How can I find out what my credit score is — and make it better?

A solid credit score tells lenders that you can pay back borrowed money on time. Just as your grades can affect your future opportunities, so can your credit score. Lenders use your score to determine how risky it would be to lend you money for things like a car loan, mortgage or personal loan.

Factors such as payment history and how much money you owe on your credit accounts have a major effect on your credit score. The goal is to keep your credit utilization ratio low by using 35 per cent or less of your total credit amount. If your debt is at capacity all the time, that can hurt your credit score. For example, if you have two credit cards with a $1,000 limit, Macmillan says to try to carry a balance of no more than $700 across both products.

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