How to have a perfect credit score?

I am far from perfect at managing my money. But when I ordered my credit report 10 months ago, I exuded the confidence of the little girl in the class who finishes her chemistry exam 30 minutes before the others. Then I received my score: 778 out of 900. I was disappointed.

The score is excellent and allows me to have easy access to credit on favorable terms. But on a scale out of 100, how much is that? 86%. It’s good, but nothing for your parents to show off in front of their friends: “My Daniel got 86% in chemistry.” Below 90%, you just say that your little prince is doing well at school without going into details, to continue with an analysis of climate change: “It seems that summer is off, don’t you think ?”

My Equifax report says my credit score is better than 55% of Canadian consumers. This means that it is worse than the record of the other 45%. It’s relatively average. You know how it is, we usually find our satisfaction in comparison with others, like those rare times when our queue moves faster than the neighbor at the grocery store.

So I pay a lot of money for my accounts and my debts and almost half of Canadian consumers have a better score than me. This suggests that the financial situation of households in the country is worse than it seems, but above all, it raises a question: how do they do it?

Credit score calculation, unlike chemistry, is an occult science. Other than those who trade in it, no one knows exactly how it works. Equifax and TransUnion (the two companies that compile credit files in the country) do not reveal their formula under the pretext of industrial secrecy.

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