What’s a credit score and how does it work? 

Credit to Author: Staff Writer| Date: Wed, 05 Jul 2023 18:11:27 +0000

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Building your credit history and maintaining a good credit score is important in Canada. In this video, you’ll find quick answers to help you tell a credit report, credit score and credit history apart.

When it comes to credit scores, the bigger the better! Credit scores can range from 300 to 900. What’s considered a good credit score? 750 and up. The higher the number tells banks like National Bank that you are less risky to lend to.

There are many things that can affect your credit score, from how many credit requests you make, to your payment history and whether you pay your bills on time. In fact, paying your bills regularly (and at least the minimum payment on credit cards) before the deadline is a very good practice to adopt. This is why a credit card can be a good tool to helping you build and maintain your credit score.

For more answers and information, visit our information hub dedicated to newcomers.

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