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What is average credit score in Canada?

What is average credit score in Canada?

650 to 725
According to the Government of Canada, average credit scores range from 650 to 725. A score of 600 is below average and indicates a higher risk borrower. If your credit rating sits anywhere between 560 to 659, you’re less likely to access loans from banks and other traditional financial institutions.

Is 712 a good credit score in Canada?

As per Borrowell, credit scores in Canada can be rated as follows: 741 – 900: Excellent. 713 – 740: Good. 660 – 712: Fair.

Is 650 a good credit score Canada?

In Canada, credit scores range from poor (around 300) to excellent (900). Anything above 650 is considered to be good, which means that your risk for defaulting on your mortgage is low and you’re a safe candidate for a loan.

What is an amazing credit score in Canada?

Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.

What is the lowest credit score in Canada?

The credit score range in Canada is 300-900 and in the U.S., it is 300-850. Thus, the lowest or worst possible credit score you can have is 300 and the highest is a perfect 900.

Can I buy a house with a 712 credit score?

Can I get a home loan with a credit score of 712? The minimum credit score is around 620 for most conventional lenders, so you should be able to qualify.

Can I get a mortgage with a 712 credit score?

712 credit score mortgage loan options A conventional mortgage usually requires a minimum credit score of 620. This means that with a score of 712, you have a high probability of being approved for a mortgage loan.

Can you have a 900 credit score Canada?

In Canada, your credit score ranges from 300 to 900, 900 being a perfect score. If you have a score between 780 and 900, that’s excellent. If your score is between 700 and 780, that’s considered a strong score and you shouldn’t have too much trouble getting approved with a great rate.