03/09/2026
What to know about credit history
Credit History looks at the age of your oldest open account in addition to how you have managed opened accounts over a period time.
The longer your accounts have been opened, the better they are perceived by lenders. Opening new accounts can cause your credit to appear unstable, because a record of responsible use has not yet been established for the account. Your credit score will improve as you keep your new accounts open, active and paid on-time.
Negative records remain on your credit report for 6-14 years (depending on the province). In the case of multiple bankruptcies, each bankruptcy reports for up to 14 years from the date of discharge. You can help your credit recover from these derogatory records by paying your bills on time, reducing your debts and using credit responsibly.
How long have your accounts been open? Over the last 24 months, have you paid them on time? Are any of your accounts in delinquency?.
Time is one of the most significant factors to improve your credit score. Establish a long history of paying your bills on time and using credit responsibly.
You may also want to keep the oldest account on your credit file open, use it occasionally to lengthen your period of active credit use and count toward your age of credit.
Keep in mind that credit card issuers may close out inactive accounts on their own.
It's important to pay your bills on time. Accounts with negative records such as, collections and charge-offs, can cause substantial damage to your credit score and will impact your credit history.
Factors impacting your score
Presence of bankruptcy, delinquency, or derogatory item
Negative records remain on your credit report for 6-14 years (depending on the province). In the case of multiple bankruptcies, each bankruptcy reports for up to 14 years from the date of discharge. You can help your credit recover from these derogatory records by paying your bills on time, reducing your debts and using credit responsibly.
