negative and positive way. Simply put, the longer you've had a credit account open and have been using it responsibly, the better your credit score will be. A large part of your creditworthiness is the responsible use of credit over time. Closing a credit account that you've had for years is not a good idea as you'll essentially be removing that part of your credit history, thus making your credit history shorter. A long and healthy credit history should be your number one credit goal.

Diversity of Accounts (10%)

The average consumer typically has no idea that the types of credit accounts they use have an effect on their credit score. Having several different types of credit accounts in active use will help give your credit score a boost. So if the only type of credit you've ever used is a credit card, think about taking out a personal loan to add a new type of account to your credit history.

New Inquires (10%)

Every time a credit card company or lender performs a hard pull on your credit, your score will go down a few points. Hard pulls are when a credit company or lender checks your credit report to verify your creditworthiness when applying for a loan or new line of credit. Applying for several new credit cards or loans, all within a short period of time, is not good for your credit score. These hard pulls will also show up on your credit report. Several hard pulls all in a short period of time means that you're either being rejected or that you're taking on too much credit, neither is a desirable quality.
What is an inquiry? Learn here.

Click here to check out our Credit Score Breakdown infograph.

Canadian Credit Score Range

Now that we know what a credit score is, let's take a look at the Canadian credit score ranges. In Canada, both TransUnion and Equifax provide consumers with credit scores that range from 300 to 900. Depending on your financial habits and your credit history, your personal credit score will fall somewhere in this range.

300 - 559 = Poor

560 - 659 = Fair

660 - 724 = Good

725 - 759 = Very Good

760 + = Excellent

Keep in mind that Equifax and TransUnion are two separate companies. This means your credit score from one company may be slightly different from the other.

Why is my Credit Bad?

Your credit score is affected by your credit and financial habits. Therefore, everyone's credit is either good or bad, based on a set of reasons unique to that person. That being said, there are several general reasons why the average person's credit may be bad:

Missed payments

Late payments

Maxed out credit cards

Applying for too many credit cards within a short period of time

Charging purchases you can't afford to buy with cash

Taking on loans you can't afford

Defaulting on loans

Is my Bad Credit Affecting my Life?

Your credit score is the backbone of your financial life, a high credit score is great for your financial life and a low credit score is bad for your financial life. But what most people do not know is that a low credit score can also affect aspects of your personal life. So yes, your bad credit is most definitely affecting your life, both personally and financially. Bad credit can prevent you from:

Getting a new credit card

Getting approved for a loan you need to cover the cost of something important

Purchasing your dream home

Renting an apartment

Getting approved for vehicle financing

Getting chosen for a job you want

How do I Improve my Credit Score?

Everyone wants to know how they can improve their credit scores, and we completely understand why. Good credit is so important, especially if you have financial goals and life dreams that you want to accomplish. Being a homeowner is something the majority of Canadians want, this requires good credit. Let's take a look at what you can do to improve your credit score and accomplish all your goals, both financially and personally.
For more information on how to improve your credit score quickly, read this article.
Conquer Unnecessary Debt

First and foremost, create a budget, stop using your credit cards to buy things you don't need, and pay down any consumer debt you have. Debt causes all kinds of unnecessary financial problems, including bad credit. Paying off debt and improving your credit go hand in hand. As you pay off your debt, your credit will start to grow.

Start Making all Your Payment on Time

We've said is before and we'll say it again, late or missed payments will negatively affect your credit score and therefore should be avoided no matter what.

Keep Track of Your Credit

Canadians have access to one free credit report each year from each agency. After that, you will have to pay for any additional credit reports and credit scores you wish to see throughout the year. But, if credit improvement is really an important goal of yours, you should consider requesting a copy of your credit report and credit score at least twice a year. You should also consider paying for a credit monitoring service. Either way, keeping track of your credit will help you to improve your overall financial health.

Be Patient

Improving your credit score takes time and there's no way around it. Patience and hard work will allow you to grow your credit, conquer your debt and finally have the great credit score you've always wanted.

Looking for alternative ways to improve your credit?

If you're looking for even more ways to improve your credit or are interested in giving your credit score an extra boost, check out our credit rehab savings loan and this credit card that specializes in helping individuals improve their credit.

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What is Bad Credit and How do I Fix it? | Loans Canada

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The great thing about credit is that it can be improved. If you currently have bad credit, you are not stuck with it forever. You can work to build better financial habits, pay off debts, and ultimately rebuild your credit.

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This article discusses how to address credit issues but emphasizes that "fixing" your credit is not the correct term, as it suggests an overly simple process. Instead, the article explains that "rebuilding" your credit is a more accurate term because it reflects the effort and time required to improve a poor credit score.The article also warns readers to be cautious of websites claiming they can "fix" credit scores instantly, as these are often scams. It stresses the importance of avoiding shortcuts and instead accepting the reality of a bad credit situation. Readers are encouraged to take actionable steps toward rebuilding their credit, understanding that the process takes time and dedication.                                                                                                    I chose this article because it highlights the misuse of the term "fixing," which is especially helpful for those new to credit. I also appreciated the article's emphasis on avoiding scams and false advertisements that promise quick credit fixes. This information is crucial in educating people to approach rebuilding credit responsibly and with realistic expectations.

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Your credit score can be an enormous deciding factor when it comes to qualifying for certain financial services and interest rates. However, for many Canadians, building a good credit score can seem unattainable. We're here to say otherwise.

You might think you need to spend a lot of time and effort on your credit-building strategy. And although having a low credit score could impact your ability to buy a home, get an auto loan, or qualify for a line of credit, it's not something you can't change.

Knowing how to improve your credit score is a great skill to have, especially when you have financial goals that require a good credit score, like getting approved for a business loan or a mortgage in the future.

So, let's take a look at some of the things that can lower your credit score, how to repair bad credit, and how long it takes to rebuild credit. (Spoiler alert: It can take a while.)

How Easy Is It to Lower Your Credit Score?

There are a lot of factors that credit bureaus look at when calculating your credit score.

A credit bureau compiles data on consumer creditworthiness from different sources, including banks, credit card companies, credit unions, and collection agencies. Then they pass that information to lending organizations, such as banks, when a request for credit has been made by the consumer. The lender will look at the consumer's credit score (as well as their credit history) which represents just how "creditworthy" the consumer is.

Anyone with a low credit score might feel pressured to learn how to improve their credit score fast. A higher credit score often means the difference between getting a loan and being disapproved-or even getting better terms on the loan that can make it more affordable, such as a lower interest rate.

But, how easy is it to lower your credit score? It can be as simple as:

Failing to Pay Bills on Time. If you frequently miss bill payment dates or eventually get your account sent to collections, that information will appear in your credit history-dragging down your credit score. This is one of the major factors credit bureaus look at to assess creditworthiness.

Running Too Close to Your Credit Limit. If you have a high utilization rate, it could impact your credit score. Utilization rate is the ratio of how much credit you have available compared to how much you've used. So, if you had $10,000 of available credit, and used $3,000 of it, your utilization rate would be 30%-which is considered good.

Not Using Any Credit. If you haven't been borrowing for long, that could impact your credit score all on its own simply because you're so new to the credit world, there's not much information available to determine your creditworthiness. The only real fix for this is time. The longer you spend building a good credit history-which can include having a credit card or cell phone bill in your name that you pay every single month on time-the better.

Having Many Hard Inquiries. To somewhat oversimplify it, a hard inquiry is what happens when you apply for a loan or a new credit card and the lender reaches out to the credit bureaus to check your credit report. Having many hard inquiries over a short period of time could lower your credit score.

Can You Fix Your Credit Score?

"Fixing" your credit score might not be the most accurate term. It's more like "rebuilding" your credit and improving your credit score over time.

Technically, you can't "fix" your credit information; once it's there, it's there for a while. If the information in your credit report is accurate, you cannot change or remove it from your credit report.

If the information on your credit report is inaccurate-for example, say there's a loan on your credit report that has been paid in full but is appearing as though it's in arrears-you can petition to have the error removed.

However, if you really did miss payments and it got reported to the credit bureaus, then no service can remove that information from your credit history for you.

So, can you fix your credit?

Technically, no. But you can rebuild your credit by creating a positive credit history.

Many people who have not-so-great credit scores (anything above 660 is considered "good" by most lenders) might research how to fix a bad credit score, only to get hit with a credit repair scam. These organizations often offer the impossible-saying they know how to fix bad credit instantly and remove negative information from your credit report-which can't be done.

If you've ever heard the saying, "Nothing worth having comes easy," the same can be said for building good credit. It can take some time to build, but once you have good credit, it's definitely worth maintaining.

How Long Does It Take to Rebuild Credit Following a Drop?

If you're wondering how long it takes to rebuild your credit, you're not alone. The amount of time it takes to rebuild your credit and increase your credit score depends on your credit profile, which can be very specific to each consumer.

Also, certain activities can lower your credit score more than others. For example, missing a payment or being late on a single payment won't affect your credit score as much as your account being sent to collections for multiple missed payments.

Filing for bankruptcy or a consumer proposal will also lower your credit score temporarily, but you can still rebuild it. It might take a few years to build up your credit slowly after an insolvency, but with consistent on-time payments, you can start to see some improvement.

How long does a bankruptcy take to no longer appear on your credit report? In most provinces, a bankruptcy no longer appears on your report after 6 years following the date of discharge. In New Brunswick, Ontario, Newfoundland, PEI, and Quebec, a bankruptcy will stay on a consumer's TransUnion credit report for 7 years after the date of discharge.

If you declare bankruptcy more than once, the bankruptcies will stay on your report for 14 years.

While you can engage in credit-building activities to help restore your credit, negative activity can weigh down your credit score until it finally no longer appears in your report.

The good news is that enough positive information can outweigh the impact of negative information in your report. So, even if you can't get to a "great" credit score right away, you can start rebuilding your credit immediately by creating positive credit information in your report, which will eventually lead to a good credit score with some time and effort.

How to Improve Your Credit in Canada

Wondering how to improve your credit score? There are a few different things you can do to rebuild your credit after you see a drop, including:

Check Your Credit Report for Errors.

Sometimes, information gets added to your credit report that doesn't belong there. This can be the result of errors, such as someone incorrectly reporting a missed payment when you paid on time, or someone using your information to apply for financial services (also known as fraud).

Checking your credit report for these anomalies and getting them addressed by the appropriate parties (the lender and the credit bureaus) can be a quick win in repairing a damaged credit score. But remember: You can't remove accurate information.

Build a Positive Credit History with a Secured Credit Card.

If you're having a hard time getting a loan or a new credit card because of a poor credit score, you may want to consider getting a secured credit card. These cards work a lot like other credit cards-with the exception that they're backed by a deposit (which may also determine the credit card's spending limit).

By using the card and making timely payments, you can steadily build your credit history and fill it with positive activity.

Focus on Maintaining at Least Your Minimum Monthly Payments.

Making consistent on-time payments is one of the best things you can do to both protect and boost your credit score. If you notice you're having difficulty making your monthly minimums on time, try to avoid adding to your debt.

Stop using the credit card, or whatever form of credit you're using, and focus on paying down your balances. This way, you'll also have more credit available to you (decreasing your credit utilization rate), which helps your score, too. If you find yourself with any extra cash, consider putting it towards your debts so you can clear them faster.

Consult an Accredited Credit Counsellor.

Reaching out to a not-for-profit credit counselling agency in Canada can be a great help when you need to rebuild your credit and/or get out of debt.

A certified credit counsellor can help you rebuild your credit by providing information and advice tailored to your specific situation-and their counselling services are completely free. They can even review your credit report and advise you on how to best address your debts and increase your credit score.

Get Non-Profit Help to Rebuild Your Credit

While there is no "magic wand" that will fix credit problems instantly, there are ways to start building a positive credit history today! It might take some time to see all that good work reflected in your credit score, but when you do see the results and are able to qualify for that car loan, line of credit, or mortgage, you'll know it was worth the effort!

Need help and advice on building your credit, improving your credit score, or getting out of debt? Reach out to Credit Canada today to get support!

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Credit Repair 101: How to Fix Bad Credit in Canada

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Wondering how to fix bad credit in Canada? Get the info you need to rebuild your credit score!

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Here we have another video that explains to viewers what credit scores are and identifies the range of scores that should cause concern. The presenter begins by discussing what steps to take if you are facing issues with your credit score.First, she explains how credit scores are calculated. While no one knows with 100% certainty how they are determined, she mentions that many advisors make educated guesses based on available information. She then reviews various actions that can either improve or harm your credit score.To conclude the video, she advises viewers who are struggling to pay back credit cards or loans to contact their bank or lender. She explains that reaching out can often result in a modified repayment plan, reassuring viewers that they are not alone in their credit journey and that support is available.                                  I chose this video because it not only covers credit scores in Canada but also in the United States. Since this project focuses on Canada, I thought it was a great opportunity to understand and observe any differences between the two countries' credit systems.

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This video focuses on how to boost your credit score from poor to excellent. The presenter begins by emphasizing that having a poor credit score can negatively affect your future, so improving it should be a top priority. He also clarifies that there is no quick fix—improving your credit score takes time and effort.He advises viewers to first determine their current credit score and identify the factors negatively impacting it. Next, he discusses late payments and offers tips on how to remove them from your credit report. He then addresses the issue of collections, explaining how ending up in collections can severely impact your score and what steps to take if it happens.The presenter also talks about maxing out your credit cards, explaining that it’s one of the easiest bad habits to stop. Finally, he covers the serious topics of bankruptcy and foreclosure, noting that while these are the most difficult issues to resolve, it’s important to focus on working around them rather than trying to eliminate them entirely.                                                                                                       I chose this video because it tackles more serious topics like bankruptcy and collections. These are challenges that some viewers might be struggling with, and the video provides valuable guidance on how to navigate and potentially overcome these situations.

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This video focuses on how to boost your credit score to an excellent level. It begins by showing viewers where they may stand within the credit score spectrum. The presenter then introduces and explains the three main credit categories—Sub-Prime, Prime, and Super-Prime—detailing what each category means and how individuals may be treated depending on their credit tier.Next, the video highlights how having a higher credit score can positively impact your life. The presenter provides actionable advice to help viewers increase their credit scores by discussing key factors that influence credit: paying your credit cards on time, reducing your credit utilization, maintaining a longer credit history, and managing new credit wisely. He emphasizes that consistently staying on top of these factors will help improve your credit score, while carelessness will negatively affect it.                                                I chose this video because it not only provides practical steps for improving credit scores but also includes an in-depth explanation of each factor. This thorough approach makes the video more informative and easier for viewers to understand.

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How to Get A PERFECT Credit Score For $0

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

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

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I chose this topic because I thought I knew a lot about credit scores, but after watching several videos and reading numerous articles, I realized I wasn’t as well-versed as I thought. What surprised me the most was how easily one can end up with a bad credit score if they're not careful, and how much that bad credit score can impact various aspects of life. Personally, as someone who has a credit card, this information has made me more cautious about how I spend, when I pay my bills, how many credit cards I apply for, and more.

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Provide a real-life example of how this topic is relevant or interesting

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Provide a real-life example of how this topic is relevant or interesting

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The most real-life example I could think of is actually having a credit card and watching my credit score fluctuate based on how well I manage my payments and credit utilization each month. Learning about credit scores became much easier because I could directly apply the knowledge I gained from different sources to my own life.

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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?

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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?

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The most important advice I would pass on is to avoid taking on more than you can handle. When I say this, I’m referring to having too many credit cards, which can negatively affect your credit report, missing payments, and exceeding your credit utilization limit. All of these issues can be avoided if you only take on what you can manage. If you can only afford one credit card, my advice would be to focus on using that one until you’re in a position to responsibly manage more.