What is a bad credit score?
September 25, 2024

A good credit rating generally falls within the range of 670 to 739 on most credit scoring models in Canada and the U.S., including FICO and VantageScore. Here’s a breakdown of typical credit score ranges:

  • Excellent (800-900): Very low risk to lenders. This score range typically qualifies for the best interest rates and credit offers.
  • Very Good (740-799): Still considered very low risk, leading to favorable terms from lenders.
  • Good (670-739): Considered a solid credit rating. Borrowers are seen as reliable, though they may not get the absolute best terms compared to those in higher ranges.
  • Fair (580-669): Lenders view this as moderate risk. Borrowers may face higher interest rates and less favorable terms.
  • Poor (300-579): High risk to lenders. Borrowers in this range often face difficulty securing credit and, if approved, get high-interest rates and strict terms.

In Canada, using a credit score above 670 is generally considered “good,” and you’ll likely have better chances for loan approvals and more favorable rates. However, for the best terms, aiming for 740 or above is ideal.

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