What does your credit score start at in Canada?

Your credit score is a numerical value that companies use to assess your creditworthiness It’s calculated using a system developed by the three credit reporting agencies: TransUnion, Equifax and Experian. The higher your credit score, the better your credit terms may be. For instance, when applying for a home loan, a higher credit score will mean you’re more likely to be approved.

What is my credit score start at in Canada?

The minimum credit score requirement for a credit card varies depending on which bank you’re applying with. If you are applying online or through a phone bank, the bank may set a credit score minimum that they say they’ll accept. But if you’re applying in person, there is no minimum credit score required.

What does your credit score start at in Alberta?

For most people, a credit score of 700 and above is sufficient for qualifying for major credit card applications and other types of credit as it indicates you have a good credit history. If you have a lower score, you’ll need to fix your credit report and score before applying for credit. Check out the Alberta Credit Score Report to see what your credit score is based on and fix any errors you find.

What does your credit score start at in Quebec?

Depending on whether you’re a Quebec resident or not, your credit score will start at 700 or 690. This is the credit score that newcomers need to maintain to be eligible for a loan. In Quebec, a score of 700 is quite competitive, especially for newcomers who didn’t live in North America before.

What does a credit score start at in Canada?

The two main credit bureaus used in Canada are TransUnion and Equifax. The minimum credit score needed for a new credit card, mortgage or auto loan is 620. Some lenders will also accept a credit score as low as 500 if you meet their special requirements.