Skip to main content
    S
    SimpleLoan

    Build your Canadian credit, step by step

    Equifax and TransUnion control your borrowing future. Here are the tools and guides to take charge of both.

    Credit Score Simulator

    See exactly how a new card, a missed payment, or paying down debt would shift your score.

    Run simulation

    Read Your Credit Report

    Decode every section of your Equifax and TransUnion reports and dispute errors.

    Open guide

    Lenders for Thin-File Borrowers

    Compare Canadian lenders that approve borrowers with limited or rebuilding credit.

    Browse lenders

    Credit Term Glossary

    Hard inquiry, soft pull, utilization, derogatory marks — defined in plain Canadian English.

    Open glossary

    The 5-step Canadian credit-building plan

    1. Pull both reports free. Equifax and TransUnion both offer free Canadian consumer reports — pull both at least annually.
    2. Open a secured credit card. Home Trust, Capital One, and Refresh Financial all offer Canadian secured cards that report to both bureaus.
    3. Keep utilization under 30%. If your limit is $500, never carry a balance over $150 at statement close.
    4. Automate every payment. One missed payment can drop a score by 80–110 points and stays on file for 6 years.
    5. Add a second tradeline after 6 months. A small installment loan or second card diversifies your credit mix — a key Equifax scoring factor.
    Take the Financial Health Quiz →

    How to build credit in Canada

    Canadian credit scores run from 300 to 900 and are kept by Equifax and TransUnion. Payment history and how much of your available credit you use carry the most weight, so on-time payments and low balances matter more than anything else.

    If you're new to credit, a secured credit card or a credit-builder loan from a credit union is the usual starting point. Use under 30% of the limit — under 10% is better — and pay the statement in full every month.

    Expect several months of history before a score appears and about a year of steady use before it's strong enough for good loan rates.

    Common questions

    Does checking my own score hurt it?
    No. Checking your own score is a soft inquiry and never affects it.
    How long do late payments stay on my report?
    About six years in most provinces.

    Related