🔍 Top Factors That Impact Your Credit Score 

1. Payment History

Your track record of paying bills on time is the most important factor. Even one missed or late payment can significantly lower your score.

2. Credit Utilization

This is the percentage of your available credit that you’re using. Aim to keep it below 30% to show lenders you’re managing credit responsibly.

3. Length of Credit History

The longer your credit accounts have been open, the better. Lenders prefer a stable and established credit history.

4. Types of Credit

A mix of credit types (credit cards, car loans, lines of credit) shows you can manage different forms of debt.

5. Credit Inquiries

Too many hard inquiries (from applying for credit) in a short time can lower your score. Only apply for credit when necessary.

6. Defaults or Collections

Defaults, bankruptcies, or accounts sent to collections can severely damage your score and remain on your report for up to seven years.

💡 Tips to Maintain a Healthy Credit Score

  • Pay all bills on time—even the minimum payment helps
  • Keep credit card balances low—ideally under 30% of your limit
  • Limit new credit applications—only apply when necessary
  • Check your credit report regularly—look for errors and dispute them
  • Keep older accounts open—they help build your credit history
  • Use a secured credit card if you're new to credit or rebuilding

🔧 How to Improve Your Credit Score in Canada

✅ 1. Get Your Credit Report

Request a free copy of your credit report from:

  • Equifax Canada
  • TransUnion Canada

Review it for errors or inaccuracies and dispute anything that’s incorrect.

✅ 2. Pay Down Debt

Focus on reducing high-interest debt like credit cards. Lowering your balances improves your credit utilization ratio and boosts your score.

✅ 3. Create a Budget

Use a budgeting app or spreadsheet to track your income and expenses. Prioritize on-time payments and avoid overspending.

✅ 4. Seek Professional Help

If you're overwhelmed, consider speaking with a licensed credit counsellor or financial advisor. They can help you create a plan to rebuild your credit and manage debt effectively.

🏠 Planning to Buy a Home in Durham Region?

Your credit score is just one part of the home buying journey. If you’re thinking about buying or selling in Whitby, Oshawa, Uxbridge, Courtice, Ajax, Bowmanville, Port Perry, or anywhere in Durham Region, Team Bryant at COMFLEX® Realty is here to help.

📧 Email: [email protected]
📞 Call or Text: 905-439-2033

Let’s get you on the path to homeownership—with confidence and clarity.