What’s credit history?Īccording to the Government of Canada, your credit history is a record of your debt repayments on credit cards, loans and lines of credit. 1 However, everyone’s financial situation is different and your credit score will change over time based on your credit history and the amount of debt you owe. 1 It may also be checked when applying to rent a property or when applying for certain jobs. 1 The higher your score, the more likely you are to get approved for loans and credit. Your credit score helps lenders to assess your credit capacity. 2 The higher your score, the better your credit rating. 2 The credit score range is anywhere between 300 to 900. A credit score of 760 and above is generally considered to be an excellent credit score. If your credit score is between 725 to 759 it’s likely to be considered very good. In Canada, according to Equifax, a good credit score is usually between 660 to 724. 1 They assess public records and information from lenders like banks, collection agencies and credit card issuers to determine your credit score. 1 These are private companies that keep track of how you use your credit. There are two main credit bureaus in Canada: Equifax and TransUnion. 1 You may also be able to access more competitive interest rates. 1 For example, building a good credit score could help you get approved for loans and larger purchases, like a home. 1 It can be an important part of building your financial confidence and security. So, what is a good credit score, anyway? Let’s start at the beginning.Īccording to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time.
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