Is 489 a good credit score?

_{489 credit score, if 489 is a good credit score, Ontario}

In Canada, if your credit score hovers at 489, you’re in what’s known as the “it’s not good range,” which typically falls between 300 and 599. This can make getting loans or credit a bit of a hassle, often resulting in higher interest rates or the need for security deposits on utilities. But improving your score can open up better financial opportunities. Reach out via phone, text, or live chat if you have any questions.

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_{Understanding a credit score of 489 in the poor range.}

489 Credit Score Question

Is 489 a good credit score? I’m wondering if a credit score of 489 is considered good or bad and what it means for me.

From: Anonymous Question
Location: Mississauga, Ontario (ON)
Category: credit rebuilding

489 Credit Score Answer

In Canada, a credit score of 489 isn’t exactly a gold star; it’s considered poor, landing between 300 and 599. This can make lenders a bit anxious, leading to hurdles when you’re trying to get loans or credit. What does that mean for you? Well, you might face higher interest rates, need to put down security deposits for utilities, and find yourself with fewer credit options. Being in the poor range often means getting a “no” from financial institutions or accepting less-than-great terms. But here’s the good news: improving your score can open doors to better financial opportunities. Hit a score above 580, and you’re moving into the fair range; reach 670, and you’re in good territory. So, while a 489 isn’t ideal, it’s definitely something you can improve with a little time and effort, especially if you explore options like a Consumer Proposal.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A credit score of 489 is considered bad. In Canada, credit scores typically range from 300 to 900, with scores below 600 indicating poor credit risk. This may pose challenges when seeking loans, credit cards, or mortgages, as lenders may view you as a high-risk borrower. To improve your score, consider debt management strategies, such as a consumer proposal, which is designed to help individuals manage and reduce their debt obligations effectively.

From: OSB Helper

Related Questions to If 489 Is A Good Credit Score

Here are the top 5 most frequently asked questions related to a credit score of 489, tailored for the Canadian context:

1. Is a 489 credit score good or bad?

A 489 credit score is considered very poor.

2. What are the consequences of having a 489 credit score?

Having a 489 credit score can lead to higher fees, security deposits, and difficulty in getting approved for loans and credit cards.

3. How can I improve a 489 credit score?

You can improve a 489 credit score by obtaining your credit report, addressing negative items, maintaining a good payment history, and managing your debt-to-credit ratio.

4. Can I get a loan with a 489 credit score?

It may be challenging to get a loan from major lenders with a 489 credit score, but alternative lenders might offer loans at higher interest rates.

5. How does a 489 credit score affect my ability to get approved for credit cards?

A 489 credit score may result in higher fees, security deposits, or denial of credit card applications, and you may only qualify for secured credit cards.

These questions reflect common concerns and trends related to low credit scores in the context of Canadian personal finance.

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

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