Credit Score
Our articles about credit score and how to improve it.
Why did my credit score suddenly drop?
A dip in your credit score is rarely random. Here’s what’s behind it and how to bounce back.
The step-by-step action plan to build credit at 18
"When you turn 18, if you're a student, you might be able to get an unsecured student credit card; if not, getting a secured credit card is a great way to build your credit too," stated Richard Goyder, Chief Credit Risk Officer at Neo Financial.
How to build your credit from scratch as a Canadian immigrant
The fastest way to start building credit from scratch is to get a secured credit card, use it for small recurring purchases, and pay the balance in full every month.
The Inconvenient Truth About Credit Builder Loans in Canada
"Those credit builder loans may have an impact on your credit file, because it could be reported as a trade line on your credit file. But they're not likely to help you improve your credit score," said Richard Goyder, Chief Credit Officer at Neo Financial.
Car loans can be the easiest path to credit for new immigrants, but they may not be the best
While a car loan is one of the most accessible forms of credit for newcomers, it is not the most cost-effective way to build a score from scratch.
The Refresh Financial Card No Longer Exist: Here Are The Top Alternatives We Found
While Refresh Financial nor Borrowell currently offer secured cards, here are the three top secured credit cards according to most Canadian rankings.
The Main Differences Between Equifax and TransUnion in Canada Explained
"Equifax and TransUnion are two different companies and they compete very hard against each other to come up with the most predictive score. So they change the way they calculate it all the time and they use different variables to calculate it"