Equifax uses a model to determine your score. Positive and negative data points from your credit report are placed in the below five categories with these approximate weights for each category. Payment history: 35% It helps improve your score when you make on-time credit payments. Don't miss those car payments or personal loan payments. Even if you can't pay off your credit card in full, be sure to pay at least the minimum. Missed and late payments harm it. Credit utilization ratio: 30% How much of your available credit you use also impacts your score. Lenders like to see that you are responsible with your available credit. That means only regularly using a fraction of what you could use. Maintain a high utilization ratio for too long and you’ll see a negative impact on your overall credit score. Avoid maxing out your credit cards and carrying a high balance from month to month. Credit history: 15% This portion of your credit file details how long your credit accounts have been open. Long-held accounts improve your score because it shows an extended period of responsible credit use. Opening a new account can temporarily drop your score. Public Records: 10% Bankruptcies, bills sent to collections and other derogatory public records significantly decrease your credit score. Inquiries: 10% When you apply for a new loan or credit card, most lenders will first check your credit report. This is referred to as a “hard inquiry”. Several inquiries close to one another can be seen as a warning sign and drag down your score. Fortunately, credit score drops from inquiries are usually temporary, From these 5 factors, Equifax scores Canadian consumers on a scale from 300 and 900. Higher scores indicate better credit. Keep in mind that a credit score is not set in stone. It’s a snapshot of where you are today. Paying down high balances and making regular payments will help increase your credit score if it’s lower than you’d like it to be.