Can I Increase my credit score Fast?

Improve Your Credit Score

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By Bromwich+Smith Staff | 798 words | Reading Time: 4 minutes | Last Update: 2022/08/18

We often hear talk about credit scores, and if you are looking to purchase a big-ticket item like a house or car or looking to increase your credit limit, looking for a new rental or renewing a loan you may be asked if the lender can do a credit check. Do you know what they will be looking at, and if your credit score isn’t as high as they need it to be- how can you change that?

During a credit check, the lender will be able to see your credit report including any credit you currently have (loans, credit cards) any debt you have (car payments, mortgage) and any missed or late payments or creditor action. They will use this information to decide if they will lend you money and what the interest rate will be. If your score is low, they may charge a higher interest rate to offset the risk that you may not be able to pay back the loan.

Credit score and how can we increase it?


How can you improve your credit score?

By having a higher credit score, you can reduce the amount of money you will owe back, as you may qualify for a lower interest loan. This can be a huge difference in what you pay on a larger purchase like a house or a vehicle.  Can you improve that credit score fast? The simple answer is yes! It may take some work on your end, but it is possible. Here are our top four tips:

  1. Use credit cards to build credit.  Not all the bills that you pay for will show up on your credit report- which means simply they do not help build your credit score.  Cell phone bills, utility bills and rent are just a few examples.  It is important to know that they will negatively impact your credit if you do not pay them on time although they do not help you build and maintain a good credit score.  Loans do show on your report, and they do help your score; with credit cards making the biggest impact. 
  1. Pay off your credit card in full each month. Lenders want to see that you have been accepted by other lenders for credit, and that you are using and able to pay for that credit. A simple way to do this is to have a small bill set up on your credit card and to set the payment so you don’t even need to think about it. This keeps your balance paid in full and shows that you are using your credit card regularly.  Paying off your credit card in full each month will increase your score and maintain a good credit rating!
  1. Never carry a balance on your credit of more than 50% of your limit.  Keep in mind, your credit score is a snapshot on a given day in the month, so it’s important to always keep your balance below 50% of the limit. This shows your lenders that you are capable of paying your debt but are not reliant on having the credit for daily living expenses.                                                                                                         
  2. Pay your bills on time.  This may sound like the simplest tip but is easily forgotten. A missed, or late payment will be on your credit report for 6 years, it is one of the biggest strikes on your credit report possible. If you tend to forget, make a reoccurring note in your calendar as a reminder to pay your bills. You may also consider setting up automatic withdrawal, as it will ensure no more forgetting!

If you do nothing more than this, you will see improvement in your credit score and your overall credit report.  Ultimately, the goal is to qualify for best rates and terms when we seek credit to buy a home or car.  If you have low credit score or having difficulty qualifying for the best rates and terms now, acting now will help set you up for success. Keep in mind your credit score is not permanent, it can and will change.  You can change and improve your credit score and rebuild.  

Its always great to know your own credit score and Equifax, and TransUnion both offer free options.

Want to know more? Check out this CTV interview with our VP as she chats about credit and ways to improve your credit score. Here is the link to the YouTube video for improving your credit score

Also, for more great information on what happens to your credit during a bankruptcy or consumer proposal check out:

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you flourish!

Related blog:

Credit Score Myths Debunked (
How does Credit work in Canada? |Bromwich+Smith (


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