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.