In Canada, you have the right to request a free credit score and report from the country’s two primary credit bureaus: Equifax and TransUnion. The best part? Checking your credit won’t harm your credit standing. Read More
Why Does Your Credit Score Matter?
- Lower Interest Rates: A good credit score translates to lower interest rates on loans—whether it’s a mortgage, personal loan or credit card. Lenders reserve their best rates for applicants with high credit scores, ultimately reducing borrowing costs.
- Loan Approval Odds: With an improved credit score, your chances of loan approval increase. Whether you’re eyeing a mortgage, car loan or student loan, a strong credit history works in your favour.
- Utility Deposits: Utility companies often check credit scores before setting up services. A solid score may allow you to skip hefty security deposits when establishing utility accounts.
- Housing Opportunities: Landlords consider credit scores when selecting tenants. A healthy credit score enhances your prospects of securing desirable housing options.
- Premium Credit Card Rewards: Excellent credit opens doors to premium rewards credit cards. Enjoy cash back, travel points, and exclusive perks associated with higher-tier cards.
How Can You Elevate Your Score?
- Timely Payments: Pay your bills promptly.
- Credit Utilization: Keep credit card balances low.
- Diverse Credit Mix: Maintain various credit types (credit cards, loans, etc.).
- Regular Monitoring: Stay vigilant by reviewing your credit report periodically.
