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A Boardwalk Quick Tips Guide Understanding Your Credit Score

…and how to improve it!

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At Boardwalk, we know everyone’s financial journey looks different.
If your application wasn’t approved at this time, this guide is here to support you with helpful information and next steps to strengthen your credit for the future!

What Is a Credit Score?


Your credit score reflects how well you manage borrowed money. It’s based on your payment history, how much credit you use, and how often you apply for credit.

Important to know:

  • Your credit score changes over time
  • Paying bills on time improves your score
  • Missed or late payments can lower it
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Why Applications
May Be Declined

Applications are sometimes declined due to multiple factors, not just one issue.

Common reasons include:

  • Late or missed payments
  • Insufficient or inconsistent income
  • Short or limited employment history
  • Limited credit history

The good news: many of these can be improved over time!

Steps to Improve Your Credit

Build and maintain good credit by:

  • Paying all bills on time
  • Setting up automatic payments where possible
  • Paying more than the minimum when you can
  • Keeping credit card balances low
  • Avoiding frequent credit applications
  • Catching up on missed payments as soon as possible
  • Using credit responsibly (not to pay off other credit)
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Check and Monitor Your Credit

Stay informed:

  • Request your credit report regularly
  • Check that your information is accurate
  • Monitoring your credit does not hurt your score

New to Canada?

Newcomers are welcome to apply!

  • Credit history may take time to build
  • Responsible use of one credit product helps
  • Consistent payments matter most
  • Additional  options may be available

Availability and requirements may vary by province.

Next Steps

  • Review your credit report
  • Create a payment plan
  • Build consistent income history
  • Reapply when your situation improves

Helpful Links: (open external sites)

Note: This information is for general guidance only. Credit decisions vary by lender, and improving credit takes time. Boardwalk encourages applicants to seek advice from a financial institution or credit bureau for personalized support.