8/29/2023 0 Comments Great credit score range![]() ![]() Information that lowers your credit rating, however, is kept for a shorter period. Closed accounts can remain on your credit file for up to 10 years (Equifax) to 20 years (TransUnion). When all goes well, your active accounts remain on your credit file as long as they are open. There's no magic number to reach to be sure of getting the loans you want, because in addition to your credit rating, several other pieces of information will be used by an organization to determine your creditworthiness.Ĭredit agencies keep information for a long time. Your good credit shows that you pay your bills and manage your money well enough to pay back loans. If you have good credit, you’re most likely to get the loans you want at low rates. The credit score will help a lender figure out what they can offer you in terms of loans or credit cards and at what rate. When you compare loans or choose a credit card, your score helps a lender determine what it can offer you. Credit below 560 is bad, and you'll probably have trouble getting approved for loans. Conversely, credit scores below 660 could get you into trouble. This gives lenders more confidence to lend you money. The higher the score, the more responsibly you've managed your credit. A score between 725 and 759 is considered very good, and above 760, you have excellent credit. A rating that reflects good credit is generally between 660 and 724. Your score is calculated from the credit report, which includes payment history, amount of debt you have, and how long your credit history is. In Canada, a credit rating between 660 and 900 is generally considered good, very good or excellent. What is a good credit score in Canada?Ī good credit score is a three digit number. We’re going to let you in on how to improve your credit and all the many benefits of good credit. If your credit is poor, you'll be considered a high-risk borrower, and a host of consequences may befall you: higher interest rates compared to people with a good credit rating, trouble finding an apartment to rent, rejection of certain loans and rewards credit cards.ĭon't worry. You may have better credit through one of these agencies than the other because their scales and algorithms differ. With a good credit score in Canada, the world is your oysterĬredit scores are calculated in Canada by two different reporting agencies, TransUnion and Equifax.Get a secured or a guaranteed credit card.Ability to rent an apartment in a competitive market.Greater chance of getting a lower-interest mortgage. ![]()
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