Credit Score: Habits to Incorporate in Your Life

May 4, 2022 | Posted by: Sherry Corbitt

During our economy right now, everything in price has increased. This includes major financial purchases, such as houses and mortgages. As a result, the process has become more challenging for everyone, especially those with poor credit scores. To maintain a good credit score, no matter how the prices are, there are many great habits that you can include in your day-to-day life.

Keeping track of your score

For everyone, knowing what your credit score is and keeping track of it is vital. In 2021, a survey from the government showed that 56% of Canadians have never checked their credit score and that 14% of Canadians only check it once a year. These percentages are quite shocking, especially since we are in an age where seeing your credit score is very simple. If you have never checked your credit score before, do not worry. Various websites can show exactly what your credit score is. Depending on what bank you are with, you most likely can go to your bank to get your credit score information in person. Once you know your credit score, it is essential to remember that it is not just a one-time thing to do. You should be checking your credit score at least once or twice a month, if not more. Your credit score can be adjusted with different purchases you make, especially with larger bills. Markdown in your calendar when you plan to check your score and how much it has changed if it did.

Check for Any Discrepancies

If you notice that your credit score seems lower than it should, you should do some digging and figure out why it is. Although it could have been from a debt or purchase most of the time, it could also be a discrepancy. Make sure to get a copy of your credit report and check all your bank accounts, credit balances, and loans. After reading through your report, you should spot a discrepancy if there is something that you do not recognize. If you find a discrepancy, you should notify your bank immediately and sit down with them. The sooner you can resolve this, the sooner your credit score can be restored to its original number.

Pay your bills on time

Your payment history accounts for around 30% of your credit history. This is a large percentage, so that any payment issue will affect your score. This includes your bills and when you are paying them. If you happen to pay one bill late, it can affect your score, yet it most likely will not adjust it too much. Yet if you make a habit of missing your bill dates regularly, it can become an issue. You could quickly go from a great score to a low score within a few short weeks. Ensure that you make a list of all your bills and when they are due. Write down the due dates for these bills and pay them a few days before.

Avoid Credit Shopping

If you need a mortgage or loan, you will need to find a bank to lend you the money. It is crucial to avoid going to too many different banks for their best rates in this situation. Although you want to be with a bank that works best for you, your credit will be impacted. When you go to a bank for a mortgage, they will need to pull your credit score. If you go to numerous banks, the more your credit is removed, the lower it can become. Not only will this affect your credit, yet the bank will also know that you have been credit shopping around at all sorts of other banks. Instead, consider doing your research about these banks and their rates and terms first. Once you are sure with whom you want to go, you only need to have your credit score pulled once.

Keep Your Accounts Protected

Unfortunately, there is a large amount of theft fraud happening all around Canada. It affects thousands of people every day. Common examples include hacking into bank accounts, credit cards, and personal information. If someone gets ahold of these things, they can use them for anything. Within a short amount of time, your credit could be damaged entirely. Although your bank can assist you in getting your access back, your score most likely will remain damaged or not close to the same as before. Although this happens to many all the time, there are ways to prevent someone from accessing your financial information. First, make sure you have strong passwords on your bank accounts and credit cards. If you need to write these passwords down, ensure they are kept safely that you can only get to. Also, check your bank statements and accounts daily to see if anything suspicious occurs. The sooner you spot something, the sooner the issue can be addressed and avoid severe credit damage.

When you include a few credit habits in your life, you can maintain an overall good score. Even if times become financially difficult for you, you can ensure that you will not be significantly affected when you are prepared.

If you have any questions about other credit score habits, please reach out to me!
Sherry Corbitt, Mortgage Broker


-Muller, Chris (2021). 14 Helpful Tips For Maintaining A Good Credit Score. Money Under 30. Retrieved from

-Simple Rate (2021). Canadian Credit Score Statistics 2021. Retrieved from

-Wells Fargo (2020). Get Smarter About Your Credit and Debit. Retrieved from

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