In Canada, FICO® Scores range from 300 to 900, where higher scores demonstrate lower credit risk and lower scores demonstrate higher credit risk. What's considered a “good” FICO® Score varies, since each lender has its own standards for approving credit applications, based on the level of risk it finds acceptable.
In Canada, according to Equifax, a good credit score is usually between 660 to 724. If your credit score is between 725 to 759 it's likely to be considered very good. A credit score of 760 and above is generally considered to be an excellent credit score.
While credit scores in Canada range from 300 - 900, the average is around 650, according to TransUnion, though it varies from province to province. Once you've reached a credit score of 650 or higher, you'll be able to qualify for more financial products.
Canada's credit scoring is similar to the U.S. system. ... The two major credit reporting bureaus are TransUnion Canada and Equifax Canada. Scores are calculated using five factors: payment history, outstanding debt, credit account history, recent inquiries and types of credit.
Back in April 2009, Experian closed their consumer credit bureau in Canada. ... This means that as of April 18, 2009, Experian will no longer be providing credit reports out of its Canadian database regarding any consumer in Canada.
According to Canada's Office of Consumer Affairs, Canadians use a scale between 300 and 900, based on reporting from two credit bureaus: Transunion and Equifax. Here in the U.S., our scale goes from 300 to 850, and includes reporting from one additional bureau: Experian.
Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent. ... Those with credit scores below 660 may be less likely to qualify for better loan terms.
An 814 credit score is often considered very good — or even excellent. With excellent credit, your credit scores become more of a bridge and less of a roadblock — a high score can help you qualify for premium rewards credit cards, auto loans and mortgages with the best terms.
In Canada, your credit scores generally range from 300 to 900. The higher the score, the better. If you have scores between 800 and 900, you're in excellent shape.
A good credit score in Canada is 660 or higher. The ranges on the good side of things are: Good 660 – 724, Very Good 725 – 759, and Excellent 760 – 900.
An 840 FICO® Score is nearly perfect. You still may be able to improve it a bit, but while it may be possible to achieve a higher numeric score, lenders are unlikely to see much difference between your score and those that are closer to 850.
In Canada, credit scores range from poor (around 300) to excellent (900). Anything above 650 is considered to be good, which means that your risk for defaulting on your mortgage is low and you're a safe candidate for a loan.
Credit scores are calculated using specific information from someone's credit report; hence the different credit scores. The information on your credit report from Equifax will not be exactly the same as the information on your TransUnion report because it is up to your lenders who they report information to and when.
What is the difference between credit scores from Equifax and credit scores from FICO? ... The Equifax credit score model uses a numerical range between 280 and 850, and FICO score models use a range between 300 and 850. In both cases, higher credit scores indicate lower credit risk.
A credit score of 900 is either not possible or not very relevant. ... On the standard 300-850 range used by FICO and VantageScore, a credit score of 800+ is considered “perfect.” That's because higher scores won't really save you any money.
An 824 FICO® Score is nearly perfect. You still may be able to improve it a bit, but while it may be possible to achieve a higher numeric score, lenders are unlikely to see much difference between your score and those that are closer to 850.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 645 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
An 803 credit score is Exceptional. Get your free credit report from Experian and check your credit score to better understand why it's so good, and how to keep it that way.
A 789 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 775 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO® Scores in the Very Good range.
There are two main credit bureaus in Canada: Equifax. TransUnion.
So why the difference? The algorithm used by Equifax and TransUnion is proprietary to each company and most likely different in how they compute your score. Equifax makes use of the Equifax Risk Score while TransUnion uses the CreditVision Scoring model.
A credit score of 680 or above is required to qualify for the best mortgage rates in Canada in 2022. Some mortgage providers allow you to qualify with credit scores between 600 and 680, but these providers may charge higher interest rates.