How much is a score?

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In Canada, your credit score is a big deal. Scores range from 300 to 900, influencing your ability to snag loans or great interest rates. Equifax and TransUnion are the two big credit bureaus, each with unique scoring. For instance, a 760 score on Equifax is excellent, while TransUnion requires 833 for the same rank. Knowing your score’s impact is crucial when seeking credit. Reach out via phone, text, or live chat if you have any questions.

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Credit Score Question

How much is a score? I keep hearing about credit scores

From: Anonymous Question
Location: Halifax, Nova Scotia (NS)
Category: credit rebuilding

Credit Score Answer

In Canada, credit scores swing between 300 and 900, and the higher your score, the better off you are when it comes to getting those loans or snagging a great interest rate. You’ve got two main players here—Equifax and TransUnion—each with their own scoring quirks. For example, if you’re cruising with a score of 760 on Equifax, you’re sitting pretty in the ‘Excellent’ zone. But hop over to TransUnion, and you need to hit 833 to enjoy that same ranking. Knowing where you land on these scales can totally change the game when you’re on the hunt for credit score agencies.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

The provided sources do not contain specific information about credit scores, including their numerical value or how they are determined. For detailed information regarding credit scores, one would typically refer to guidelines set by credit bureaus or financial institutions rather than legal documents.

From: OSB Helper

Related Questions to How Much Is A Score

Here are the top 5 most frequently asked questions related to credit scores in Canada, formatted as requested:

1. What is a good credit score?

A good credit score is usually between 660 to 724, with scores of 725 to 759 considered very good, and scores of 760 and above considered excellent[1][5].

2. How is a credit score calculated?

A credit score is calculated based on factors such as payment history (35%), the amount owed (30%), length of credit history, credit mix, and new credit inquiries[3][5].

3. What is the range of credit scores?

Credit scores range from 300 to 900, with higher scores indicating better credit[1][3][5].

4. How does debt-to-credit ratio affect my credit score?

A debt-to-credit ratio of 35% or below is recommended; using more than this percentage of your available credit can negatively impact your credit score[1][3].

5. How long does a consumer proposal or bankruptcy stay on my credit report?

A consumer proposal remains on your credit report for 3 years after completion, while a bankruptcy can stay on your report for 6 to 14 years, depending on the type and your province[4][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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