Want to Know Your Credit Score? Check it in 2 and a half minutes

Your credit score is an important part of who you are. It is a part of what you’re allowed to borrow, and if you can purchase a large purchase – like a car, home, boat, or anything else. If you’re not sure what your credit score is, then you want to find out more about it.

When you have a great credit score, you get lower interest rates and better stipulations that come from having a higher number on this score. You also get better credit card rewards when you are someone with a better credit score. It might also help you get a job, an apartment, or other credit checking business.

Whatever the need to know your credit score, or even if you don’t have a need; knowing the number and how to make it better is going to help you with many things throughout life. Find out more about credit scores and how to check it in just two and a half minutes or less.

What is a Credit Score?

A credit score is a number. The number ranges from 300-900 and it determines the person’s creditworthiness to obtain loans. The higher your credit score, the better your chances for a loan and the interest rates you get on the loan.

The credit score is based on a wide range of things such as your repayment history, the amount of accounts that you have, how much debt is revolving on the open accounts, closed accounts, and many other factors.

Not making payments on time, and other specifics can bring this score down; so it is important that you hold onto the positives, pay your bills on time, and ensure that you’re not raising your credit too high.

How to Check Your Credit Score in 2 Minutes

There are many ways that you can check your credit score easily, effectively and without any hassle whatsoever. You will have to create an account with any way that you choose to check your credit score.

Going to the three credit bureaus and creating accounts with them can allow you to download your credit report for free. You can do this once every year. This provides more of a snapshot, but an in-depth look into your credit score and your credit report.

There are also additional credit scoring apps that can be downloaded and used to your advantage. There are some that are more popular throughout Canada than others. These include:

  • Mogo is a newer platform, but one that comes highly recommended by those who are interested in checking their credit score and report.
  • Credit Karma is trusted throughout the globe, not just in Canada and it provides a deep dive into your credit but also recommends ways to fix your credit. 
  • Borrowell is the most common free credit tool to check your credit score and report.

So, what is a good credit score in Canada? Let’s dive into numbers.

Benefits of Knowing Your Credit Score

There are a number of benefits that come with knowing your credit score. The obvious reason for knowing your score is to know your creditworthiness of whether or not you’re able to get a specific loan. Your score determines whether you qualify for the loan or if you get better interest rates than those with lower credit scores.

You can make better financial decisions when you know your credit score, as well. This is important when you want to make the right choices on the financial moves you’re going to be making. Having an idea of your credit position is important.

Having the ability to enjoy all that comes from life means you need a credit score to help you get there. The better the score, the better you’re going to be with your financials.

Being able to enjoy the perks of life, and knowing you have a healthy financial life is going to bring you a lot of peace. Using these apps and continuously monitoring and working towards a better, more financially free life is ideal.

Frequently Asked Questions About Your Credit Score

Is there a difference between getting a paid or free credit report?

Generally, if you are paying for the credit report then you would get the full print out of the report with an in-depth look into the system. Additionally, those who get free credit reports do not get as much in-depth information but still great for monitoring.

What is counted as a poor credit score in Canada?

The lower the score, the worse off it is when it comes to getting better interest rates or even qualifying for a loan. Poor credit is considered to be between 300 and 559. While a good credit score in Canada is between 660 and 724, with those over the 724 number being in the excellent range for having a great credit score.

What can I do to increase my credit score?

If you have a low credit score, then you want to find out how you can raise it. Using the apps above can help to recommend the best things you can do based on your credit snapshot. However, if you are still wondering then there are many things you can do. Here are a few of the things to consider when fixing your credit and increasing your score.

  • Pay down the debt that you have – home, car, credit cards, and other loans 
  • Make all of your payments on time, every time
  • Settle with any debts that are in collections on your account, usually they will settle for less than you owe, so it is important to have a decent lump sum that is close to the amount to pay for it 
  • Make better financial decisions in the future 

Do I still have to monitor my credit even if it is really good?

Yes. Everyone should monitor their credit even if it is really good. You want to make sure that nothing is being put on your account, but also that you’re still making the right and best financial decisions when doing so.

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Amanda Leach

Fifteen years can be a long time to work in one industry, but not when you are doing something that you love. Amanda has enjoyed the freedom of working as a freelance writer for the majority of her career. She has successfully combined her passion and skill for writing while still enjoying a life filled with travel, learning and exciting new experiences. While she loves exploring all different types of writing, her PhD in Consumer Psychology has made her a sought after writer for marketing, business and technology fields. Amanda is a regular contributor to Smarter Loans.