Is 650 a good credit score?

650 credit score, if 650 is a good credit score, Ontario

A credit score of 650 in Canada is considered “Fair.” While it matches the national average, it may limit your access to low-interest loans and premium credit cards. Boost your score by paying bills on time and keeping credit usage below 30%. Consider a professional Licensed Insolvency Trustee for advice on consumer proposals, but choose carefully. Reach out via phone, text, or live chat if you have any questions.


credit score of 650 in Canada affecting loan access with tips for improving borrowing options

Improve your credit score for better loan access.

650 Credit Score Question

Is 650 a good credit score? My score came out as 650 and I’m not sure if that’s enough to get good deals. I need to know if 650 is considered a solid score in Canada.

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

650 Credit Score Answer

In Canada, a credit score of 650 is considered “Fair,” putting you just below the “Good” range of 660–724 according to Equifax. While it’s on par with the national average reported by TransUnion, having a score of 650 might make it trickier to land those sweet loan deals and credit cards with low interest rates. Some lenders may have no problem with a 650 for basic products, but don’t expect the red carpet treatment that higher scores get. Essentially, you could get the nod from traditional lenders, but likely with a catch, like stiffer terms.

Boosting your score can unlock better borrowing options. Here’s how: Pay on time—it’s a biggie. Keep your credit card balances low, ideally below 30% of your limit. And be cautious about seeking new credit to dodge hard inquiries that could ding your score. Taking control of your debt and borrowing responsibly is key to polishing up your credit. If debts start feeling like a pile of bricks on your shoulders, consider chatting with a professional Licensed Insolvency Trustee to explore options like consumer proposals. Just remember, not all trustees are cut from the same cloth, so pick wisely.

From: Insider Scott

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Office of the Superintendent of Bankruptcy (OSB) Answer

A credit score of 650 is generally considered to be a fair score in Canada. It may limit your access to the best interest rates and terms, but it does not mean you are unable to obtain credit. Typically, a score between 650 and 700 indicates fair credit; scores above 700 are viewed more favorably, while those below 650 may struggle to secure favorable terms. If you’re aiming for the best deals on loans or credit, working to improve your score could be beneficial. For more information, consider exploring credit rebuilding strategies.

From: OSB Helper

Here are the top 5 most frequently asked questions related to the query “Is 650 a good credit score?” in the context of Canadian credit scoring:

1. Is a 650 credit score good?

A 650 credit score is generally considered fair, not good.

2. What are the implications of having a 650 credit score?

Having a 650 credit score may limit access to the best interest rates and loan terms.

3. How can I improve a 650 credit score?

You can improve a 650 credit score by paying bills on time, reducing debt, and avoiding frequent credit inquiries.

4. Can I get a loan with a 650 credit score?

Yes, you can get a loan with a 650 credit score, but you may not qualify for the most competitive rates and terms.

5. How does a 650 credit score compare to other credit score ranges?

A 650 credit score falls below the good credit score range, which typically starts at 660 in Canada[1][3][5].


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

References

Title, Source
Credit Score Ranges, Equifax Canada
Understanding Credit Scores, TransUnion
Managing Your Credit, Borrowell
Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3), Government of Canada

Table of article references



Eliminate up to 80% of Your Debt

High cost of gas, high cost of groceries, high lending rates, low salary - being in debt is not your fault! See if you qualify for government debt programs and get out of debt today!

Write off up to 80% of your debts
Reduce debts into one affordable monthly payment
Stop all collections calls
No interest and charges (completely frozen)
Government-legislated debt relief programs