Give Me Back My Five Bucks

My current credit score

I’ve been bad and haven’t personally checked my credit score since February 2008, where it was 724. Before that, I checked in March 2007 and it was 727.

In April 2008, a mortgage broker checked my score and it was 776 – but that was an average of both TransUnion and Equifax.

Your credit score is a judgment about your financial health. It indicates the risk you represent for lenders, compared with other consumers. Because of my credit score, I was able to get my LASIK eye surgery, and my current car loan financed at 0%.

There are a lot of different ways to work out your credit score. In Canada, Equifax and TransUnion use a scale from 300-900. The higher your score, the lower the risk for the lender.

You can request your credit report for free once per year, but it costs money to see your credit score. With Equifax, it’s $23.95 and TransUnion costs $22.90 ($14.95 for your credit profile, and $7.95 for your credit score).

So today I checked my Equifax score, and it was a solid 755. I was actually expecting worse because of the car loan I took out, but I’m very pleased. Hopefully I can raise it to closer to 800 by the time we are ready to buy our first place. And next year when I check my credit score again, I’ll use TransUnion just so I’m up-to-date on where I stand with both credit bureaus.

When was the last time you checked your credit score?

Author: Krystal Yee

I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.


Comments

  1. Jessie says:

    I check mine once every year or so, usually in the new year. So we're about due to check again. I fall in the same range as you, but hope to have it closer to 800 when we go to buy our first home.
    My recent post Chaotic

  2. D_D says:

    I have not checked mine since after I did a short sale of my property last year. It was not pretty. I don't plan to check it again until Jan. I suspect that it will still be in the “LOW” category until I start to pay off some of this debt and put missed payments behind me.

  3. LoanMortgageGirl says:

    Hi, i love your blog it is very inspirational. I currently work for a mortgage company and am somtimes asked to check peoples credit score before we approve loans. Your scores go down everytime someone checks it so you may be lowering your own score just by constantly checking it.

    • gmbmfb says:

      There are 2 types of credit inquiries – hard and soft. Hard inquiries are the ones that affect your credit score (usually when you apply for credit or a loan, the company will check your credit score). As a result, your credit score is lowered because applying for credit is seen as a adding risk to your financial profile. Soft credit inquiries do not hurt your credit score at all. These can be made by companies who are interested in seeing if you qualify for some type of offer. Also, when you check your own credit score, it is also a soft inquiry.

      • bougybisous says:

        ah! exactly what i was just going to ask about–i had heard that you could lower your score just by checking. thanks for the clarification :)

  4. Shannon says:

    I checked before I went car shopping in June 08 and it was 822 with Equifax. Probably should check again.

  5. Looby says:

    I confess I've not checked it since I moved to this country since I knew it would be incredibly low initially (no history). I've been here almost 5 years now so I really should look into this! Thanks for the reminder.

  6. munchkin says:

    I am a little embarassed to say that I have never checked my score. LOL
    It must be somewhat decent because I got a car loan no problem but I really should check it!
    My recent post Latest Steals and Deals

  7. Amy says:

    Hubby and I checked our scores before we bought our house. Mine was 818 and his is 835, I believe. I'm happy with that!

  8. Diana says:

    Help!!

    How do you check your credit score in Canada? I ordered my credit report but I never saw anything about the score.

    Anybody have a link?

  9. belleinthenorth says:

    I checked mine earlier this year because I was fearful it was poor. I was wrong, and it was actually pretty good. I want it back in the 700 range, so I'm going to have it checked soon.

  10. duddes02 says:

    It makes sense that your score went up…the different "types" of credit (installment, revolving, mortgage) ends up boosting your score.

  11. YEARRRRRRRRRRS.

    No I'm kidding. More like 2 years. I haven't bothered lately. I don't plan on taking out any loans or anything.
    My recent post Image all boils down to the car you drive- apparently

  12. Matthew Rankin says:

    Do you really need to check your credit score on a regular basis? I would have thought that reviewing your credit report was enough…

  13. I check my score once a year – right before I shop for insurance. I check my credit report at the same time.
    My recent post Ways to save money – tips on saving money

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