Skip to Main Content


An expression of your creditworthiness.

A strong credit score is key.

Credit scores are one piece of the puzzle that lenders look at to determine whether to lend to you or to grant credit card eligibility. Maintaining a strong credit score is key to being seen as a low-risk borrower.


Video Icon

What is a credit score?

Credit scores are a method of evaluating and grading an individual’s credit record. The FICO credit scoring model uses a 300-850-point credit scoring scale. This three-digit number helps lenders determine the likelihood that you will repay a loan.

Video Icon

What factors make up your credit score?

A FICO Score is calculated based on five factors: your payment history, credit utilization, new credit, length of credit history, and credit mix.

  • Payment history accounts for 35% of your credit score. Making your monthly payments on time is very important. Late or missed payments will negatively affect your credit score.
  • Credit utilization accounts for 30% of your credit score. Credit utilization is determined by the amount of credit you are using (how much you owe) compared to the amount of your available credit. Usually, the lower your credit utilization the better your score.
  • New credit or credit inquiries account for 10% of your credit score. New credit refers to recently opened accounts. If you have opened several new accounts in a short time period this indicates risk and lowers your score.
  • Length of credit history accounts for 15% of your credit score. Generally, the longer your credit history, the better.
  • Credit mix accounts for 10% of your credit score. Credit mix is the different types of credit accounts you have, i.e., retail accounts, credit cards, or installment loans such as a vehicle loan or mortgage. A diverse mix of credit demonstrates your ability to manage different types of credit.
Video Icon

What is a good credit score?

FICO Scores are calculated using the information found in your credit report with scores ranging from 300 to 850 as defined below.

800–850: Exceptional
740–799: Very Good
670–739: Good
580–669: Fair
300–579: Poor

Video Icon

5 tips to improve your credit score

Consider these 5 helpful tips to improve your score:

  1. Pay bills on time as late payments negatively impact your score.
  2. Keep credit card balances low as high credit utilization can affect your score.
  3. Avoid closing old credit card accounts even if you aren’t actively using them.
  4. Regularly review your credit report to catch errors or unauthorized charges.
  5. Avoid “Buy Now, Pay Later” services like Affirm and Afterpay as these may be considered installment loans that could impact your credit score.

Need help establishing or re-building your credit?

Consider our Secured Platinum Visa® card.

Open Account