Credit Basics

Available credit is the unused portion of a revolving credit limit that remains available to borrow.

Foundational Canadian credit terms such as credit files, credit history, revolving credit, and installment credit.

A credit file is the bureau record that gathers a consumer's reported credit information.

Credit history is the running record of how a borrower has used and repaid credit over time.

A credit limit is the maximum amount a borrower is approved to use on a revolving credit account.

Installment credit is borrowing where a defined amount is repaid through scheduled payments over time.

Revolving credit is borrowing with a reusable limit that can be spent, repaid, and used again.