Get Approved for up to $35,000 in 3 minutes
Apply Now
Blog Categories
Loan Calculator

What can you do with an 800 Credit Score in Canada?

Written by Jessica Steer
In Canada, credit scores range from 300-900 with 300 being the lowest and 900 being the highest. From here, credit is broken down into different credit score ranges.
Table of Contents
    Excellent Credit Score 760-900
    Very Good Credit Score 725-759
    Good Credit Score 660-724
    Fair Credit Score 560-659
    Poor Credit Score 300-559

    With a score of 800, you are considered to be in the excellent category and be a low credit risk. While other factors than credit come into play when it comes to borrowing money, having a high credit score can actually have a very positive impact on your life. The main reason for this is because credit is used for just more than borrowing money. Many employers will do a credit check before they hire you, this is especially common if you work in the finance industry. Landlords also like to do credit checks before offering you tenancy in their rental property. These are just a few of the reasons why a good credit score is so important.

    Benefits of a 800 Credit Score

    When it comes to having an 800 credit score, there really are so many benefits. Not only can you get approved for just about anything, but you are very likely to get really good interest rates. On top of that you are also very likely to get approved for higher amounts. This is because higher credit scores help to prove how financially responsible you are. With a score of 800 you are also likely to get approved for lower interest credit cards and better rewards. A high credit score also helps you get a mortgage or car loan.

    Factors That Affect Your Credit Score

    When it comes to credit, your overall score is made up of different percentages of a few different categories:

    Payment History

    With payment history, it not only matters that you make your loan payments on time, it also makes a difference in regards to your everyday bills. This includes things like electricity bills, credit card bills, cell phone bills as well as any other monthly payments you may have. Even though paying the bill on time may do nothing to your credit score, skipping or making late payments can affect your credit score negatively. These add up and can be difficult to build your score back up. If you make sure all of your payments are made before the due date, this can help you get to an 800 credit score.

    Credit Utilization Ratio

    Your credit utilization ratio refers to the percentage of your total credit limit for your revolving credit lines. What are revolving credit lines? Well these refer to things like credit cards and lines of credit. These forms of debt have a total limit that you can use and pay off as much as you like. That being said, maxing out your total revolving credit limit can have a very negative impact on your credit score, even if you make your monthly payments on time.

    In order to get the optimal credit usage out of your revolving credit lines, it is recommended to keep your total balance between 1%-35% of your maximum credit limits. Being able to keep your usage within this limit shows financial responsibility and will significantly improve your credit score. Here is an example: Say you have a credit card with a limit of $1000. 35% of that limit is $350. In order to keep your credit score in the best standing, you should keep your credit card balance below $350. If you have more than one credit card then you should use this formula for all your credit card balances. Keeping your credit utilization ratio low is an important part of obtaining an excellent credit score.

    Credit History

    Your credit history shows your current credit products as well as your past ones. Even if you have a past credit card or credit line you don’t want to use anymore, it is recommended not to cancel it, but you don’t have to use it. Having closed accounts on your credit report can also negatively impact your credit score.

    Your credit history also shows things like collections, consumer proposals and bankruptcy. All of these also have a negative impact on your credit score and can be on your credit report for up to 7 years.

    Public Inquiries

    These happen when you become delinquent on payments and creditors decide to go through legal action. These types of inquiries can really hurt your credit score.


    Another thing that will be listed on your credit reports is hard inquiries. This is when a credit check is done to see your full credit history and report. Every time this happens it can reduce your credit score between 5-15 points. It can also be a red flag to lenders when you have a ton of credit checks in a row because this can insinuate that you applied for a bunch of credit lines but were never approved.

    In order to avoid a detrimental hit to your credit report but still have some activity, it is recommended to have not more than 6 hard credit checks per year.

    How to Get an 800 Credit Score

    If you are looking to improve your credit score and hopefully reach the 800’s, if not higher, there are a few things that you can do to reach your goal.

    1. Make your payments on time. This is an important one. It doesn’t matter what bill you have, if you ensure that you are making your payments on time then you are helping to prevent any negative hits to your credit score.
    2. Have a good credit mix. This means that you should have a variety of different credit types on your report. So having credit cards, personal loans and a car loan would be an example of a diverse mix. Proving that you can keep up with all three of these credit types at the same time is very helpful to your credit score.
    3. Don’t cancel old credit accounts. As we mentioned, leaving old credit accounts open can help with your credit score. Even if you aren’t using them anymore.
    4. Only borrow within your means. When you start to borrow outside of what you can afford, this is where the trouble starts. It can lead to missed payments, collections or other things that are negative to your credit score,
    5. Don’t carry a balance on credit cards. The best way to use your credit card is to only use what you can afford and pay it off. This looks great to lenders and shows financial stability. It will also increase your credit score.
    6. Monitor your credit report. Keeping a close eye on your credit score can really help improve it. You can see what areas you need to work on and watch your credit score rise. This is relatively easy to do especially with free credit monitoring sites available such as Credit Karma and Borrowell. You can also check your credit score directly with credit bureaus Equifax or Transunion.

    What You Can Borrow With an 800 Credit Score

    A credit score of 800 can open a whole bunch of new doors for you. Once your credit score reaches this range it’s no longer just thinking about approvals, you are also eligible for some of the best interest rates. Once you have gotten here, not only can you get new credit lines, but you can also refinance any current credit you have for better rates.

    Mortgages with an 800 Credit Score

    Mortgages are one of the credit types that are a bit trickier to get and more heavily dependent on your credit score. With mortgages, most lenders like you to have at least a credit score of 650. If you are needing mortgage default insurance from the Canada Mortgage and Housing Corporation, then the minimum credit score requirement is 680.

    Once you hit a credit score of 600 or higher, that is when you start qualifying for better rates. Having a score of 800 can save you more money on interest payments than if you had a lower credit score.

    Purchasing a Vehicle with an 800 Credit Score

    If you are looking at purchasing a vehicle, new or used, your credit score does come into play with your approval. While your income and current debt are also important factors, your credit score will determine your interest rate which will factor into your monthly payments.

    When it comes to getting approved for car loans in Canada, it is recommended to have a credit score of at least 670. If your score is lower and falls into the bad credit score or poor credit score categories on the credit scoring scale, you could still get approved, you just may have higher interest rates and higher payments. With a credit score of 800. You are likely to get approved for the lowest rate offered.

    If you are purchasing a used vehicle with an interest rate of at least 800, then you may be able to get approval at your financial institution for the loan. It really just depends on who is offering the best financing prices. That will help you make the decision on where you should apply for your car loan.

    Amount You Can Borrow with an 800 Credit Score

    While having a credit score of at least 800 can get you a lower interest rate than if you had bad credit, it doesn’t necessarily guarantee you will get approved for a high credit limit. This is because lenders look at more than just your credit score. How much credit you are approved for also depends on your debt to income ratio and total monthly income. Even though your credit score is good, the lender still needs to ensure that you can make your payments. For this reason, lenders don’t like you to have a DTI higher than between 40-50% of your monthly income. This ratio includes the credit line that you are applying for.

    The Possibility of a 900 Credit Score

    As you know, a 900 credit score in Canada is a perfect score. That being said, 900 is very difficult to reach and not really relevant. Believe it or not, the number that you should worry about is 800.In fact, a score of 900 can almost be seen as a red flag since a credit score that high is almost unattainable.

    Once you reach a credit score of 800, that is what is considered as excellent credit. Really once you hit 800 plus, you are in the same category so it doesn’t really matter if you sit at an 810 or an 840.

    Striving for an 800 Credit Score

    If your credit score doesn’t currently sit at 800, that’s okay. In Canada, the average credit score actually sits between 650 to 725. From here, 800 it’s actually that far away. However, it may take some work to get there, it is very possible. Using the methods with when through above, the continuity will slowly improve your score and soon you will be able to stabilize it there. That being said, if you are looking for a score this high, the best way to start is to pay down your revolving credit lines such as your credit cards and lines of credit. Keeping these under 35% of your total available credit limit is a great way to start improving your credit while starting to set healthy financial habits.

    Online Loans from 9.99%*

    Skip the branch visits, apply online in minutes and get the financing you want today.

    Get a Loan Quote

    Subscribe to receive special offers and financial tips

    Subscribe To Our

    Receive Special Offers, and Learn Tips and Tricks to Improve your Finances.