What does a 700 Credit Score Mean in Canada?

In Canada, your ability to borrow money or make large purchases is partially based on your credit score. Your credit score is based on your credit history, credit utilization, debt-to-income ratio, any collections or bankruptcies as well as how many credit tradelines you have on your credit report and how many credit accounts you have on your credit report. While many people think it’s how much money you have that dictates your purchases, it's actually a smaller piece of the puzzle than you would think.

Previous
Next

You May Also Like:

Credit Tips | Sep 15, 2022

Should you Accept a Pre-Approved Credit Limit Increase or Line of Credit?

Do you ever receive notices from your credit card company that they have a credit limit increase pre-approved for you? Do you get notices from online lenders or...

Read this Story

Credit Tips | Sep 14, 2022

Reasons your Credit Score isn't Increasing

Honestly, figuring out our credit situation is hard. The way your credit score is calculated is based on a few specific categories....

Read this Story

Credit Tips | Sep 14, 2022

How Long does Collection Stay on your Credit Report in Canada?

In Canada, while debt and credit ratings are related, they aren’t mutually exclusive. This means that having now debt won’t mean you have a good credit rating a...

Read this Story
Need help?

Visit our help centre for more information

Looking for more details about a specific service? Need to get a hold of us regarding an existing account? We are here to help!

Help Centre

Let’s grow together.

Get a Loan Quote