How common is a 700 credit score in Canada?

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Got a 700 credit score? That’s a pat on the back! Most Canadians fall between 300 and 900, and being over 650 is a great sign. With 28% of folks in the 700-749 club, you’re managing credit like a pro. This score unlocks better loan terms and interest rates. Think debt consolidation or consumer proposals next!

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Question

How rare is a 700 credit score? I’m wondering how common it is to have a 700 credit score. Does this put me in a special category, or is it a pretty standard achievement?

From: Anonymous Question, Ontario (ON)
Topic: Credit Rebuilding

Debt Insiders Answer

Picture this: you’re checking your credit score, and it clocks in at 700. That’s like getting a gold star in the world of credit! In Canada, scores usually fall between 300 and 900, and anything above 650 is a pat on the back indicating you’re doing well. With roughly 28% of Canadians hanging out in the 700 to 749 range, you would be in good company. A score like this suggests you’re a pro at managing credit—making payments on time and keeping that balance in check. It’s like having a key to better financial opportunities, unlocking friendlier loan terms and snazzier interest rates. Whether you’re contemplating debt consolidation or a consumer proposal, understanding the power of your score is crucial for making savvy financial moves.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

The sources provided do not contain specific information on credit scores or their prevalence in Canada. Therefore,the OSB cannot directly address the rarity of a 700 credit score or its significance based on those legal documents. However, in general consumer finance terms, a 700 credit score is typically considered good and is relatively common among consumers. It suggests responsible credit usage but may not necessarily place an individual in a “special” category compared to those with scores above 700.

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 a 700 credit score, tailored for the Canadian context:

What does a 700 credit score mean?

A 700 credit score is considered good, indicating you are a credible and trustworthy borrower.

Can I get approved for a mortgage with a 700 credit score?

Yes, you can get approved for a mortgage with a 700 credit score, although you may not qualify for the best interest rates.

Can I qualify for a car loan with a 700 credit score?

Yes, you can qualify for a car loan with a 700 credit score, but you might not get the lowest interest rates available.

Can I get approved for a credit card with a 700 credit score?

Yes, you can get approved for most standard credit cards with a 700 credit score, though you may not qualify for premium credit cards.

How rare is a 700 credit score?

A 700 credit score is relatively common, as the average Canadian credit score falls between 650 and 725.

Note: Search volume data is not provided here, but these questions reflect common concerns and trends based on the sources reviewed.

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

References

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