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Can I get your digits? Tips to improve your credit score fast

April 28, 2025
Drew Maginn

Note: The information provided in this article is for general informational purposes only and does not constitute credit counselling advice. Credit scores are influenced by various factors, and individual results may vary. Before making financial decisions, consider consulting a qualified financial advisor or credit counsellor.

If financial security is important to you, you are not alone. For many individuals, a positive financial standing creates a sense of self-worth, alleviates stress and creates opportunities to make decisions from a position of strength. However, without a competitive credit rating, you might find yourself struggling with your finances more than you need to. But rest assured, your credit score can be improved quickly if you follow these simple credit repair tips to help you get back on track.

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What is a credit score?
According to the Government of Canada, your credit score is a three-digit number, typically ranging 300 to 900, that reflects how creditworthy you are based on your previous credit history and financial behaviours. It assists lenders in determining whether or not you are likely to repay any money that you borrow. You can increase your credit score by addressing the factors used to assess it, including your payment history, credit utilization, credit history, number of credit inquiries and credit mix (i.e., having different credit types such as credit cards, loans, mortgage).

Why does my credit score matter?
Your financial well-being is closely connected to your credit score, and a poor rating can follow you around in a negative way. A low credit score will make it difficult for you to secure loans, mortgages and credit cards. And, in the event that you are successful in obtaining these products, the associated interest rates will be much higher than for others with a higher score based on the perceived risk of doing business with you.

On the other hand, a high credit score makes all of these opportunities readily available to you, often with a high likelihood of approval followed by a low interest rate. Your credit score can also come into play in a number of other scenarios, including assessing a rental application, determining an insurance premium or even influencing your job prospects, with some positions involving a high-level of financial responsibility requiring personal credit checks.  

” Your financial well-being is closely connected to your credit score, and a poor rating can follow you around in a negative way. ”

Is there a way to boost my credit rating?
Luckily, your credit score doesn’t need to become an anchor to weigh down your financial future, and there are some easy ways to start repairing your credit:

  • Review your credit report and dispute errors: In Canada, you can approach either of the two major credit bureaus, Equifax Canada and TransUnion Canada, to get a free copy of your credit report. Once you have your copy, review it to identify any incorrect personal details, fraudulent accounts or inaccurate payment statuses. If you notice any discrepancies, gather evidence such as bank records or payment receipts to submit a formal dispute to the credit bureau. Once submitted, the credit bureau will investigate the disputes, and if successful, the changes should be reflected when you check your next report.

  • Revisit your credit card balance(s): Your credit score is directly impacted by the percentage of available credit that you’re using. If you are using a high percentage of your available credit, typically above 30 percent, you may be viewed as a financial risk. To lower your exposure, you can pay down your balance, increase your credit limit (without increasing your spending) or spread your expenses across multiple accounts.  


  • Make your payments on time: It may sound like common sense, but you can easily fall into the trap of missing payment dates, often for no other reason than losing track of time. While this may be understandable, it does impact your credit rating, and it can certainly be avoided. If your bank balance stays at a comfortable level, setting up automated payments is the easiest way to avoid this issue. If you need to monitor your accounts more closely with payments, setting up repeating calendar reminders will keep this top of mind, even when your schedule gets hectic.  

 

  • Don’t open too many accounts: Every time a lender checks your credit report for a loan or credit application, it is considered a “hard inquiry.” With each hard inquiry, your credit score lowers, impacting your report for up to three years, with a reduced impact over time. To avoid this problem, refrain from applying for multiple credit cards within a short period of time, and make sure to only apply for new credit when it is absolutely necessary.

What if credit score improvement requires me to completely rebuild my credit?
In some instances, you might be in a challenging position where rebuilding a particularly low credit score is required. In these instances, you still have viable options to make an impact over time:

  • Become an authorized user with family or friends: Whether a family member or close friend, you can increase your credit by being added as an authorized user to their account, as their responsible history will enhance your score and allow you to practice good habits by reimbursing them in full and on time.

 

  • Investigate a secured credit card: While secured credit cards do require a refundable deposit, they report activity to credit bureaus to help establish, or re-establish, your credit in a low-risk way. 

 

  • Report your rent and utility payments: Some services, such as Landlord Credit Bureau, allow you to report on-time rent payments to credit bureaus as an additional indicator of your responsible financial behaviour.

Understanding and monitoring your credit score is necessary if you want to put yourself in a position where you can feel confident in your finances. While a low credit rating can be deflating, it is by no means a lost cause. By taking ownership over your score and implementing some simple steps, you can start to see your rating rise, along with your confidence.

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