Yes, a 789 credit score is considered very good in Canada. This puts you 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 a 789 credit score means in Canada:
- Credit score range: 780-850
- Category: Very good or 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 very good 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 a 789 credit score is very good 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/credit-scores
A 789 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 very good score and enjoy the benefits it brings.
Our top picks of timely offers from our partners
“If youre at 760, or 780, youre already getting the best you can get,” Jim Droske, president of the credit counseling company Illinois Credit Services, said. “Youre already hitting that pinnacle of what lenders care about. Anything above that is just pride.”
In fact, according to the most recent survey from FICO, taken in April 2023, only about 1.7% of the scoreable U.S. population had a perfect 850.
Here are some reasons why a credit score of 760 is ideal, along with what it can achieve and how to calculate your FICO score.
Best for long 0% APR intro period
-
Rewards
None
-
Welcome bonus
None
-
Annual fee
$0
- Introduction APR 0% Intro APR for 2021 months on balance transfers from the date of the first transfer and 200 percent Intro APR for 2012 months on purchases from the account opening date
-
Regular APR
19.24% – 29.99% variable
- Balance transfer fee: An introduction of the balance transfer fee is available. It is 3% of each transfer (minimum $5) that must be finished within the first 4 months of the account opening. Following that, the fee will be five percent of each transfer (minimum $5).
-
Foreign transaction fee
3%
-
Credit needed
Excellent/Good
Take into consideration a card with less stringent credit score requirements, such as the Capital One QuicksilverOne Cash Rewards Credit Card, if your credit is fair or average.
- RewardsUnlimited 1. Five percent cash back on every purchase, plus up to six months of complimentary Uber One statement credits through April 14, 2024
-
Welcome bonus
None
-
Annual fee
$39
-
Intro APR
None
-
Regular APR
30.74% variable
- Balance transfer fees are $0 at the Transfer Annual Percentage Rate (APR) and 4 percent of the total amount of each transferred balance that posts to your account at a promotional APR that Capital One may provide to you.
-
Foreign transaction fee
None
-
Credit needed
Average, Fair, or Limited
See rates and fees. Terms apply.
What’s a Good Credit Score (or Excellent, Fair, Bad)? What do credit score ranges mean (really)?
FAQ
What can you do with a 789 credit score?
Can I buy a car with 789 credit score?
How rare is an 800 credit score?
How rare is a 780 credit score?
Is 789 a good credit score?
In fact, 789 is classified as “excellent credit,” and having a credit score this high should qualify you for good terms on most loans, credit cards and other lines of credit. Credit Rating: 789 is an excellent credit score, which is even better than a good score. Many people consider excellent credit to be a score of 720+.
How can I boost my 789 credit score?
To boost that 789 credit score, follow these expert tips: Begin by requesting a free copy of your credit report from each of the three major credit bureaus: Equifax, Experian, and TransUnion. Carefully review each credit report to identify any negative items that could be impacting your credit scores.
What is a good credit score for a loan?
(Approval Odds) Borrowers with credit scores in the Very Good range should have no issues qualifying for a loan or credit card. With a credit score of 789, your focus should be maintaining your credit status to make sure you continue to get the most favorable loan terms available.
Is a 720 a good credit score?
But being about average doesn’t necessarily put you in the best position to qualify for the credit product you want at decent interest rates. A score of 720 or better puts you in the “excellent” credit score range.