How much credit score is ok?

_{acceptable score, credit health, British Columbia}

Having a credit score of 660+ in Canada is like having a VIP pass, signaling good credit health with access to favorable loans and rates. Scores above 760 offer top financial deals, while 560-659 keeps loan options open but less favorable. Aim for 660+ to navigate finances confidently and seize the best opportunities.

_{Unlock financial opportunities with a credit score above 660.}

Question

How much credit score is ok? When it comes to credit in Canada, what’s considered an acceptable score? I want to know at what point I can feel confident in my credit health and opportunities.

From: Anonymous Question, Burnaby, British Columbia (BC)
Topic: Credit Rebuilding

Debt Insiders Answer

In Canada, having a credit score of 660 or higher is like having a VIP pass to the financial world. It shows you’ve got your credit health in check, opening the door to a range of loans and credit cards with great rates. When your score bumps up to between 725 and 759, you’re in the “very good” zone, which means your credit history is solid and those loan offers could get even sweeter. Now, a score above 760? Well, that’s like scoring front-row tickets to the best financial deals out there!

If you find your credit score hanging between 560 and 659, you’re still in the game for loans, but the terms might not be as dazzling. Scores under 600? They can put a bit of a damper on your ability to grab those traditional lending options. So, aiming for that 660 and above is key to navigating the financial landscape with confidence and seizing the best opportunities available.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

The provided sources do not contain specific information on credit scores or what constitutes an acceptable credit score in Canada. Generally, a credit score ranges from 300 to 900, and a score of 650 or higher is often considered acceptable. For better credit opportunities, aiming for a score of 700 or above is recommended.

From: This answer is provided by scanning the Bankruptcy & Insolvency Act and related directives from the Office of the Superintendent of Bankruptcy (OSB).

Related Questions

Here are the top 5 most frequently asked questions related to credit scores in Canada, along with a brief answer for each:

1. What is a good credit score?

A good credit score starts at 660, with scores ranging from 660 to 900 considered good to excellent[1][4][5].

2. What is the minimum credit score to get a mortgage?

The minimum credit score to be approved for a traditional mortgage is around 680, though some lenders may accept scores as low as 600[2][5].

3. Is a 600 credit score good?

A 600 credit score falls under the “fair” credit score range, and while you may qualify for a loan, you won’t get the most competitive rates[4].

4. Is a 750 credit score good?

A credit score of 750 is considered very good, placing it just below the excellent range of 760 to 900[4].

5. How does my credit score affect my mortgage rate?

Credit scores significantly impact mortgage rates; scores of 720+ generally offer the best rates, while scores below 680 can result in higher interest rates[5].

If you have a question about debt see our debt questions or ask your own debt related question.

References

_{Table of article references}