In the United States, a 900 credit score is not possible under the most common FICO and VantageScore models, which cap at 850. While extremely rare, a 900 score is theoretically possible in specific, alternative, or international models (such as CIBIL in India). Only about 1.5% of Americans achieve the "perfect" 850 score.
In Canada, it's quite uncommon to have a credit score calculation of 900, no matter your personal finance situation. In fact, only 1%-6% of people have credit score calculations of 850 or higher, and it's very difficult to get a perfect credit score calculated to 900.
The 2-2-2 credit rule is a guideline for building strong credit, suggesting you should have two active credit accounts (like cards or loans) for at least two years, with consistent on-time payments for those two years, often with a minimum credit limit of $2,000 per account, to demonstrate financial responsibility to lenders, especially for mortgages. It's a benchmark to show you can handle credit well over time, reducing lender risk and improving approval odds for major loans.
750-900: Scores in this range are excellent. Individuals with scores in this category are considered low-risk borrowers and typically receive the best credit card offers and rates.
In Canada, credit scores range from 300 to 900, 900 being a perfect score and 300 the lowest. According to data from a 2022 survey, the average credit score in Canada is 672, and 694 in British Columbia. Your credit score is used by lenders to determine what kind of borrower you are.
39% of Canadians aged 55-64 have less than $5,000 in savings (-5 pts); 73% have $100,000 or less in savings. More than one in three (36%) women aged 55-64 have no savings at all, compared to one in five (22%) men.
A 900 credit score is typically only possible when auto lenders or credit card issuers use the older industry-specific FICO® Bankcard Score model. If the FICO Bankcard model assigns someone a 900 credit score, it means they're very likely to pay back their debts.
Pay your bills on time
Prioritize and schedule your monthly payments, making sure to pay at least the minimum payment on time every month on all your accounts. Try to pay more than what's due whenever possible. This helps to pay down debt faster, save on interest expense and may improve your credit score.
It is rare to have an 850 credit score, but not impossible, and may be useful when applying for credit opportunities. Achieving and maintaining an 850 credit score can be difficult as it takes time, diligence and commitment to manage your credit effectively.
The golden rule of credit cards is to pay your statement balance in full every single month. This practice is crucial for maintaining a good credit score and avoiding costly interest charges.
The house you can afford on a $70,000 income will probably be between $290,000 and $360,000. However, your home-buying budget depends on several financial factors, not just your salary.
The average salary in Edmonton is $56,800, which is 4.3% higher than the Canadian average salary of $54,450. A person making $70,000 a year in Edmonton makes 23.2% more than the average working person in Edmonton and will take home about $53,712.
Based on a monthly salary of ₹70000 and assuming no existing financial obligations (like ongoing EMIs or outstanding credit card dues), you may be eligible for a home loan amount of approximately ₹34.51 lakhs. The interest rate could range between *9.25% and 15% or higher, with a loan tenure of up to 180 months.
300 to 579: Poor Credit Score
Individuals in this range often have difficulty being approved for new credit. If you find yourself in the poor category, it's likely you'll need to take steps to improve your credit scores before you can secure any new credit.
Building Credit History: If you use your credit card responsibly, paying bills on time can help build and improve your credit score. This can be beneficial if you're looking to apply for a mortgage, car loan, or even a better credit card down the line.
Twenty-four percent of Americans have a credit score between 800 and 850, considered "exceptional" by FICO. A credit score at the top of that range -- 850 -- is perfect. Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket. Data source: FICO (2024).