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We all know that having good credit is essential when you want to borrow money. But how good does your credit have to be to get a mortgage in Canada, and what kind of credit score do you need to have? This article will tell you what credit score you should shoot for and what options you have if you have a low credit score.
What Is Considered a Good Credit Score?
The majority of credit scores in Canada range between 500 and 800, with 500 considered poor and 800 or above excellent. I’ve broken the different ranges down below, and for more information, feel free to check out our guide to credit scores in Canada.
800 and over: Excellent
720-799: Very Good
Under 600: Poor
How Can I Check My Credit Score?
If you’re unsure what your credit score is, you can obtain it from one of Canada’s two credit bureaus, Equifax and TransUnion…