In a Nutshell: A fair credit score is typically in the middle of the range, not very high nor very low. You might have trouble getting approved for some credit cards or loans with advantageous terms and rates if your credit score is only fair. You can improve your credit by learning how to read and comprehend your free credit reports and credit scores from Credit Karma. Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect.
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Hey there, Canadian credit seeker! Ever wondered what that 3-digit number on your credit report really means? It’s your credit score, and it plays a major role in your financial life.
Today we’re diving deep into the world of credit scores, specifically focusing on a 673 credit score in Canada. Is it good, bad or somewhere in between? Buckle up, because we’re about to unveil the secrets of credit scores and empower you to take control of your financial future.
Is a 673 Credit Score Good in Canada?
The short answer: It’s fair.
Equifax states that a credit score of 673 is within the “Good” range in Canada. This means you’re doing okay, but there’s always room for improvement. .
Here’s a breakdown of credit score ranges in Canada:
- 300-579: Poor
- 580-669: Fair
- 670-724: Good
- 725-759: Very good
- 760-900: Excellent
What Does a 673 Credit Score Mean in Canada?
A credit score of 673 signifies that you have a respectable credit history and are a trustworthy borrower. It’s likely that you’ve previously made wise financial choices, like on-time bill payment and prudent debt management. .
However a 673 score also means you could qualify for better interest rates and loan terms if you improve your score. This can translate to significant savings on things like mortgages, car loans, and credit cards.
Benefits of a Good Credit Score in Canada:
- Lower interest rates on loans: Save money on your monthly payments.
- Access to better credit card offers: Enjoy rewards, cash back, and travel perks.
- Higher loan amounts: Qualify for larger loans for major purchases.
- Improved insurance rates: Get lower premiums on your car and home insurance.
- Increased employment opportunities: Some employers check credit scores during the hiring process.
How to Improve Your 673 Credit Score in Canada:
The good news is that you can improve your credit score over time. Here are some tips to get you started:
- Pay your bills on time: This is the single most important factor in your credit score.
- Keep your credit utilization low: Aim to use less than 30% of your available credit.
- Reduce your debt: Pay off credit card balances and other outstanding debts.
- Dispute any errors on your credit report: Make sure your credit report is accurate.
- Become an authorized user on a responsible credit card: This can help you build credit history without opening a new account.
Building Your Credit Journey in Canada:
Improving your credit score takes time and effort, but it’s definitely worth it. By following these tips, you can move your score from good to great and unlock a world of financial opportunities.
Remember, your credit score is a reflection of your financial health. By taking steps to improve it, you’re not just boosting a number, you’re investing in your future.
Additional Resources:
- Equifax Canada: https://www.equifax.ca/personal/credit-education/credit-score/
- Credit Karma Canada: https://www.creditkarma.ca/credit-scores/673
- NerdWallet Canada: https://www.nerdwallet.com/ca/article/finance/credit-score-ranges
Don’t hesitate to reach out if you have any questions or need further guidance on your credit journey. We’re here to help!
On-time payments by credit score range
| Credit score range | Average percentage of on-time payments |
|---|---|
| 300–639 | 46% |
| 640–699 | 93.1% |
| 700–749 | 96.7% |
| 750–850 | 99.5% |
Ranges identified based on 2023 Credit Karma data.
Give it time
Another element that could influence your credit score is the length of time your current credit accounts have been open, or the age of your credit history. It’s one key reason why you should think long and hard before canceling any credit cards. Although it might seem like good financial hygiene to close an old or infrequently used credit card account, doing so could shorten the length of your credit history and have a negative impact on your scores. You should weigh the potential consequences of closing an outdated, inactive account on the length of your credit history and your credit utilization rate before making the decision.
How to build a good credit score in Canada (especially as newcomer)
FAQ
Can I buy a house with a 673 credit score?
How good is a credit score of 673?
What kind of loan can I get with 673 credit score?
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Type of Credit
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Do You Qualify?
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Home Loan
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YES
|
|
Auto Loan
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YES
|
|
Personal Loan
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MAYBE
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|
0% Intro APR Credit Card
|
NO
|
Can I get a car with 673 credit score?
Is a 673 FICO ® score good?
A 673 FICO ® Score is Good, but by earning a score in the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to check your credit score to find out the specific factors that impact your score the most and get your free credit report from Experian.
Is 673 a good credit score?
It falls within the range of 670 to 739, which is categorized as “Good” by FICO.The average U.S. FICO Score is 714, which also falls within the Good range. A large number of U.S. lenders
Can you get a student loan with a 673 credit score?
Student loans are some of the easiest loans to get with a 673 credit score, seeing as more than 60% of them are given to applicants with a credit score below 700. A new degree may also make it easier to repay the loan if it leads to more income. Note: Borrower percentages above reflect 2020 Equifax data.
How do I improve a 673 credit score?
Best Way to Improve a 673 Credit Score: Apply for a credit card and pay the bill on time every month. Below, you can learn all about what you can and cannot do with a 673 credit score, the types of people who have 673 credit scores and the steps you can take to put more points on the board.