{"id":37964,"date":"2021-10-14T14:35:00","date_gmt":"2021-10-14T18:35:00","guid":{"rendered":"https:\/\/env-hardbacon-dev.kinsta.cloud\/?p=37964"},"modified":"2022-04-13T12:22:07","modified_gmt":"2022-04-13T16:22:07","slug":"what-is-a-credit-score-the-complete-guide-for-canadians","status":"publish","type":"post","link":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/","title":{"rendered":"What is a Credit Score? The Complete Guide For Canadians"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Need to increase your credit score in Canada? First, you need to understand how a credit score works. So, what is a credit score? Basically, it\u2019s a 3 digit number that stands between you and other people\u2019s money. When you apply for a loan, you are asking to borrow money that doesn\u2019t belong to you. A loan is an investment, and every investment comes with risk. Investors trust lenders to assess risk before lending out their hard-earned bacon to strangers. Lenders are basically bouncers,\u00a0 deciding who can or can\u2019t access money, how much they can access, and the interest rate. Below is everything you need to understand so you can increase your credit score in Canada<\/span><\/p>\r\n\r\n\r\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1 uagb-toc__collapse uagb-block-0a2f03ba\"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"2\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\tSummary\t\t\t\t\t\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewbox= \"0 0 384 512\"><path d=\"M192 384c-8.188 0-16.38-3.125-22.62-9.375l-160-160c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L192 306.8l137.4-137.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-160 160C208.4 380.9 200.2 384 192 384z\"><\/path><\/svg>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap\">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#what-is-a-credit-score\">What is a credit score?<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#why-is-your-credit-score-important\">Why is your credit score important?<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#credit-score-numbers-what-do-they-mean\">Credit score numbers: what do they mean?<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#excellent-credit-score-800-900\">Excellent Credit Score (800-900)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#very-good-credit-score-740-799\">Very Good Credit Score (740-799)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#good-credit-score-670-739\">Good Credit Score (670-739)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#fair-credit-score-580-669\">Fair Credit Score (580-669)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#poor-credit-score-300-579\">Poor Credit Score (300-579)<\/a><\/li><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#what-is-a-credit-report\">What is a credit report?<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#credit-reporting-agencies-in-canada\">Credit reporting agencies in Canada<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#how-is-your-credit-score-calculated\">How is your credit score calculated?<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#payment-history-35\">Payment history (35%)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#credit-utilization-30\">Credit utilization (30%)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#age-of-credit-15\">Age of credit (15%)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#inquiries-10\">Inquiries (10%)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#public-records-10\">Public records (10%)<\/a><\/li><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#what-else-is-on-your-credit-report\">What else is on your credit report?<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#borrowing-information\">Borrowing information<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#personal-information\">Personal information<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#other-financial-information\">Other financial information<\/a><\/li><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#credit-score-vs-credit-rating-whats-the-difference\">Credit score vs. credit rating: what&#039;s the difference?<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#how-to-increase-your-credit-score-in-canada\">How to increase your credit score in Canada<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#check-your-credit-report-for-errors\">Check your credit report for errors<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#never-miss-a-payment\">Never miss a payment<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#pay-off-your-credit-card-balance\">Pay off your credit card balance<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#keep-your-credit-cards-balances-low\">Keep your credit cards balances low<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#pay-off-bad-debt\">Pay off bad debt<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#diversify-your-debt\">Diversify your debt<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#dont-close-your-old-credit-accounts\">Don\u2019t close your old credit accounts<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#avoid-opening-new-credit-accounts\">Avoid opening new credit accounts<\/a><\/li><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#credit-score-final-thoughts\">Credit score: final thoughts<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#frequently-asked-questions\">Frequently Asked Questions<\/a><\/li><\/ul><\/ul><\/ul><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">What is a credit score?<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">A credit score is a number on a scale of 300 to 900. It tells potential lenders how well you manage debt and credit; money that doesn\u2019t belong to you. The higher the score, the better you are at repaying your debts. The lower the score, the less likely you are to repay your debts. The only way you can increase your credit score in Canada is through your behaviour and demonstrating that you can manage your payments.\u00a0\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Lenders use credit scores to determine how risky you are as a borrower; they need to know if you\u2019re going to pay them back or disappear with their cash.\u00a0 A credit score helps them decide if you are trustworthy enough to lend money to.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">A great credit score can unlock higher lending amounts, lower interest rates and more favourable loan terms. It even influences your insurance premiums in many provinces. Poor credit scores do the opposite.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Lower than average scores limit how much money lenders will advance to you, and you\u2019ll get charged higher interest rates too. If your credit score is very poor, you could be denied credit altogether.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">Why is your credit score important?<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Nowadays, you need to have good credit for pretty much everything. Need a cell phone plan or want to apply for an apartment? Your credit score will influence your success. As previously mentioned, insurance providers are starting to use credit scores to help determine the cost of premiums, and even some employers require a credit check before they\u2019ll consider hiring you. Have you been having a hard time finding a job? You may need to increase your credit score.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Most people don\u2019t have enough money to pay cash for a new car, a Bachelor of Arts Degree, or a new house. We all need to borrow money at some point in our lives. Your credit score is incredibly important because it dictates whether or not you can borrow money when you need it, how much you can borrow, and the interest rate.<\/span><\/p>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">Credit score numbers: what do they mean?<\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Credit scores fall into 5 basic risk categories. Each risk category affects your approval, interest rate, terms, products and whether or not you\u2019ll get any kind of special perks like cash back rewards or Air Miles. Let\u2019s take a look:<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Excellent Credit Score (800-900)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Congratulations! You\u2019ve got moves like Jagger.\u00a0 It\u2019s not easy to break across that 800 point threshold. In fact, in a span of five years, I only saw a perfect 900 point credit score three times!\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">It takes a lot of hard work and discipline to get here. You\u2019ve never missed a payment, you pay off your credit card balances in full each month, and you only apply for credit when it makes sense.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">This credit score range unlocks quick, sometimes instant, loan approvals. You\u2019ll enjoy the lowest possible interest rates and access to exclusive credit products like top-shelf credit cards with lucrative points and cash back rewards.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Very Good Credit Score (740-799)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Great job! You\u2019ve managed your debt very well and built a credit score to be proud of. You\u2019re financially literate and you manage your personal finances well. You only apply for credit when you really need it. You hardly ever miss a payment and your credit card balances are probably quite low.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">In this credit score range, you won\u2019t be turned down for credit. Your hard work and debt management skills have unlocked lower interest rates and premium credit card rewards. You may not get that coveted <\/span><a href=\"https:\/\/env-hardbacon-dev.kinsta.cloud\/fr\/aff\/business-platinum-credit-card-american-express-canada\/\" rel=\"sponsored noopener\" data-lasso-id=\"9263\" target=\"_blank\" data-lasso-name=\"Business Platinum Credit Card | American Express\"><span style=\"font-weight: 400;\">Business Platinum Card from American Express<\/span><\/a><span style=\"font-weight: 400;\">, but you still get access to premium products at lower rates with better rewards.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Good Credit Score (670-739)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Well done, young grasshopper! You have good credit. Sure, it could be better. But you\u2019re still ahead of the average Canadian credit score. You\u2019ve probably missed a payment here and there. Maybe that credit card you forgot about was sent to collections.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Or maybe you\u2019ve never missed a payment or defaulted, but you\u2019re simply carrying higher balances on your credit cards month over month. You\u2019ve made some mistakes, but nothing you can\u2019t bounce back from.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Credit scores in this range will generally not have a problem getting approved for lending. However, you might experience higher interest rates and possibly lower lending amounts. Your mistakes aren\u2019t catastrophic. Lenders will still approve your application but they\u2019ll probably give you a standard rate, or slightly higher, just in case the past repeats itself.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Fair Credit Score (580-669)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Unfortunately, your credit score is below that of the average Canadian. You\u2019ll find it difficult to get approved for lending at a traditional bank or credit union. You\u2019ve likely missed quite a few payments or all your credit cards are maxed out, or a mix of both. And you for sure have some bad debt sitting in collections.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The good news is that there are still lending products available to you, but you\u2019ll be charged much higher interest rates. You may even be asked to secure a loan with some collateral or a co-signer. Also, you probably no longer qualify for more lucrative rewards credit cards and may have to settle for basic credit card products.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If you are new to credit, like students and <\/span><a href=\"\/?p=39490\" data-lasso-id=\"9264\"><span style=\"font-weight: 400;\">new Canadian immigrants<\/span><\/a><span style=\"font-weight: 400;\">, your credit score is 0. But it will fall into this category after you open your first credit account. That\u2019s OK and perfectly normal. Lenders understand this and have special<a href=\"\/?p=37331&_thumbnail_id=37329\" data-lasso-id=\"9265\"> credit cards for beginners<\/a> just like you. In time, you\u2019ll be able to qualify for better credit products at lower interest rates.<\/span> You'll need to increase your credit score if you want to access traditional lenders and better terms.<\/p>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Poor Credit Score (300-579)<\/span><\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Oh, dear. Looks like you\u2019ve had a rough time and life handed you a bag of lemons. You\u2019ve missed a lot of payments. Your lenders have charged off a few of your accounts or sent them to collection agencies. And your credit cards are probably charged up over their limits.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">You\u2019ve gone through a <\/span><a href=\"\/?p=19945\" data-lasso-id=\"9266\"><span style=\"font-weight: 400;\">bankruptcy or consumer proposal<\/span><\/a><span style=\"font-weight: 400;\"> in the past, going through it now,\u00a0 or on your way there. You\u2019re not a bad person, but some bad stuff happened to you, like a job loss or divorce. At this point, the major banks and credit unions won\u2019t lend to you.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">You probably can\u2019t open any new credit cards and may be forced to use a <\/span><a href=\"\/?p=35465\" rel=\"sponsored\" data-lasso-id=\"9267\"><span style=\"font-weight: 400;\">secured credit card<\/span><\/a><span style=\"font-weight: 400;\">, like <\/span><a href=\"https:\/\/api.fintelconnect.com\/t\/l\/6075076855e9a3001d83074a\" rel=\"sponsored\" data-lasso-id=\"9268\"><span style=\"font-weight: 400;\">Plastk<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/api.hardbacon.ca\/comparators\/direct\/credit-cards\/5f6a062dba713057455d88f2\/fr\" rel=\"sponsored\" data-lasso-id=\"9269\"><span style=\"font-weight: 400;\">Refresh<\/span><\/a><span style=\"font-weight: 400;\">,\u00a0 instead.\u00a0 But don\u2019t despair. You can come back from this. It will just take time and discipline to increase your credit score. If you need access to credit, you\u2019ll need to go through a private subprime lender. You may also need to secure your loan with collateral or be asked for a co-signer to guarantee your loan.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">What is a credit report?<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit score says a lot about your character, at least when it comes to how you handle debt. But it\u2019s not like you walk around with a credit score card in your wallet. So how do lenders know what your credit score is? Where do they get that information?\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">They get it from both your credit report and your application. Your credit report is a file that summarizes your history using credit; called a credit history. Every time you apply for a loan or other credit product, it\u2019s documented in your credit file and stays in your file for up to 7 years. When you open a credit account, like a credit card or car loan, your lender will send information about you and that debt to a credit reporting agency.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Credit reporting agencies document all your credit items, analyze how you manage them and then use that information to rate you on a scale of 300 to 900; your credit score. But who are these credit reporting agencies and how do they calculate your credit score?<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">Credit reporting agencies in Canada<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Lenders submit information about new borrowers to credit reporting agencies. They also request credit reports from these agencies to assess the creditworthiness of potential borrowers. If there are changes to an existing credit account, like paying it off or closing it, that gets documented too and stays on your credit report for up to 7 years. There are two major credit reporting agencies in Canada, known as credit bureaus. They are:<\/span><\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>Equifax<\/li>\r\n<li>TransUnion<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Technically, there are three credit reporting agencies; the third one is Experian. However, the vast majority of Canadian lenders use either <\/span><span style=\"font-weight: 400;\">Equifax or <a href=\"https:\/\/www.tkqlhce.com\/click-100374202-12907227\" data-lasso-id=\"9270\">TransUnion<\/a><\/span><span style=\"font-weight: 400;\">. All three credit bureaus collect personal information about you from your lenders. Also, each lender sends in a monthly report to the credit bureaus about how you\u2019re managing the credit that particular lender gave you.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The credit bureaus store this information in a database, analyze how you use credit, then assign you a credit score based on your borrowing history and behaviour. They also share this information with lenders every time you apply for new credit or refinance existing credit, like your mortgage. So how do these credit bureaus calculate your credit score? Let\u2019s take a<\/span><span style=\"font-weight: 400;\"> look.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">How is your credit score calculated?<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit score is based on the information your creditors share with the credit reporting agencies, known as bureaus. Each bureau is a privately owned and operated entity. They each use their own specific formulas and algorithms to analyze the information on your credit report to calculate your credit score.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">While your credit score may differ between the credit bureaus, they all use the following components as part of their credit score calculation process, and each component is similarly weighted in your credit score by both bureaus:<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Payment history (35%)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your payment history is the most important part of your credit score. Your repayment behaviour makes up 35% of your total credit score. Why? Because it\u2019s the number one indicator that tells lenders whether or not you will pay them back.\u00a0\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If you have a spotless repayment history, lenders have peace of mind that you will pay your loan as agreed. It is unlikely they will have to call you looking for your payment, or send your account to a collection agency.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Credit utilization (30%)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The second most important part of your credit score is your credit utilization ratio. It measures how much money you have access to from credit cards and lines of credit, versus how much of that money you have already spent. Your credit utilization ratio accounts for 30% of your credit score.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Those with a low credit utilization ratio are either carrying very low balances on their credit cards and lines of credit, or they don\u2019t carry balances at all. Those with a high credit utilization ratio are carrying balances.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The more you owe on your credit cards and lines of credit, the riskier you become to lenders. It is a red flag that you may be using credit to supplement your income, or that you have trouble managing your money.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Age of credit (15%)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The third most important part of your credit score is the overall age of your credit file and your individual credit accounts. When lenders check your credit file, they\u2019re looking at your history managing debt.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The older your file is, the more insight lenders have about your borrowing behaviour. If you are new to credit you will naturally have a lower score. That\u2019s because there isn\u2019t enough history or information to accurately assess how well you manage your debt over time.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If you are a student or new to Canada, you can start building your credit history right away with special <\/span><a href=\"\/?p=37331&_thumbnail_id=37329\" data-lasso-id=\"9271\"><span style=\"font-weight: 400;\">credit cards for beginners<\/span><\/a><span style=\"font-weight: 400;\">. Many lenders offer credit products for those just starting out on their credit journey.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Inquiries (10%)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Every time you apply for credit your potential lender will \u201cpull\u201d or \u201ccheck\u201d your credit. That means they\u2019ve requested a copy of your credit report from Equifax or TransUnion, and that request is recorded on your report as an inquiry. There are two types of credit checks:<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\"><strong>Soft:<\/strong> Soft credit checks do not affect your score because they are not directly related to new credit, such as when an employer checks your credit, or when you check it yourself. You can check your own credit report as many times as you want without affecting your credit score through a free app like <\/span><a href=\"https:\/\/borrowell.com\/free-credit-score?utm_source=hardbacon&utm_medium=referral&utm_campaign=hardbacon_2021_fcs&utm_content=freecreditscore\" target=\"_blank\" rel=\"sponsored noopener\" data-lasso-id=\"9272\"><span style=\"font-weight: 400;\">Borrowell<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\"><strong>Hard:<\/strong> Hard credit checks happen every time you apply for credit and they affect your credit score, but only temporarily. The lower your credit score to begin with, the more it will impact your score.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If your credit score is average or better, it may drop a few points but should rebound the following month as long as you make your debt payments on time and in full. If you have several hard credit checks in a short period of time, it signals that you are desperate for credit. The scoring algorithm considers this very risky behaviour and your credit score will drop significantly.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Hard credit checks require your consent in every province and territory in Canada except for three: Nova Scotia, PEI, and Saskatchewan. In these provinces, they only need to notify you about a credit check, they do not need your permission to check it.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Public records (10%)<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">On your credit file, a public record indicates if you have any debts with a collection agency. It also shows potential lenders if any other creditors have pursued you in court for unpaid debts, or if you have experienced a bankruptcy or consumer proposal.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit report may even show if Canada Revenue Agency (CRA) has ever legally pursued you for unpaid income taxes. It can even reveal if you have past due speeding tickets or if you are in default of child support payments.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">What else is on your credit report?<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Since your credit report contains information about your borrowing history, it goes without saying that it has a lot of financial information about you. But there may be things on your credit report you might not be aware of. Let\u2019s take a look at what can show up on your credit report:<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\"><strong>Borrowing information<\/strong><\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit report will display information about your credit products, and all your borrowing activity for the last 7 years, which includes:\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li><span style=\"font-weight: 400;\">The type of credit product such as a credit card, line of credit, installment loan, etc.\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Date the credit account was opened\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Balance owing<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">The minimum monthly payment amount<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Payment history and behaviour\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Number of payments made to date<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Status of your credit account<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lender notes such as if a credit account is part of a credit counselling program<\/span><\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3>Personal information<\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Lenders and financial institutions have certain reporting regulations they need to follow in order to protect consumers from fraud and identity theft, commonly referred to as \u201cknow your customer\u201d information (KYC).\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit report contains personal information about you to ensure lenders have the correct credit file and to ensure they are funding legitimate loans to genuine borrowers. On your credit report, you can expect to see your:\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li><span style=\"font-weight: 400;\">Social Insurance Number\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Your full legal name\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Date of birth\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Legal and \/or civic address<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Previous addresses<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Past and present employer\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Past and present job title<\/span><\/span><\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3>Other financial information<\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit report may also contain other financial information that may not be directly related to debt or credit. Other things that can appear on your credit report and affect your credit score are:\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li><span style=\"font-weight: 400;\">Cell phone and cable accounts\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Utility accounts<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Fraud alerts<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Identity verification requests<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Notes from the consumer\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Registered debts such as a lien on a vehicle or a mortgage<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Inquiries from other lenders\u00a0<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Court judgements for things like unpaid speeding tickets, income taxes, child support, etc<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Court judgements from civil lawsuits over monies owed<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Chequing or savings accounts closed for cause, such as unpaid overdraft or fraud<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Credit accounts sent to a collection agency<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bankruptcies, consumer proposals or credit counselling Programs<\/span><\/span><\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2>Credit score vs. credit rating: what's the difference?<\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit score is an aggregate assessment based on all the information, as a whole, within your credit report. Your credit rating, however,\u00a0 is very different but just as important to lenders.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Each individual credit account within your credit report, called a tradeline, is assigned its own individual risk rating, known as a credit rating. Your credit rating is a score on how well you have managed that particular credit account.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Credit ratings fall on a scale of 0 to 9. Unlike your credit score, the lower the credit rating the better; 1 is the best and 9 is the worst. A 0 credit rating simply means that the credit account or tradeline is too new to rate.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">For example, if you have a car loan and you\u2019ve made every single payment on time and in full, the credit rating for that account would be an R1. That\u2019s an excellent credit rating!<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">On the other hand, if you missed 2 or 3 payments or one of your payments was 60 days late or more, the credit rating on your car loan tradeline would increase to an R3. That\u2019s not a great rating.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If you default on your car loan and your lender has to repossess the vehicle, your credit rating would increase further to an R8. That\u2019s a terrible credit rating.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If the balance of your car loan account was sent to collections, or you went bankrupt, you would receive the highest crediting; R9. That\u2019s the worst possible credit rating.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If you need help keeping things straight, think of it this way:\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">A credit score is like a grade on a test. The higher the credit score the better you are at managing credit. A high credit score is good.\u00a0<\/span><span style=\"font-weight: 400;\">A credit rating is like a Top 10 List or an NHL ranking. The higher the credit rating, the higher the risk of defaulting. A high credit rating is bad. You want to be Number 1.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Naturally, individual credit accounts, called tradelines, with bad credit ratings will drag down your entire credit score. That\u2019s because the rating system is based on the account status and payment history. And your payment history makes up 35% of your credit score. <\/span><span style=\"font-weight: 400;\">If your payments are late, you miss them entirely, or have items sent to collections, those things are accounted for in your payment history which directly affects your credit score.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">How to increase your credit score in Canada<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Building a good credit score can be a daunting task if you\u2019re new to credit. But trying to<\/span><span style=\"font-weight: 400;\"> repair damaged credit<\/span><span style=\"font-weight: 400;\"> is even harder. If you\u2019re brand new to credit your credit score will naturally be lower simply because lenders don\u2019t have a long history to draw from.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">It doesn't matter if you\u2019re new to credit or if your credit score has taken a beating over time, there are easy ways to get yourself back on track. No matter your situation, a little hard work, discipline and patience will get you exactly where you need to be. Let\u2019s take a look at the easiest ways to increase your credit score in Canada:<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Check your credit report for errors<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">We talked about how your credit score is based on the information in your credit report. And that information is submitted to the credit bureaus by lenders. Well, lenders aren\u2019t robots. They\u2019re real-life human beings, and humans make mistakes.<\/span><\/p>\r\n\r\n\r\n\r\n<p>If you want to increase your credit score<span style=\"font-weight: 400;\">, the first thing you should do is request a copy of your credit report to make sure there are no errors or inaccuracies. There could be something on there damaging your credit score that isn\u2019t even your fault.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Never miss a payment<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">In case you missed it earlier in the article, your payment history has the biggest impact on your credit score. The most critical part of managing credit is to make every single payment on time and in full. One missed payment could cost you up to 150 points off your credit score.<\/span><\/p>\r\n\r\n\r\n\r\n<p>Start by using the <a href=\"\/?page_id=11316\" data-lasso-id=\"9273\">Harbacon budgeting app<\/a> to keep track of your income and expenses. Then set up automatic bill payments to come out of your account on your paydays. You'll have peace of mind knowing all your bills will be paid automatically when there's money in the account so you never miss a payment.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Pay off your credit card balance<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 28px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The easiest way to increase your credit score is to use a credit card. If you\u2019re new to credit, there are tons of credit cards designed just for you. If your credit is damaged, a secured card, like <\/span><a href=\"https:\/\/api.fintelconnect.com\/t\/l\/6075076855e9a3001d83074a\" rel=\"sponsored\" data-lasso-id=\"9274\"><span style=\"font-weight: 400;\">Plastk<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/api.hardbacon.ca\/comparators\/direct\/credit-cards\/5f6a062dba713057455d88f2\/fr\" rel=\"sponsored\" data-lasso-id=\"9275\"><span style=\"font-weight: 400;\">Refresh<\/span><\/a><span style=\"font-weight: 400;\">, will help you take back control.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Make sure you pay your balance off in full every month before the due date. This method keeps your credit utilization ratio low, which accounts for 30% of your score, and the activity will count towards a positive payment history. You won\u2019t go into debt or pay interest either.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Do you want to avoid credit cards because they got you into this mess in the first place? No worries, you can still increase your credit score with a <\/span><a href=\"https:\/\/refreshfinancial.ca\/credit-building\/?referid=HardBacon&webform=HardBacon&utm_campaign=Partner&utm_medium=Referral&utm_source=HardBacon\" rel=\"sponsored\" data-lasso-id=\"9276\"><span style=\"font-weight: 400;\">Credit Builder Loan from Refresh Financial.<\/span><\/a><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Keep your credit cards balances low<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Sometimes the inevitable happens, like a flat tire or emergency root canal, and you have no choice but to charge it to your credit card and carry a balance for a while. Just make sure you never carry a balance of more than 30% of your credit card limit.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">That means if you have a $1,500 credit card you never want to carry a balance over $500. Once you exceed that 30% threshold it starts to damage your credit score. Charging your credit card to the max, or higher, starts to hurt your credit score as much as a missed payment.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Pay off bad debt<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">If you have any items in collections, you need to pay them now. Do not pass go, do not collect $200, unless you\u2019re going to use that money to pay off your collections. Stop ignoring calls from collection agencies. Pick up the phone and deal with your debt. Missed payments drag down your credit score, but collections and judgments will beat it to a pulp.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Most collection agencies will either work out a payment plan with you or settle for a reduced balance owing. Whichever route you take, make sure you get the agreement in writing and provide proof of payment to the collection agency. Keep copies of the agreement and deposit receipts for your records.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Diversify your debt<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Equifax and TransUnion use different scoring models and algorithms, but they both take into account the different types of credit products you have on your credit file. It\u2019s hard to say exactly how much diversifying your debt impacts your credit score, but it\u2019s roughly 10%. Examples of diversified debt include:<\/span><\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li><span style=\"font-weight: 400;\">Personal Loans<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Car loans<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Credit Cards<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\">Mortgages<\/span><\/li>\r\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lines of Credit<\/span><\/span><\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Potential lenders like to see that you have experience handling different types of credit products that come with different structures, repayment requirements and interest rates.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Don\u2019t close your old credit accounts<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Part of your credit score is calculated by the age of your credit report and the age of the individual credit accounts you have in your report. If you have old credit cards or lines of credit you don\u2019t use, resist the urge to close them. As long as you keep them open, they will positively impact your credit score as they age.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\"><br \/>Use that old credit card or line of credit once or twice a year to keep it active, then pay the balance off in full. If you\u2019re worried about fraud on an account you don\u2019t use often, you can use Borrowell to monitor your credit report for free.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3><span style=\"font-weight: 400;\">Avoid opening new credit accounts<\/span><\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Now that you know how credit utilization works, you might be eager to open a bunch of credit cards thinking it will give your score a boost. Please don\u2019t. Resist the urge to open new credit accounts, at least in a short period of time.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Every hard credit check will impact your score to some degree. But if you apply for a lot of credit in a short period of time, it\u2019s like pulling out the wrong Jenga piece and your score will tumble. Try not to open new credit accounts more than a few times a year, and make sure you wait at least a few months between credit checks.<\/span><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 48px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><span style=\"font-weight: 400;\">Credit score: final thoughts<\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Remember, on the other side of a loan is an investor. Someone you don\u2019t know is taking a chance lending their bacon to you. Investing is risky, especially in the credit and lending industry. Lenders need a system to assess risk as accurately as possible. So they use the credit score system to protect investor money by lending to people who are the most likely to pay it back as agreed.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Your credit score is not a personal attack on your character, although it feels like it at times. It simply means that whatever borrowing behaviour you have demonstrated in the past, you are likely to repeat again in the future. Your credit score also picks up on red flags in your credit report that could signal financial distress coming down the pipe.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">But there\u2019s good news. Your credit score is constantly changing. If you have bad credit now, you are not doomed to pay crazy interest rates forever. The more you understand how your credit score works, the more empowered you are to take back control of your credit and quickly increase your credit score. If you\u2019re new to credit, the most important thing you need before any journey is knowledge. Now that you have it, you\u2019re well on your way to building excellent credit and <\/span><a href=\"\/?p=23127\" data-lasso-id=\"9277\"><span style=\"font-weight: 400;\">financial independence.<\/span><\/a><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 50px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2>Frequently Asked Questions<\/h2>\r\n\r\n\r\n\r\n<div class=\"schema-faq wp-block-yoast-faq-block\">\r\n<div id=\"faq-question-1642103444399\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Are your late payments systematically displayed on the credit report?<br \/><\/strong>\r\n<p class=\"schema-faq-answer\">Over a relatively short period of time, exceeding your payment due date is not necessarily going to result in a bad credit rating. I am far from \u200b\u200bencouraging budget laziness, but a very slight delay on a credit card or a mobile phone account is no reason to sleep badly at night.<br \/><br \/>If you missed a payment that is only a few days past due, it is very unlikely that the delay is already listed in your Equifax and TransUnion records. Although it is not explicitly mentioned, most lenders and providers allow additional time before notifying a delay with the credit rating agencies.<br \/><br \/>Be careful though. These small delays could harm you in the eyes of the organization with which you\u2019re doing business; for example should you seek a limit increase or a reduced interest rate.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1642103497231\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Does a cheque with insufficient funds impact your credit score?<br \/><\/strong>\r\n<p class=\"schema-faq-answer\">In addition to being a great way to lose friends and sympathy from your financial institution, a bad cheque may appear on your credit report. So yes, insufficient funds can hurt credit!<br \/><br \/>Otherwise, transactions made through the bank account and credit card are not listed on your credit report. Whether you spend all of your pay at the casino or on donations to support sick children, the credit bureaus don't care. As long as you pay your bills on time!<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1642103535879\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Does your score drop when your credit report is consulted?<br \/><\/strong>\r\n<p class=\"schema-faq-answer\">I don't recommend it, but if you want to use a <a href=\"https:\/\/www.smartcredit.com\/check-credit-score.htm\" rel=\"nofollow\" data-lasso-id=\"9278\">credit score checker<\/a> daily, indulge yourself! Soft inquiries, that is, requests that are not submitted as part of a financing request, have no impact on your credit score.<br \/><br \/>But &#8220;hard inquiries&#8221; can have a negative impact on your score. The logic is simple: a person who has multiple requests for financing over a short period of time sends worrying signals about their financial health.<br \/><br \/>So if you're shopping for a mortgage, now is not the time to go for all the credit card offers that come your way.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1642103581250\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Does bankruptcy reset the counter to zero on your credit report?<br \/><\/strong>\r\n<p class=\"schema-faq-answer\">Bankruptcy allows you to protect yourself from your creditors and start anew (in a way), but Equifax and TransUnion have long memories (7 years to be precise). Will you have to wait 7 years before you can borrow again? Not likely. For example, a high-income person will usually regain access to credit well before the end of their financial \u201cpurgatory\u201d.\u00a0But let's be frank. If you've declared bankruptcy recently, getting financing may not be what you need right now. Rather, it is an opportunity to reconnect with better consumption habits.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1642103742234\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Can I obtain my credit rating for free?<br \/><\/strong>\r\n<p class=\"schema-faq-answer\">In Canada, you have the right to order your Equifax or TransUnion file free of charge once a year. You can also use the free services of <a href=\"https:\/\/api.hardbacon.ca\/comparators\/direct\/credit-cards\/5f6a062dba713057455d88f2\/fr\" data-lasso-id=\"9279\">Borrowell<\/a> and Credit Karma for partial access to information in your file.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1642103798021\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Who has the right to consult your credit report?<br \/><\/strong>\r\n<p class=\"schema-faq-answer\">In practice, almost anyone can view your credit report. This is of course provided that you give them permission. It's not just lenders who care about your score, but many landlords and employers are also curious about the bottom line of your financial life.\u00a0You can question the relevance for an employer to scrutinize your payment habits, but it remains a common practice.<br \/><br \/>So should you be worried if a potential employer requests a credit file check as part of the hiring process?<br \/>I highly doubt that anyone has lost job opportunity due to a 2-month delay from 2016 or has a debt ratio that is a tad too high. Employers generally use the credit report as a final \u201cdisaster check\u201d. <br \/><br \/>In other words, their main objective is to confirm that your financial management is not so problematic as to cast doubt on the qualities you have demonstrated in an interview. If you are really worried that the state of your credit report may affect your chances, it is best to let the employer know in order to put things into context.\u00a0But don't be fooled! No employer will openly admit that your bad credit meant that you weren't selected for the job.<\/p>\r\n<\/div>\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Need to increase your credit score in Canada? First, you need to understand how a credit score works. So, what is a&#8230;<\/p>\n","protected":false},"author":171,"featured_media":37965,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":""},"categories":[525,774,771,773],"tags":[],"acf":[],"nelio_content":{"isAutoShareEnabled":true,"autoShareEndMode":"default","automationSources":{"useContentSentences":true,"useSocialTemplates":true,"useCustomSentences":false,"customSentences":[]},"followers":[],"suggestedReferences":[],"includedReferences":[],"efiUrl":"","efiAlt":"","highlights":[]},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.2.1 (Yoast SEO v19.14) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a Credit Score? The Complete Guide For Canadians | Hardbacon<\/title>\n<meta name=\"description\" content=\"What is a credit score and how is it calculated? We\u2019ve got everything you need to know about your credit score in Canada.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Credit Score? The Complete Guide For Canadians\" \/>\n<meta property=\"og:description\" content=\"What is a credit score and how is it calculated? We\u2019ve got everything you need to know about your credit score in Canada.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/\" \/>\n<meta property=\"og:site_name\" content=\"Hardbacon\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hardbaconca\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-14T18:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-13T16:22:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1640\" \/>\n\t<meta property=\"og:image:height\" content=\"924\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Heidi Unrau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@hardbaconca\" \/>\n<meta name=\"twitter:site\" content=\"@hardbaconca\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Heidi Unrau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"23 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What is a Credit Score? The Complete Guide For Canadians | Hardbacon","description":"What is a credit score and how is it calculated? We\u2019ve got everything you need to know about your credit score in Canada.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"What is a Credit Score? The Complete Guide For Canadians","og_description":"What is a credit score and how is it calculated? We\u2019ve got everything you need to know about your credit score in Canada.","og_url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/","og_site_name":"Hardbacon","article_publisher":"https:\/\/www.facebook.com\/hardbaconca","article_published_time":"2021-10-14T18:35:00+00:00","article_modified_time":"2022-04-13T16:22:07+00:00","og_image":[{"width":1640,"height":924,"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11.png","type":"image\/png"}],"author":"Heidi Unrau","twitter_card":"summary_large_image","twitter_creator":"@hardbaconca","twitter_site":"@hardbaconca","twitter_misc":{"Written by":"Heidi Unrau","Est. reading time":"23 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#article","isPartOf":{"@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/"},"author":{"name":"Heidi Unrau","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/#\/schema\/person\/a193b5f74b2d637892e825654928c263"},"headline":"What is a Credit Score? The Complete Guide For Canadians","datePublished":"2021-10-14T18:35:00+00:00","dateModified":"2022-04-13T16:22:07+00:00","mainEntityOfPage":{"@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/"},"wordCount":5163,"publisher":{"@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/#organization"},"articleSection":["Credit score","Equifax Credit Score","Improve Credit Score","Transunion Credit Score"],"inLanguage":"en-CA"},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/","url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/","name":"What is a Credit Score? 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She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she got her first bank job as an entry-level teller. She moved up the ranks to Credit Analyst, Loans Officer, and now a Personal Finance Writer. In her spare time, you'll find her hiding in the car listening to Freakonomics podcasts, or binge-watching financial crime documentaries with a pint of H\u00e4agen-Dazs. When she's not chasing after her two little boys, she's in the hot tub or arguing with her husband over which cash back card to use for date night. She\u2019s addicted to coffee, crypto, and obsessively checking her credit score on Borrowell. Fun Fact: Heidi has lived in five different provinces across Canada, loves her free Tangerine bank account, and will never cut back on Starbucks. Like ever.","sameAs":["emartz2016@gmail.com"],"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/author\/heidi-middleton\/"},{"@type":"Question","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103444399","position":1,"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103444399","name":"Are your late payments systematically displayed on the credit report?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Over a relatively short period of time, exceeding your payment due date is not necessarily going to result in a bad credit rating. I am far from \u200b\u200bencouraging budget laziness, but a very slight delay on a credit card or a mobile phone account is no reason to sleep badly at night.<br\/><br\/>If you missed a payment that is only a few days past due, it is very unlikely that the delay is already listed in your Equifax and TransUnion records. Although it is not explicitly mentioned, most lenders and providers allow additional time before notifying a delay with the credit rating agencies.<br\/><br\/>Be careful though. These small delays could harm you in the eyes of the organization with which you\u2019re doing business; for example should you seek a limit increase or a reduced interest rate.","inLanguage":"en-CA"},"inLanguage":"en-CA"},{"@type":"Question","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103497231","position":2,"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103497231","name":"Does a cheque with insufficient funds impact your credit score?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"In addition to being a great way to lose friends and sympathy from your financial institution, a bad cheque may appear on your credit report. So yes, insufficient funds can hurt credit!<br\/><br\/>Otherwise, transactions made through the bank account and credit card are not listed on your credit report. Whether you spend all of your pay at the casino or on donations to support sick children, the credit bureaus don't care. As long as you pay your bills on time!","inLanguage":"en-CA"},"inLanguage":"en-CA"},{"@type":"Question","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103535879","position":3,"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103535879","name":"Does your score drop when your credit report is consulted?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"I don't recommend it, but if you want to use a <a href=\"https:\/\/www.smartcredit.com\/check-credit-score.htm\">credit score checker<\/a> daily, indulge yourself! Soft inquiries, that is, requests that are not submitted as part of a financing request, have no impact on your credit score.<br\/><br\/>But \"hard inquiries\" can have a negative impact on your score. The logic is simple: a person who has multiple requests for financing over a short period of time sends worrying signals about their financial health.<br\/><br\/>So if you're shopping for a mortgage, now is not the time to go for all the credit card offers that come your way.","inLanguage":"en-CA"},"inLanguage":"en-CA"},{"@type":"Question","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103581250","position":4,"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103581250","name":"Does bankruptcy reset the counter to zero on your credit report?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Bankruptcy allows you to protect yourself from your creditors and start anew (in a way), but Equifax and TransUnion have long memories (7 years to be precise). Will you have to wait 7 years before you can borrow again? Not likely. For example, a high-income person will usually regain access to credit well before the end of their financial \u201cpurgatory\u201d.\u00a0But let's be frank. If you've declared bankruptcy recently, getting financing may not be what you need right now. Rather, it is an opportunity to reconnect with better consumption habits.","inLanguage":"en-CA"},"inLanguage":"en-CA"},{"@type":"Question","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103742234","position":5,"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103742234","name":"Can I obtain my credit rating for free?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"In Canada, you have the right to order your Equifax or TransUnion file free of charge once a year. You can also use the free services of <a href=\"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/borrowell-credit-score-review\/\">Borrowell<\/a> and Credit Karma for partial access to information in your file.","inLanguage":"en-CA"},"inLanguage":"en-CA"},{"@type":"Question","@id":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103798021","position":6,"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/#faq-question-1642103798021","name":"Who has the right to consult your credit report?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"In practice, almost anyone can view your credit report. This is of course provided that you give them permission. It's not just lenders who care about your score, but many landlords and employers are also curious about the bottom line of your financial life.\u00a0You can question the relevance for an employer to scrutinize your payment habits, but it remains a common practice.<br\/><br\/>So should you be worried if a potential employer requests a credit file check as part of the hiring process?<br\/>I highly doubt that anyone has lost job opportunity due to a 2-month delay from 2016 or has a debt ratio that is a tad too high. Employers generally use the credit report as a final \u201cdisaster check\u201d. <br\/><br\/>In other words, their main objective is to confirm that your financial management is not so problematic as to cast doubt on the qualities you have demonstrated in an interview. If you are really worried that the state of your credit report may affect your chances, it is best to let the employer know in order to put things into context.\u00a0But don't be fooled! No employer will openly admit that your bad credit meant that you weren't selected for the job.","inLanguage":"en-CA"},"inLanguage":"en-CA"}]}},"uagb_featured_image_src":{"full":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11.png",1640,924,false],"thumbnail":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11-150x150.png",150,150,true],"medium":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11-300x169.png",300,169,true],"medium_large":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11-768x433.png",768,433,true],"large":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11-1024x577.png",1024,577,true],"1536x1536":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11-1536x865.png",1536,865,true],"2048x2048":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11.png",1640,924,false],"ebor-admin-list-thumb":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2021\/09\/Untitled-design-11-60x60.png",60,60,true]},"uagb_author_info":{"display_name":"Heidi Unrau","author_link":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/author\/heidi-middleton\/"},"uagb_comment_info":0,"uagb_excerpt":"Need to increase your credit score in Canada? First, you need to understand how a credit score works. So, what is a...","_links":{"self":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/posts\/37964"}],"collection":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/users\/171"}],"replies":[{"embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/comments?post=37964"}],"version-history":[{"count":0,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/posts\/37964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/media\/37965"}],"wp:attachment":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/media?parent=37964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/categories?post=37964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/tags?post=37964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}