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Avoid these mistakes to boost your credit score

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Avoid these mistakes to boost your credit score

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Video #1 - This video highlights mistakes to avoid when trying to increase your credit score. First is to avoid missing payments and paying late. The second mistake is having a high credit utilization and that it is best to keep your utilization rate at or under 30%. Thirdly, not having enough credit history. Fourthly, having negative public records have an impact on your credit score. Lastly, having too many credit inquires can hurt your credit because there is a hard inquiry each time on your report.

I chose this video because she goes into depth of why these factors are mistakes and the biggest contributors to your credit score.

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How to increase your CREDIT SCORE to 800 (Avoid these 5 mistakes!)

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Equifax Canada - How to Improve Your Credit Scores

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Equifax Canada - How to Improve Your Credit Scores

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Website #1 - This article by Equifax Canada highlights the basics of how to build credit. Some factors that will help improve your credit score are things like regularly checking for identity theft or fraud on your credit account, making sure debt has not gone to collections, paying bills on time, keeping credit utilization rate at or below 30%, limit applying for new accounts, and keeping old accounts open.

I chose this article because it included information that I didn't know and provided the information in a brief format while explaining why the factors helped improve your score. The information I didn't know was keeping old accounts open helps improve your credit score!

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Lenders may use one of your credit scores to help them decide whether or not to approve you for a loan. The higher the score, the greater the chance you'll be approved and receive a lower interest rate. Of course lenders often look at more than just a credit score when making decisions. Some of the additional factors that might play a role include your employment status, income and bank account balances.

There are many different credit scores used by lenders, including credit scores provided by the two credit reporting agencies - Equifax and TransUnion - and credit scores that are custom built and used by a specific lender.

If your credit scores are looking a little deflated, there are some actions you can take that can help boost your scores.

Tips to Improve your Credit Score

Review your credit reports

When looking to improve your credit scores, a good first step is to review your credit reports from both nationwide credit reporting agencies - Equifax and TransUnion. After making sure there are no inaccuracies or signs of identity theft or fraud, check to see if you have any unpaid balances or past-due accounts that have gone to collections. It's a good idea to tackle this negative information first by paying off as many outstanding debts as you can. Remember that although it's important to pay any accounts in collections, they will still remain on your Equifax credit report for a period of six years from the time they went into collections.

Pay on time

One of the best things you can do to improve your credit scores is to pay your debts on time. Payment history makes up a significant chunk of your credit scores, so it's important to avoid late payments. If you struggle with on-time payments, consider using automatic payments for your accounts or setting up alerts so you are reminded to pay.

Keep your credit utilization rate low

Your credit utilization ratio is the amount of overall credit you have compared to the balance that is reported to the credit bureau. For example, if your credit limit is $10,000 and your reported monthly balance is usually about $3,000, then your credit utilization rate is 30 per cent. It's typically best to keep your credit utilization rate at or below that amount. You can do this by spending less on credit, making more frequent (more than once-a-month) payments, or asking your credit card company for a credit limit increase.

Don't apply for too many new credit accounts all at once

Applying for new credit accounts will usually lead to a hard inquiry on your credit report, which can negatively affect credit scores for some people, particularly if you're at the lower end of the score spectrum. So, if you're hoping to improve your scores, try to limit how often you apply for new accounts. Opening a new credit account can also decrease the average age of accounts on your credit history, which is another factor used in calculating your credit scores.

Keep old accounts open

When trying to increase your score, avoid closing any old accounts that have been paid off if possible, even if you no longer use them. One of the factors in credit scores is "average age of accounts" so keeping the accounts open can help maintain the length of your credit history.

How long does it take to see changes in your credit score?

The amount of time it takes to improve a credit score varies depending on your circumstances, but it will likely require a bit of patience and won't happen right away. Some negative factors are easier to overcome than others.

For example, it may take you less time to bounce back from one late payment or a few hard inquiries than from having an account go into collections, or a consumer proposal or bankruptcy. Just remember: Improving your credit score takes effort and patience. There's no one-size-fits-all solution that will change your credit score overnight.

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If your credit scores are on the lower end, there are some actions you can take to help boost your scores and increase your chance of being approved for a loan.

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Upgrading Credit Cards to Boost Credit Score

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Upgrading Credit Cards to Boost Credit Score

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Video #2 - This video explains gradually upgrading your credit cards to build credit. This is helpful if you have no credit to start with or have a lower credit score. By starting with a starter credit card, you can build your credit with a lower limit and paying on time. Later you can upgrade to a higher limit credit card with benefits like points or cash back with no annual fee to further improve your score by having a lower utilization with your higher limit. However, I personally don't agree with opening so many accounts/credit cards in a short amount of time because that can hurt your credit score because of the amount of hard inquiries this will have on your report.

I chose this video because that is how someone I know built their credit. They had low credit and was not getting approved for credit cards so they chose to start with a starter credit card by Capital One with a low limit to pay off small daily finances. This slowly helped improve their credit rating to upgrade to a credit card with benefits.

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HERES Exactly How to Get the Best Credit Cards… #creditcard #money #creditcardtips

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Video #3 - This video goes over someone's credit journey where he shares his tips on how he improved his score. He used resources that would help him track his credit score for all major credit bureaus as well as used their suggestion tools to find a credit card that had a higher chance of approval to build and improve his credit. He also used a consultation company that helped him remove the negative remarks on his credit report which greatly boosted his credit score. He also suggested to call the credit bureau regarding the negative remarks on a credit report before paying to ensure that once it is paid off, it will be removed. It is also best to check to make sure it is not mistakenly recorded on your report as well.

I chose this video because this is someone's real story of how they improved their credit score with tips on how to tackle negative remarks recorded on your credit report.

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How I Fixed My Bad Credit Score | 2025 Credit Tips

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Video #4 - This video describes tips and strategies to build your credit score in Canada. First to pay bills on time, even if it's only the minimum. Second, check your own credit score annually to make sure there's no errors/mistakes. Thirdly, pay off old debts. Fourthly, be aware of retail credit cards and hard inquires. In addition, keeping old accounts and not closing them, having different types of credit (credit card/line of credit/mortgage), go credit shopping to get the best rate, having higher credit limits and finally setting up automatic payments.

I chose this video because it mentioned tips that other videos didn't mention. That was to have different types of credit and to set up automatic payments.

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How to Boost Your Credit Score in Canada | Quick Tips on how to start fixing your bad credit

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Government of Canada - Improving Your Credit Score

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Government of Canada - Improving Your Credit Score

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Website #2 - The Government of Canada has a great resource that provides tips on how to improve credit. It describes top 5 methods that will help improve your credit such as, monitoring payment history, using credit wisely, improving your credit history, limiting the number of credit applications and credit checks, as well as diversifying your credit. An example of monitoring payment history could be contacting your lender if you can't pay the full amount. An example of improving credit history is to keep older accounts open.

I chose this article or resource because it is directly from the Government of Canada's website that provides resources and guides on how to improve credit, pay back and understand debt, and contact information to reach out to a credit counsellor if needed.

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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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credit score; credit check; improving credit score; credit score check; how to build credit; how to improve your credit score; how to increase your credit score; how to raise credit score; how to increase my credit score; how to improve my credit score; how to build your credit score; how can i increase my credit score; how to get a better credit score; how to build a good credit score

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What affects your credit score and how to improve it.

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Website #3 - This article by RBC explains the process of building a credit score for new immigrants to Canada. It explains to first get a SIN number, use a Canadian credit card, keep borrowing under control and stay within your credit limit, repay debt on time and in full, get a postpaid cellphone plan, limiting the number of credit checks, monitoring your score, diversifying your credit portfolio, taking time to build your credit history, and to be proactive to not miss payments and making payments on time.

I chose this article because it is a good resource and guide for new immigrants coming to Canada and explains how credit works in Canada with tips on how to build credit and keep on top of it.

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Building a Strong Credit History in Canada: A Guide for Newcomers

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Understand how credit works in Canada to help you build your financial future.

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Website #4 - This article goes over how to rebuild credit in Canada if your score is low. First, it explains to check your credit report to see where you can improve. Second, it explains to pay off your debt and if you can't, to negotiate for a payment arrangement. Third, get a secured credit card to build a consistent payment history. Fourth, pay the minimum payment by the due dates to build your credit history. Fifth, adopt good financial habits by developing smart spending and saving habits to rebuild your credit score. Lastly, to take the time to rebuild credit and to have the financial discipline to improve.

I chose this article because it describes methods on how to rebuild credit if your score is low or if you have filed for bankruptcy.

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If your credit is down, here are 5 steps you can take to rebuild your credit score and keep it strong.

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Introduction to Strategies to Improve Credit 

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Introduction to Strategies to Improve Credit 

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I will be talking about different strategies and tips on how to improve your credit score whether you are rebuilding your credit from bankruptcy, improving your credit from a low credit score, or building credit from scratch. I will be providing four video and four website resources where each one has a slightly different approach to this topic with a written summary below each one with one reason why I chose the resource. I will also provide two photos regarding improving credit scores as well as a reflection area that answers a few questions regarding what I've learned, why this topic interests me, and what I can teach someone around me.

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This infograph shows the top factors that affect your credit score. The top 3 factors include payment history at 35%, amount owed (debt) at 30%, and length of credit history at 15%. New credit and types of credit in use only make up 10% each.

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This infograph shows the credit scores with a brief description of what each range means. It shows that "Excellent" is a score of 760+ where you have very good chances of approval rates whereas "Poor" is a score of 300-559 and your approval rates are very low and is difficult to get approved for any loan or credit product.

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

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

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One fact that surprised me the most was to keep old accounts open to improve your credit score. I didn't know that keeping old accounts open could help and I thought closing the accounts was better. This explains why my credit dropped when I finished paying off my student loans and car loan!

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

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

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This topic is interesting to me because I have peers around me who struggle with their credit score and I would like to learn more to help them. I've been fortunate enough to have a good credit score because I was taught finances at an early age and my parents taught me how to use a credit card and how important it is to pay off at least the minimum each month. I remember once I had a very teachable moment that stayed with me until now when I forgot to pay the minimum payment on my Dad's credit card (he was teaching me how to pay credit cards and how online banking worked). He was upset, and rightfully so. At the time I didn't understand, but now that I'm older and using my own credit cards, I've never missed a payment because that moment stuck with me for 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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I think the most important factors to consider when handling credit and improving credit scores is to never miss a payment, and to only spend on your credit card what you can afford in your bank account. Never spend money you don't have. It's also a good habit to pay your credit card in full each month before the due date if you are financially able to.