Understanding Personal Credit Scores: Debunking Common Misconceptions

Published: May 10th, 2024 • Last Updated: September 5th, 2025
Author: Ross Taylor on AskRoss.ca

At our brokerage, we take pride in our extensive knowledge of credit matters. With over twenty years of experience, Ross has helped thousands of Canadians improve their personal credit histories.

Growing Concerns

In recent years, there has been a growing trend of individuals becoming increasingly concerned about their personal credit scores. Many seem to obsess over it, checking their scores regularly and worrying about any potential negative impacts.

Easy Access to Credit Scores

With the availability of online banking and platforms like Credit Karma or Borrowell, checking one’s credit score has become more accessible than ever. Individuals can also request their credit report from major credit bureaus like Equifax Canada or TransUnion Canada.

Real-Life Scenario

Just last week, a client, Margaret, who owns a townhome near our offices in Mississauga, approached Ross to pre-qualify her for a mortgage for their next home. Despite her readiness to buy their forever home, Margaret was hesitant to have her credit report pulled, fearing it would hurt her score.

The Revelation

However, when Ross explained that lenders require a copy of the Equifax credit reportalong with the application for pre-approval, Margaret reluctantly agreed.

To everyone’s surprise, Margaret’s credit score was 900 – theabsolute highest score possible. Such a high score is a rarity, but it illustrates the importance of not overthinking personal credit scores.

The Takeaway

Margaret’s story serves as a reminder not to overanalyze personal credit scores. While it’s essential to be mindful of your credit, obsessing over minor fluctuations can lead to unnecessary stress. Instead, focus on maintaining healthy financial habits, and your credit score will take care of itself.