What “fast” really means
In Canada your credit score is compiled by Equifax and TransUnion using scoring models lenders choose (they vary by lender). Exact formulas differ, but the major drivers are consistent:
- Payment history (on-time vs. late)
- Credit utilization (reported balance ÷ limit)
- Length of credit history
- New credit/inquiries
- Credit mix (revolving + installment)
“Fast improvement” = ensuring the next statements those bureaus receive show on-time payments and low utilization.
Quick Wins (24–72 hours)
- Lower utilization before statement cut
- Aim <30% on each card; <10% is ideal.
- Make a mid-cycle payment so the reported balance drops.
- Request a credit-limit increase (soft pull when offered)
- A higher limit ↓ your utilization without new debt.
- Turn on autopay + calendar reminders
- At least the minimum due on every account to prevent new delinquencies.
- Check credit score reports and fix errors
- Order free reports from Equifax Canada / TransUnion Canada.
- Dispute wrong late marks, duplicate accounts, or mismatched limits.
- Tidy small balances
- Let at most one small balance report (<5% of limit), then pay in full.
30–60 Day Action Plan
- Two payments per month (after payday & just before statement).
- Keep oldest no-fee accounts open to preserve average age.
- Thin file? Add positive data
- Open a secured credit card (light usage, always on time).
- Consider a reputable credit-builder loan/program reporting to bureaus.
- Limit hard inquiries (group applications and only when necessary).
- Stabilize utilization across each card (one maxed card still hurts).
If You Have Late Payments or Collections
- Bring all accounts current; new on-time streaks matter most.
- Accurate negatives generally remain for years; however, paid/settled status is better than unpaid.
- After a long on-time streak, you can request goodwill removal of a one-off late (some lenders consider it).
- Talk to creditors early to set payment plans and avoid charge-offs.
Myths to Ignore
- “Closing a paid card helps.” Usually hurts (utilization ↑, age ↓).
- “Checking my own score lowers it.” Your own checks are soft; no impact.
- “Carrying a balance boosts scores.” False. Reporting a tiny balance is fine, but interest-bearing debt isn’t required.
FAQs (Canada-specific)
- How often do scores update? Typically monthly, around statement dates or when lenders report.
- Does BNPL affect scores? Some providers report; frequent short plans can complicate utilization/cash flow—use sparingly.
- Rent/phone/utilities? Paying on time helps if your provider (or a rent-reporting service) reports data to bureaus.
Fast-Track Checklist (printable)
- Autopay minimums on every account
- Mid-cycle payments to get <30% (goal <10%) utilization
- Soft-pull credit-limit increase requests
- Pull Equifax/TransUnion reports & file any disputes
- Keep oldest no-fee card open
- Add secured card/credit-builder if file is thin
- Avoid unnecessary hard inquiries for 60–90 days
Recommended structure for your next statement cycle
- Week 1: turn on autopay + pay down balances to sub-30%.
- Week 2: request soft-pull CLIs; file disputes (attach statements).
- Week 3: make a small top-up payment if any card creeps over target.
- Week 4 (pre-statement): ensure each card reports low balance.