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What is a credit score?

Your credit score determines your worthiness and risk rate to lenders, or anyone looking to give you credit. Which can include a monetary loan, an asset, a rental, or a license. It also indicates your overall credit health. While your score is not the only factor that a lender considers when approving you for a loan, it is a major factor. Typically, the higher your score is the lower risk you are to miss payments or default on the loan. So, those who have higher scores are usually offered more competitive interest rates and loan terms.

Canadian’s will fall into one of the following categories: Poor, Fair, Good, Excellent

300

575

650

750

900

Bad

Fair

Good

Excellent

Credit Score

What it means

Excellent
(750-900)

Excellent Credit poses no risk to lenders and will usually be auto-approved for most loans in their budget with great terms.

Good
(650-749)

Favorable Credit poses very low risk to lenders and can expect great interest rates and term approvals.

Fair
(575-649)

Concerning Credit, it poses some risk to lenders. You can expect higher interest rates with less favorable approval terms. You should be focused on improving your score back to Good to unlock more favorable terms.

Poor
(300-574)

Serious Credit issues. This tier indicates a very high risk to lenders and the highest likelihood to miss payments or default on the loan. Will be offered high-interest rates with unfavorable terms, could also require security against the loan. It is imperative when in this tier to diligently work to improve your score.