In summary, obtaining a very good or excellent score can lead to access to some of the best deals and prices available. Excellent credit scores typically indicate you have a good chance of being approved for loans and other credit products with favorable terms, though lenders take a number of factors into account when evaluating a credit or loan application. Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect.
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A credit score of 806 is considered exceptional in Canada. This means you’re in the top 21% of consumers with credit scores in the country. You’ll likely receive easy approvals when applying for new credit, and you’ll likely qualify for the best interest rates and terms on loans and credit cards.
Here’s a breakdown of what an 806 credit score means in Canada:
- Credit score range: 800-850
- Category: Exceptional
- Percentage of consumers with this score: 21%
- Likelihood of becoming seriously delinquent: Less than 1%
What does this mean for you?
- You’re in a great position to apply for new credit, such as a mortgage, car loan, or credit card.
- You’ll likely qualify for the best interest rates and terms available.
- You’re less likely to be denied credit or have to pay higher interest rates.
How to maintain your exceptional credit score:
- Continue making your payments on time.
- Keep your credit utilization low (ideally below 30%).
- Avoid opening too many new credit accounts.
- Monitor your credit report for errors and dispute them if necessary.
Is there room for improvement?
While an 806 credit score is excellent, there’s always room for improvement. Here are a few things you can do to boost your score even higher:
- Pay down your credit card balances.
- Become an authorized user on a credit card with good credit history.
- Keep your credit accounts open for as long as possible.
- Avoid closing old credit accounts, even if you’re not using them.
Additional Resources:
- Equifax Canada: https://www.equifax.ca/personal/education/credit-score/
- TransUnion Canada: https://www.transunion.ca/credit-help
- Credit Karma Canada: https://www.creditkarma.ca/
An 806 credit score is a great achievement in Canada. It puts you in a strong position to qualify for the best credit products and terms available. By continuing to manage your credit responsibly, you can maintain your exceptional score and enjoy the benefits it brings.
Age of your credit history
Your credit scores are also influenced by the length of time your active accounts have been open, or the age of your credit history.
When choosing whether to close a credit card, consider the possible impact on the age of your credit history. This is especially true if you’ve had the card for a while. The effects of closing an older account can only be mitigated with time, and losing the credit limit on a closed card can have a negative impact on your credit utilization rate.
Be advised that card issuers have the right to close your accounts if you aren’t using them regularly. To avoid this, make sure you maintain at least a minimal amount of activity on any accounts you don’t want closed.
Usually, a hard inquiry is made when you apply for a new credit card or loan, and this can lower your scores. Although the impact of a hard inquiry is typically negligible, lenders may view multiple hard inquiries in a short period of time as a red flag.
Percentage of generation with 750–850 credit scores
| Generation | Percentage |
|---|---|
| Gen Z | 15.4% |
| Millennial | 24.4% |
| Gen X | 26.1% |
| Baby boomer | 44.1% |
| Silent | 58.7% |
“Excellent” score range identified based on 2023 Credit Karma data.
How to build a good credit score in Canada (especially as newcomer)
FAQ
How many people have a credit score of 806?
Is it possible to get a 900 credit score in Canada?
What can I get with a 806 credit score?
What percentage of Canadians have 800 credit score?
What does an 806 credit score mean?
Our content is accurate to the best of our knowledge when posted. An 806 credit score is often considered very good — or even excellent. With excellent credit, your credit scores become more of a bridge and less of a roadblock — a high score can help you qualify for premium rewards credit cards, auto loans and mortgages with the best terms.
What is a good credit score in Canada?
An infographic guide to your credit score. Your credit score in Canada ranges from 300 to 900 and is calculated by the 2 major credit bureaus – Equifax and TransUnion. This number takes into account a variety of factors from your personal credit report and is meant to be an estimate of your trustworthiness when it comes to lending you money.
What is the average utilization rate for a credit score of 806?
Among consumers with FICO ® credit scores of 806, the average utilization rate is 11.5%. The best way to determine how to improve your credit score is to check your FICO ® Score. Along with your score, you’ll receive a report that uses specific information in your credit report that indicates why your score isn’t even higher.
Is 680 a good credit score?
When you apply again down the line, you learn that you’ve boosted your score to a 680, which is considered a “good” credit score by most credit scoring models. With a 680 credit score, the Loan Cost Calculator now estimates that you might qualify for an APR around 4.5%.