How much is in a score?

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In Canada, your credit score ranges from 300 to 900. A solid score starts at 660, and 760 means you’re financially fabulous. Good credit health comes from timely payments, keeping credit use low, and mixing credit types. Checking your score with Equifax or TransUnion is free. Debt solutions like consumer proposals might lower your score, so choose advisors carefully. Reach out via phone, text, or live chat if you have any questions. Not all trustees can be trusted.

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_{Understand Canada’s credit score range from 300 to 900.}

What Is In A Score Question

How much is in a score? I’m trying to figure out what a credit score number looks like and what the typical range is. I need to know the usual numbers so I can see where I stand.

From: Anonymous Question
Location: Waterloo, Ontario (ON)
Category: credit rebuilding

What Is In A Score Answer

In Canada, your credit score can sit anywhere between 300 and 900, with Equifax and TransUnion providing slightly different takes on these numbers. A score reaching 660 is pretty solid, while 760 tells the world you’re financially fabulous. The magic behind these numbers includes keeping up with your payments (35%), watching how much of your available credit you’re using (30%), building a lengthy credit history (15%), mixing up your credit types (10%), and being wise about new credit applications (10%). So, sticking to on-time payments and using only a portion of your credit limit can really boost your numbers. Fancy a peek at your score for free? You can snag a look at your report from Equifax or TransUnion directly, or check out third-party friends like Borrowell and Credit Karma. Just a heads-up: dipping into debt solutions like consumer proposals or bankruptcy can push your score down a notch. So, tread carefully and choose your advisors wisely—you want someone trustworthy if you’re navigating financial fixes.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

The typical credit score range in Canada is from 300 to 900. A score between 300 and 559 is considered poor, 560 to 659 is fair, 660 to 724 is good, and 725 to 900 is excellent. This information can help you determine where you stand regarding your creditworthiness.

From: OSB Helper

Related Questions to How Much Is In 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 above 35% can negatively impact your credit score, as it indicates a higher risk to lenders[1][3].

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

A consumer proposal remains on your credit report for three years after the proposal has been successfully completed[2][4].

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

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