The two factors that dominate
Payment history and credit utilization together account for roughly 65 percent of a Canadian score. Everything else is secondary.
- Pay every account before the due date, even the minimum, every single month.
- Keep revolving balances below 30 percent of the limit, and ideally below 10 percent.
- Ask for a limit increase rather than opening a new card to lower utilization.
Fix the reports first
Order free reports from Equifax and TransUnion. Look for accounts that are not yours, late payments recorded in error, and balances that were not updated after a payoff. Disputing a genuine error is free and often moves a score within a month.
What to avoid while you prepare
- Applying for several credit products in a short window.
- Co-signing a loan for someone else shortly before your own application.
- Closing old credit cards, which shortens your credit history.
- Ignoring a collections item that could be settled.
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Frequently asked questions
A single late payment correction can move a score in 30 days. Utilization changes often appear within one or two statement cycles. Serious derogatory items take longer.
No. Checking your own score is a soft inquiry and does not affect your credit.
A new auto loan adds an inquiry, then twelve months of on-time payments usually strengthens the file.