Your Credit Score Mean

What is your credit score?

Your Credit Score is a numerical score calculated by assigning values to all the items in your basic credit report, credit history and financial life. It is used to pre-screen all credit applicants and eliminate those who fall below a certain score.

It is also used to determine what sorts and amounts of credit you qualify for. It is used as the primary lending tool by most lenders.

Here's a chart that explains your score:

    Lenders (and employers or landlords) will first look at your Credit Score to determine if it is worth processing your application.
  • 720 - 850 - Excellent - The best financing terms and represents the best score range
  • 700 - 719 - Very Good - qualifies to receive favourable financing
  • 675 - 699 - Average - will qualify for most loans
  • 620 - 674 - Sub-prime - May qualify but will pay higher interest
  • 560 - 619 - Risky - Will have trouble getting a loan
  • 500 - 559 - Very Risky - You need to work on improving your rating

Do You Need Help?

Contact us at the National Credit Help office nearest to you or submit a business inquiry online.

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