Navigating Your Credit Score
It can be a challenge to understand all the ins and outs of your credit score, but YEG Auto Credit is here to help. We’ll explain complicated terminology and help you get on the road to improving your credit. Follow this guide to find out more about checking your credit, credit score factors, and how you compare. If you need a no-hassle auto loan provider in Edmonton, feel free to get in touch.
How Do I Check My Credit?
As a resident of Canada, you’re entitled to as many credit reports per year as you want. You’ll need to request a printed copy by mail from Equifax or Transunion—Canada’s credit reporting agencies. In addition, this “soft inquiry” won’t have any affect on your score. It’s important to monitor your credit regularly to make sure that everything on the report is accurate.
Credit Score Factors
Canada’s credit reporting agencies use several factors to determine your score:
- Debt Ratio – If you have a high credit limit and a low balance on a credit card, you’ll have a higher credit score.
- On-Time Payments – Paying your bills on time is important, and it lets your next loan provider know that you’ll make payments without delay.
- Negative Items – If you’ve had a bankruptcy, collections service, foreclosure, or another negative event, it will appear on you credit report and affect your score.
In addition, Equifax and Transunion take into account overall debt amount, hard credit inquiries, how many accounts you have, and the age of those accounts.
How Does My Score Compare?
Canadian credit scores range from 300-900, and where you land on that scale can make a big difference to your auto loan options.
- 300-499 – Subprime
- 500-579 – Very Poor
- 580-619 – Poor
- 620-679 – Average
- 680-719 – Good
- 720-779 – Very Good
- 780-900 – Excellent
Apply for an Auto Loan in Edmonton Today
At YEG Auto Credit, we’re excited to help customers in the Cold Lake, Fort McMurray, and Edmonton area afford the vehicle of their dreams. We can help you repair your bad credit and drive away in a new or used vehicle, and you can even apply online to receive quick preapproval. Stop by our headquarters at 13815 Manning Drive NW in Edmonton, AB to learn more!