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Take the Quiz: Do You Know Your Credit Score Fundamentals?

June 26, 2020
5 mins
A young woman works on her laptop in a mixed workspace

Your credit score is a very important number, which can help you get an apartment, car loan, mortgage, personal loan, or rewards credit card, among other financial decisions.

It is vital to know your credit rating and, if necessary, how to improve it. Staying up to date with your credit report can help you catch errors and increase your score. Doing so can improve your chances of getting approved for the products you desire and reach your financial goals faster.

Test your knowledge to see how well you understand your credit score, and the impact it can have on your everyday financial decisions.

Start to build or rebuild your credit history

Whether you are looking to build or rebuild your credit history, there is a credit card that can help you reach your goals. Increasing your credit score is an essential step forward and can help you reach your financial goals. Understanding the importance of your credit rating can help you stay on track and avoid bad financial habits that can be time-consuming to repair. Making poor money decisions can be costly, both financially and in terms of your approval rate.

  • Newcomers to Canada: Often, immigrants migrating to Canada will be offered a credit card through a banking package tailored to newcomers. However, there are more options available. Compare credit cards that require little to no credit history to be approved.
  • Students: Student credit cards are designed for those enrolled in post-secondary education and are a great way to start building your credit history. Often, these cards have no fee and few eligibility requirements. While many still offer rewards or cash back.
  • Those looking to rebuild their credit: Sometimes, life can get in the way, and you may experience a financial setback. Fortunately, there are options to help consumers rebuild their credit as well. Secured credit cards can help rebuild credit, limit your ability to overspend, and set parameters for a positive financial future. Consumers may mistake a prepaid Mastercard or Visa as a solution to rebuilding credit. However, this financial information is not reported to credit bureaus and won’t help restore credit history.
Hayley Vesh

Hayley Vesh is an editor/writer at RATESDOTCA. Her work has also appeared in Global News. In her spare time, Hayley can be found wandering in the woods, hunting for second-hand treasures, or curled up with a steeped tea and a good podcast.

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