Yes, a 787 credit score is considered Very Good, bordering on Excellent, and puts you in a strong position to get favorable terms and low interest rates on loans like mortgages and auto loans, as it shows excellent credit management and a strong payment history. Lenders view a score in the 740-799 range as very low risk, often qualifying you for top-tier credit card offers and better loan conditions than someone with just a "Good" score (670-739).
In Canada, a score of 660+ is good, and 760+ is excellent. Higher scores unlock better rates, loan terms, and premium credit products. Scores vary by bureau and model — Equifax, TransUnion and FICO® use different methods, and lenders often rely on FICO Scores.
In fact, 787 is classified as “excellent credit,” and having a credit score this high should qualify you for good terms on most loans, credit cards and other lines of credit.
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent. For credit scores that range from 300 to 850, a credit score in the mid to high 600s or above is generally considered good.
According to the latest FICO report from 2024, approximately 41.1% of Canadian consumers fall into the highest credit score tier of 800 or above. This group demonstrates excellent credit profiles, consistent repayment of debt, low utilization, and a diverse credit mix.
Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket. Data source: FICO (2024). Nearly half of Americans score between 750 and 850, in the very good to exceptional range, while 25% of Americans have a score between 300 and 649, the poor to fair credit score range.
Yes, you can likely get a $50,000 loan with a 700 credit score, as this falls into the "good" credit range (670-739) that unlocks better rates, but approval also hinges on your income, debt-to-income (DTI) ratio (ideally below 36%), and overall credit history, with lenders looking for stability and repayment ability, so prequalifying with multiple lenders helps compare terms.
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.
10 Easy ways to improve your CIBIL Score in India
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.
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
The 3-7-3 Rule in mortgages isn't a loan type but a federal timeline from the TILA-RESPA Integrated Disclosure (TRID) rule, ensuring borrower protection by mandating disclosures within 3 business days of application, a 7-business-day wait between the initial Loan Estimate and closing, and another 3-day wait if significant changes (like APR) occur, giving borrowers time to review costs before committing to a loan.
There are several agencies that calculate your credit score. Car dealerships can use any of these credit reporting agencies. However, the most commonly used by car dealers is FICO. Fair Issac Corporation developed FICO Auto Scores to determine someone's creditworthiness for auto financing.
After you pay off your debt, you may notice a drop to your credit scores. This happens because removing the debt affects certain factors affecting your credit score. These include your credit mix, your credit history or your credit utilization ratio. For example, paying off an auto loan can lower your credit scores.
How does my income affect my credit score? Your income doesn't directly impact your credit score, though how much money you make affects your ability to pay off your loans and debts, which in turn affects your credit score. "Creditworthiness" is often shown through a credit score.
The credit score range in Canada is between 300 and 900, and a score of 900 represents the highest possible rating of creditworthiness. In fact, any score above 760 is considered excellent, so don't feel defeated if you don't quite hit 900.