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Getting your credit score for nada

Credit score.... What a dreaded two words for some of us. It is so powerful in that it holds the ability for one to get loans of any type, but it also enigmatic, what makes it tick?


First and foremost credit score is that magic number with which lenders are able to assess their risks in regards to you. How much can they lend you, and at what interest rate? There are thresholds and the credit bureau/lenders rank them as follow:


  • 0-560: Poor

  • 560-660: Fair

  • 660-725: Good

  • 725-760: Very Good

  • 760 –900: Excellent




There are two bureaus that keep track of the different scores, there is Transunion and Equifax. If you wish you to get your score, you can get in touch with them, it is free to receive in the mail. However, in recent years some online services have emerged with the ability to provide your credit score and sometimes even your credit report. The ones that I would recommend would be www.creditkarma.ca and www.borrowell.com; The former is based from Transunion and the latter from Equifax.


When the credit score is low, having access to loans becomes expensive, if at all possible. However, credit can be worked upon and improved. Some of the best ways to increase your credit score are:

  • Paying bills on time. Always, and all of them, Credit Card, phone, etc...

  • When applying for credit, a hit is performed on your score and it lowers it (soft hit is done by you for example when checking your score it doesn't cause any issues, whereas a hard hit is performed by lenders and it leaves a mark on your file). Should you have a lot of those hard in a short span, it makes lenders very wary.

  • Keeping the amount available on your credit limit (all of the loans, credit cards combined) high. Meaning don't use up all the credit you have, it may show the lenders that you are struggling and relying on your credit a lot.

  • Credit is built over time. If you need to cancel some of your credit cards, make sure you keep the oldest one open. (Funnily, I closed my accounts for a while, when I was travelling, thinking it was the right thing to do, I found myself in a world of problems when I was seeking one, since it made my credit profile look new.

If proper discipline is implemented and those steps are followed, there won't be any reason as to why your credit score wouldn't improve.


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