What is good credit score in Canada?

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In Canada, a credit score of 660 or higher is considered good, but remember that it can vary with different scoring models. FICO sees 670-739 as good, while VantageScore 3.0 lists 661-780. The average score of 760 in Canada is a healthy one. Keep your credit score healthy by paying bills on time, using less than 35% of your credit, and checking your score regularly. Reach out via phone, text, or live chat if you have any questions.

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Good Credit Score In Canada Question

What is good credit score in Canada? DEBT INSIDERS I want to know what number is considered a good credit score in Canada. It will help me understand if I’m on track financially.

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

Good Credit Score In Canada Answer

In Canada, a credit score that’s 660 or higher is generally seen as good, though interpretations might shift based on which scoring model is in play. With FICO, a score between 670-739 fits the bill, while VantageScore 3.0 considers 661-780 as good. Then you’ve got the ‘very good’ and ’excellent’ categories, which fall into the 740-799 and 800+ zones. Understanding these differences is key since lenders can choose different models to decide how creditworthy you are. On average, Canadians boast a score around 760, showcasing a robust performance overall.

To keep your credit score in top shape, remember the golden rule: pay your bills on time and keep your credit usage low—ideally under 35%. Regularly checking your credit score for free is a smart move to watch your financial journey unfold. Be wise with credit, as lenders consider more than just your score—they’re also looking at your income and debt levels when deciding on loans. To learn about effective strategies for improving your credit, explore options like credit rebuilding.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

If you’re considering options for managing your debt, understanding your credit score is essential. Generally, a credit score of 700 or above is deemed good, while scores of 750 and higher are considered excellent. For precise definitions and guidelines, make sure to consult credit reporting agencies or financial institutions within Canada.

From: OSB Helper

Related Questions to Good Credit Score In Canada

Here are the top 5 most frequently asked questions related to credit scores in the context of debt and personal finance in Canada:

1. What is a good credit score?

A good credit score range is usually between 660 to 900[1][5].

2. What credit score do I need for a mortgage?

To qualify for the best mortgage rates, you need a credit score of 680 or above, though some providers may accept scores between 600 and 680 with higher interest rates[3].

3. How do I check my credit score for free?

You can check your credit score for free through Equifax, TransUnion (for Quebec residents), and various third-party service providers like Borrowell and the Big Banks in Canada[1].

4. How do I improve my credit score?

You can improve your credit score by paying bills on time, keeping your debt-to-credit ratio below 30%, applying for new credit selectively, and not closing old credit accounts[1][3].

5. What is the average credit score?

The average credit score is around 760, according to recent data from FICO, though it can vary slightly depending on the source and region[5].

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

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