by Alex
Credit score and credit rating are one of the most important things now when it comes to having, and getting a loan. Credit score and credit rating tell banks and dealerships how likely it is that you will pay them back. According to CreditKarma.com, credit score in Canada ranges from 300-900. 900 being the best, and 300 being the worst. Also, a good credit score ranges from 650-719. These are the numbers and the explanations attached to them. If your credit score is between 300-599 means your credit score needs some improvement. From 600-649 is considered fair credit. From 650-719 is considered good. From 720-799 is considered very good, and you will have more credit choices to choose from. And finally, 800-900 is considered excellent. If you have an excellent credit, you are very likely to be accepted and have a lot of choice when it comes to credit and interest rates. But if you are stuck in bad credit, you can improve it in many ways. For example, in the words of Heather Battison, VP of TransUnion Canada, consistency is key: “The most important factor for building and maintaining your scores is to pay your bills on time and in full each month. This activity demonstrates your ability to responsibly manage credit and can positively impact your credit scores.”
This is where I got my information; https://www.creditkarma.ca/credit/i/what-is-a-good-credit-score/
