Yes, an 823 credit score is considered excellent in Canada. This means you’ll likely be approved for loans and credit cards with the best interest rates and terms.
Here’s what you need to know about an 823 credit score in Canada:
- It falls within the “excellent” credit score range (760-850).
- It puts you in the top 14.5% of Canadians with credit scores.
- You’ll likely qualify for the best financial products and services.
- You can still improve your credit score to reach the perfect score of 850.
Here are some benefits of having an 823 credit score in Canada:
- Lower interest rates on loans and credit cards.
- Higher credit limits on credit cards.
- Better insurance rates.
- Easier to rent an apartment.
- More job opportunities.
Here are some tips on how to improve your credit score:
- Pay your bills on time every month.
- Keep your credit utilization low (ideally below 30%).
- Don’t apply for too much credit at once.
- Check your credit report for errors and dispute them if you find any.
Here are some resources to help you improve your credit score:
- Credit Karma: Get your free credit score and credit report.
- Equifax Canada: Get your free credit report.
- TransUnion Canada: Get your free credit report.
An 823 credit score is excellent and puts you in a great position to achieve your financial goals. By continuing to manage your credit responsibly, you can keep your score high and enjoy all the benefits that come with it.
Additional Resources:
- The Benefits of Having a Good Credit Score: https://www.nerdwallet.com/article/finance/benefits-of-good-credit
- How to Improve Your Credit Score: https://www.investopedia.com/personal-finance/how-to-improve-your-credit-score/
- Credit Score Myths and Facts: https://www.consumer.ftc.gov/articles/credit-score-myths-and-facts
FAQs
Q: What is a good credit score in Canada?
A: A good credit score in Canada is usually between 660 to 724.
Q: What is an excellent credit score in Canada?
A: An excellent credit score in Canada is 760 or above.
Q: How can I improve my credit score?
A: You can improve your credit score by paying your bills on time, keeping your credit utilization low, and not applying for too much credit at once.
Q: Where can I get my free credit report?
A: You can get your free credit report from Equifax Canada or TransUnion Canada.
Q: What are the benefits of having a good credit score?
A: The benefits of having a good credit score include lower interest rates on loans and credit cards, higher credit limits on credit cards, better insurance rates, easier to rent an apartment, and more job opportunities.
Popular Credit Cards for an 823 Credit Score
A person with an 823 credit score has a very good chance of being approved for the best credit cards, which usually require good or excellent credit. The trick is finding the right card for your needs.
If you intend to use your credit card for regular purchases that you can pay off by the end of the month, you should compare credit cards with rewards. If you’re planning large purchases or a balance transfer that will take months to pay off, check out credit cards with 200 percent introductory annual percentage rate offers.
Who Has an 800+ Credit Scores?
The percentage of people with an 800 credit score is shown below, along with a comparison of the segment’s size to other credit score range tiers.
14.5% of people have a credit score of 800 or higher:
2016 Credit Score Distribution
All columns may not add up to 100% due to rounding.