Canadians who are savvy about their finances want a good credit score. They know that having a high score grants them access to several different credit products, and often the lowest interest rates available. That begs the inevitable question: What is a good credit score in Canada?
First things first: What is a credit score?
Before getting into what a great score is and what isn’t, you should know what a credit score is.
A credit score is a number assigned to you by a credit bureau—either TransUnion or Equifax.
In Canada, credit scores range from 300 to 900. This score is on your credit report and will determine your creditworthiness. It will also affect what kind of mortgage rate you can get, the interest rate on personal loans such as car loans, whether or not you’ll qualify for certain credit cards, and much more.