Debt Help


Improve your credit score

In this guide we’ll explore the credit score, from what it is and how it works, to the different tactics you can use to build up your credit score and boost your borrowing power.


What is my credit score?

Your credit score is a three digit number that affects how easy it is for you to access credit from banks, credit card companies, and other financial institutions.

Credit scores (also known as your FICO score) are assigned to you by credit bureaus or credit reporting agencies.

The numbers range between 300 and 850 and represent the risk that a lender is taking if they giving you credit.

If you have a good credit score lenders will be more confident you will meet repayments on a car loan, credit card balance, or personal loan.

If you have a low credit score, on the other hand, accessing these kinds of credit products will be more difficult.

Write off up to 80% of your unaffordable debt – Check if you qualify!

How can I improve my credit score?

Maintain a diverse credit mix

Make sure you have at least three different types of credit accounts (credit cards, mortgages, car loans) and keep all existing ones open even if you do not use them anymore.

Maintaining a diverse credit mix shows lenders that you can responsibly manage financial commitments over time and across different types of debt, and that will eventually be reflected in your credit score.

Build up a positive payment history

Just as your credit score will be damaged if you miss repayments on your credit agreements, you’ll also be rewarded for building up a positive payment history.

The key to achieving this is organization. Keep track of and stay on top of your bills, never let anything slip beyond 30 days, and when you do miss payments, act quickly.

Deal with missed payments quickly

In order to limit any damage to your credit score, it’s important to keep in touch with your creditors and make sure you deal with any missed payments as quickly as possible.

Most lenders apply late fees and charges to people for paying bills late, but you may be able to avoid them if you contact your creditors quickly.

Even if you are charged a late fee for a missed payment, the quicker you are to contact your creditors, the more likely you are to avoid the worst of the damage to your credit score.

Set up an affordable payment plan

The best thing to do is contact creditors directly and explain your financial situation, if possible negotiate a payment plan or lower interest rates if possible (do not ever lie to creditors).

This shows lenders that you are able to responsibly manage your debts (and even increase your credit score) by catching up instead of letting them go further into collection for too long.

Check your credit regularly via the credit bureaus

You can’t know whether certain actions are damaging, or improving, your credit score unless you check your credit score regularly.

Always check your credit report at least once a year. You can do so free of charge through the major credit bureaus, including Equifax and TransUnion.

It’s important to remember, however, that checking your rating too often can damage you credit score.

Credit inquiries are also made by creditors when you apply for credit, so this can affect your score as well.

Here’s an example of how we can help

Let’s say you owe…

CRA Debt


Canadian Tire Card


TD Bank Overdraft


Utilities Arrears


CashMoney Loan


Student Debt


Total amount owed:


Repayments reduced by 88%

* monthly payments are based on individual financial circumstances


What factors impact my credit score?

Your credit score is made up of many factors, but the three most important are your credit utilization rate, your credit mix, and the length of your credit agreements.

Credit utilization

This is the percentage of total available credit that you use at one time or another. If, for example, you have $10,000 available on your credit card but only carry a balance of $2,500, your credit utilization rate will be 25%, because you’re only using a quarter of the credit available to you.

In general, the lower your credit utilization rate, the more responsible you will appear in the eyes of lenders.

Low credit utilization is vital to keeping a high score because it shows lenders that you can responsibly manage money and aren’t prone to borrowing more than your can afford to repay.

Credit mix

Credit mix represents the various types of credit accounts that you carry with different lenders, whether it’s credit cards, an auto loan, or a mortgage on your home.

While certain forms of credit are viewed more favorably than others, lenders and credit bureaus generally want to see someone with a diverse credit mix.

That shows lenders that you know how to juggle different types of credit accounts while keeping yourself in the green.

Age of credit agreements

When it comes to your credit rating, how much credit you borrow isn’t the only thing that matters. The age of your credit agreements is important too.

The way lenders see it, someone who has only recently opened their first credit account remains unproven as a borrower.

If you have been paying off a credit card for a decade, on the other hand, you can demonstrate that you’ve been a responsible borrower over an extended period of time.

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What’s the difference between my credit score and my credit report?

Your credit score is a number that gives lenders an indication of your credit health, while your credit report is a document that paints a picture of your overall financial health.

Your credit report might be better described as your credit history, as it provides a detailed history of all of your financial transactions.

These include things like bill payments, late payments, and past due accounts.

While your credit report and your credit score are different entities, they’re also linked.

The information on your credit report will be considered by the credit bureau when putting together your credit score, so if you’re having credit problems it will result in a bad credit score.

Where can I get debt advice if I’m struggling with missed payments?

Credit scores can be tricky to manage, especially if you find yourself in a precarious financial position. But the truth is, rebuilding your credit rating is key to your future financial freedom.

If you’re looking for ways to improve your credit profile, or you’re worried about your ability to repay the debt you owe, A. Fisher & Associates is here to support you.

For free advice and guidance tailored to your financial situation, you can talk to one of our debt experts today. Give us a call for free on 416-842-0040

Write off up to 80% of your unaffordable debt

We’ve helped thousands of people, just like you, write off unsecured debt they can’t afford and enjoy a life free of pressure from the people they owe money to. 

If you’re looking for help, or you’re worried about your ability to repay the debt you owe, A. Fisher & Associates is here to support you.

For free advice and guidance tailored to your financial situation, you can talk to one of our debt experts today. Give us a call for free on 416-842-0040

Frequently Asked Questions

We’ll ask you about your income and outgoings, as well as who you owe money to, so that we can get the full picture, and give you the best possible advice to find a solution that’ll save you money, and make life much easier!

It’s okay, we can still help. If you’re not sure of all the people you owe money to, or you haven’t got an exact amount for each payment, we can discuss this, or suggest steps you can take to get us the information while you’re on the call.

You won’t pay anything for the advice our debt specialists give you on the call. If you do qualify for a debt solution, the fees will be taken from the monthly amount you pay to your creditors. Everything’s covered, and we don’t take any money upfront. The last thing we want is you getting further into debt.
Our advisors will take it step by step, so we can understand your concerns, and which of the available solutions would be the right fit for your situation. We’ll only proceed if you’re completely comfortable to go ahead.
That’s completely understandable, but be reassured, we’ll do everything we can to put you at ease. We don’t use complicated jargon, and we treat every customer as an individual, taking their unique circumstances into consideration before sharing our impartial advice. There’s nothing we haven’t dealt with; we speak with hundreds of customers every single day. We’re here to have an open and honest chat and try to build a picture to see what help and support we can give you.

More Debt Help & Advice

How we can help you with your debt

You’re on your way to resolving your debt problems, this is what will happen next.

Fill out the form and arrange a call back with one of our debt advisors.

We will then run through all of the options available to you and advise you on which is the best option for you

We will then help you put the debt solution in place that will help you get back on track

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