For many people, a credit score is a mysterious thing. But that number can have a huge impact on our lives. Our guest in this episode is Laura Scheck, Vice President of Credit Cards at Scotiabank. She talks to Natalie Nanowski from our Perspectives Newsroom team to help bust some common myths around the credit score as well as explain the basics. What number is good, what’s bad, what will actually decrease your score and, of course, tips on how to improve it. 

Key moments this episode: 

1:24 — The “origin story” of the credit score 

2:06 — What is a good credit score? 

2:27 — Can you get a perfect credit score? 

3:02 — How is a credit score calculated? 

3:32 — Five main factors that impact credit scores 

4:30 — The most common way to negatively impact your credit score 

5:50 — Another common way people unknowingly decrease their score 

7:04 — Can checking your own credit score negatively impact it? 

8:33 — Is using your full credit card limit a bad thing for your credit score?  

9:34 — Will taking a higher credit limit on your credit card affect your credit score? 

10:31 — What are some ways to improve your credit score and how quickly can it be done? 

11:36 — The best way for newcomers or students to build their credit 

12:52 — Have attitudes changed from generation to generation when it comes to credit? 

13:40 — The biggest shift in the current credit landscape that Laura has noticed 

14:52 — The biggest takeaways when it comes to credit scores