Understanding your credit score can feel like navigating a financial maze, but it doesn’t have to be complicated. As a Canadian consumer, knowing what makes a good credit score can unlock doors to better financial opportunities.
Credit Score Ranges in Canada
| Credit Score Range | Rating | Lending Likelihood |
|---|---|---|
| 300-579 | Poor | Very Low |
| 580-659 | Fair | Limited |
| 660-724 | Good | Moderate |
| 725-759 | Very Good | High |
| 760-900 | Excellent | Highest |
What Influences Your Credit Score?
- Payment history (35%)
- Credit utilization (30%)
- Credit history length (15%)
- Credit mix (10%)
- New credit inquiries (10%)
Real-World Credit Score Insights
Most Canadian lenders consider a score of 660 or higher as “good”. At this level, you’ll likely qualify for standard loan products with competitive interest rates.
“A credit score isn’t just a number—it’s your financial reputation.” – Financial Experts
Quick Tips to Boost Your Credit Score
- Pay bills on time, every time
- Keep credit card balances low
- Avoid applying for multiple credit lines simultaneously
- Maintain older credit accounts
- Regularly check your credit report
Remember, your credit score is a financial passport. Nurture it wisely, and it will open doors to better financial opportunities across Canada.
