Improving your credit score takes dedication and consistency. Here are seven ways to improve your credit score.

The law in BC

The laws we oversee apply to what can be included in a credit report and who can see it. For more information, explore our consumer help page on Credit Reporting.

7 ways to improve your credit score

  1. Pay off any outstanding debt. Outstanding debt can affect your credit and should be your top priority when you establish a budget.
  2. Pay your credit bills consistently. Consistently paying your credit bills on time is one of the best ways to build your credit score. Paying off the full amount each month is best, but you can still build your credit score by making the minimum payment. Consider setting up automatic payments to make this easy.
  3. Only take out the credit you need. Opening multiple credit applications in a short time can affect your credit score, increase your likelihood of missing a bill payment, and cause you to pay more annual fees than you should. Be careful to only apply for what you need. Closing extra credit accounts can also hurt your credit because it increases your credit use ratio, making you look like you use more credit than you do.
  4. Maintain a low credit balance. Aim to use less than 30% of your total available credit each month. The less you use of your total available credit, the less risky you appear to a potential lender.
  5. Monitor your credit reports for errors. Regularly checking your credit reports for errors is a good way to improve your credit score and avoid potential fraud on your account. Learn how to fix an error on your credit report by visiting our blog.
  6. Communicate with creditors. If you’re having trouble paying bills on time, explain the situation to your creditors. They may offer options like interest rate reductions, payment deferrals, loan extensions, and more to help you get back on track.
  7. Stay organized with a budget. While having a solid budget doesn’t directly impact your credit score, good financial practices can help you become more consistent in improving your credit decisions. Learn some tips on how to create a simple budget on our blog.

Where to go for help

The Financial Consumer Agency of Canada (FCAC) oversees banking and financial services in Canada and may be able to offer help with some of the questions or concerns you have about credit services.

If you’re looking for information on what can be included in your credit report and who can see it, explore our consumer help page on Credit Reporting.

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About Consumer Protection BC 

We are responsible for regulating specific sectors and certain consumer transactions in British Columbia. If your concern is captured under the laws we enforce, we will use the tools at our disposal to assist you. If we can’t help you directly, we will be happy to provide you with as much information as possible. Depending on your concern, another organization may be the ones to speak to; other times, court or legal assistance may be the best option. Explore our website at