Yes, a credit score of 829 is considered excellent and exceptional in Canada. On the Canadian credit score scale (typically 300 to 900), a score of 760 or higher is generally deemed excellent. This score indicates to lenders that you are a very low-risk borrower, making it easy to secure loans, mortgages, and the best interest rates.
They appear on just 0.7% of the credit reports of people with FICO® Scores of 829. An Exceptional credit score can mean opportunities to refinance older loans at more attractive interest, and excellent odds of approval for premium credit cards, auto loans and mortgages.
No, a 900 credit score isn't possible with the most common U.S. credit scoring models (FICO, VantageScore), which cap at 850, but some older or industry-specific models (like FICO Auto/Bankcard) can reach 900, though lenders don't typically rely on them for general lending. For most people, an excellent score is considered 800+, with 850 being the perfect score in the standard range, representing flawless credit management.
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.
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.
Excellent (800 to 850): Lenders generally view these borrowers as less risky. As a result, individuals in this range may have an easier time being approved for new credit. Very good (740 to 799): Very good credit scores reflect frequent positive credit behaviors. Lenders are likely to approve borrowers in this range.
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.
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.
14.5% of people have a credit score of 800 or higher:
All columns may not add up to 100% due to rounding.
If you've ever wondered who's rocking a perfect 850 FICO® Score, here's your answer: not many people. In fact, just 1.54% of Americans are in that elite club, according to Motley Fool Money research. As someone who spends way too much time buried in credit score data, I can tell you -- it's not luck.
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.
If you want to increase your score, there are some things you can do, including:
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 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.
No, checking your own credit history, credit report, or credit score won't affect your credit score. When you check your own credit report, it's considered a soft inquiry (or soft check or soft pull). A soft inquiry is a credit check being done for a reason other than applying for new credit.
It's partly true: most negative items like late payments and collections are removed from your credit report after about seven years, but the underlying debt often still exists, and bankruptcies (Chapter 7) last 10 years, so your credit isn't entirely "clear" but mostly refreshed from old negatives. The 7-year clock starts from the date of the original delinquency, not when you paid it off or sent to collections, and the debt itself can still be pursued by collectors.
Payment history has the biggest impact on your credit score, making up 35% of your FICO® score. Amounts owed, which includes your credit utilization ratio, comes in at a close second, accounting for 30% of your score. The higher your credit score, the more likely you are to qualify for certain types of credit.