What is a decent credit score?

_{What a decent credit score is, decent credit score, Ontario}

In Canada, credit scores range from 300 to 900. For a “good” credit rating, aim for 660. Here’s the scoop: 300-559 is poor, 560-659 is fair, 660-724 is good, 725-759 is very good, and 760-900 is excellent. The average score is around 760, showing strong financial health. For better interest rates, target above 700. Reach out via phone, text, or live chat if you have any questions.

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_{Canada’s credit score ranges: aim for 700+ for better rates.}

What A Decent Credit Score Is Question

What is a decent credit score? I’m trying to figure out what a reasonable credit score would be. What score should I aim for to have a healthy financial profile?

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

What A Decent Credit Score Is Answer

If you’re considering ways to improve your credit score in Canada, it’s essential to understand the categories. Credit scores range from 300 to 900, with a score of 660 marking the border of a “good” rating. Below that, scores between 300-559 fall into the poor category, while those in the 560-659 range are considered fair. A score between 725-759 is very good, and anything above 760 is classified as excellent. To navigate through the complexities of debt, including options like a Consumer Proposal, can be beneficial for rebuilding your credit rating and managing financial obligations effectively. The average Canadian score sits around 760, indicating a general overall economic health, so striving for above 700 can unlock better interest rates on loans.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

A decent credit score in Canada typically falls within the range of 650 to 750. A score above 700 is generally considered good, while anything above 750 is deemed excellent. Aim for a score of at least 700 to ensure a healthy financial profile. This range aligns with general lending standards and consumer credit evaluations, though specific requirements can vary by lender.

From: OSB Helper

Related Questions to Decent Credit Score

Here are the top 5 most frequently asked questions related to the topic of credit scores in Canada, along with brief answers:

1. What is a good credit score?

A good credit score ranges from 660 to 724[1][5].

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

The minimum credit score to get a mortgage is around 680, though some lenders may accept slightly lower scores[3].

3. Is a 600 credit score good?

A 600 credit score is considered fair, and while you may qualify for loans, you won’t get the most competitive rates[1][5].

4. How do I check my credit score for free?

You can check your credit score for free through providers like Equifax, TransUnion (in Quebec), Borrowell, and Loans Canada CompareHub[1][3].

5. What is the average credit score?

The average credit score is around 760, according to recent FICO data, though other sources may report slightly different averages[2][3].

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

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