Yes, a credit score of 824 is considered excellent in Canada. It places you in the top tier of borrowers (typically 800+), indicating a very low-risk profile, a strong history of on-time payments, and easy approval for the best interest rates on loans, mortgages, and credit cards.
Ranges of Credit Scores in Canada
Excellent (800-850): Low-risk borrowers with access to the best rates. Very Good (740-799): Positive credit history with easier approvals. Good (670-739): Considered acceptable, lower-risk borrowers. Fair (580-669): "Subprime" borrowers facing higher interest rates.
As the chart above illustrates, a credit score of 660 or higher is typically considered good in Canada. Scores between 725 and 759 are very good and anything above 760 is excellent. That said, what's considered “good” can vary by lender, product or even credit bureau.
Follow these steps to achieve your goal of an 850 credit score.
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.
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.
You will be pleased to know that there is no minimum credit score required to apply for a car loan. Different lenders set their own criteria to who they will accept but there is no 'official' minimum score.
Your 824 FICO® Score is nearly perfect and will be seen as a sign of near-flawless credit management. Your likelihood of defaulting on your bills will be considered extremely low, and you can expect lenders to offer you their best deals, including the lowest-available interest rates.
Borrowing more than the authorized limit on a credit card may lower your credit score. Try to use less than 30% of your available credit. It's better to have a higher credit limit and use less of it each month. For example, suppose you have a credit card with a $5,000 limit and an average borrowing amount of $1,000.
Yes, it is technically possible to get a 900 credit score in Canada, but it's very rare—and you absolutely don't need 900 to qualify for great rates and approvals. Most lenders consider you “excellent” well before 900.
You can borrow $50,000 - $100,000+ with a 750 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
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.
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.
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.
A fair, good or excellent Experian Credit Score
Their scores range from 0-999. A credit score of 721-880 is considered fair. A score of 881-960 is considered good. A score of 961-999 is considered excellent (reference: https://www.experian.co.uk/consumer/guides/good-credit-score.html ).
It's impossible to have a 900 credit score, as both FICO and VantageScore models only go as high as 850.