Is 746 a Good Credit Score in Canada?

When it comes to your credit score, most Canadians have one big question in mind – is my score good? With credit scores ranging between 300 and 900, it can be tricky to determine where your score falls on the spectrum. In this article, we’ll break down what makes a credit score “good” in Canada and specifically look at whether 746 is considered a good credit score in the Great White North.

What is a Credit Score?

First, let’s start with the basics – what exactly is a credit score? Your credit score is a three-digit number that gives lenders a picture of your creditworthiness. It’s calculated based on the information in your credit report, including your payment history, credit utilization ratio, credit history length, credit mix, and new credit applications.

Credit scores range from 300 to 900. The higher your score, the lower your perceived risk to lenders. Those with excellent credit tend to get approved for loans and credit cards with better terms like lower interest rates. On the other hand, those with lower scores may face challenges getting approved or end up with less favorable loan terms.

Credit Score Ranges

Credit scores fall into different ranges, generally:

• 800-900: Exceptional
• 740-799: Very Good
• 670-739: Good
• 580-669: Fair
• 300-579: Poor

As you can see, the ranges give a good indication of where your credit stands. If you’re in the “very good” or “exceptional” ranges, you’re doing well. “Fair” or “poor” scores suggest there may be some work to do improve your credit.

Is 746 a Good Credit Score in Canada?

Now that we’ve covered the basics let’s get back to the main question – is 746 a good credit score in Canada?

The short answer is yes. Based on the score ranges above, a 746 credit score is considered “very good” by Canadian standards.

Specifically, a 746 falls into the range of 740-799, putting it on the higher end of “very good” According to Equifax, one of the country’s two major credit bureaus (organizations that issue credit scores), a 746 credit score falls within the range generally called “very good”.

While not quite in the “exceptional” range, a 746 score demonstrates responsible credit management. Having a 746 score suggests you make payments on time, keep credit card balances low, and have established length of credit history.

What Does a 746 Credit Score Get You?

A 746 credit score qualifies you for some of the best rates and loan terms from lenders. With a very good score, you can expect:

• High likelihood of approval for loans and credit cards
• Access to prime and super prime lending rates
• Opportunities to qualify for lower interest rates
• Better terms on mortgages, auto loans, and lines of credit

While not a guarantee, having a score in the 740s gives you an edge when applying for financing. Lenders have more confidence in applicants with very good credit, translating to better offers.

How to Maintain or Improve Your 746 Credit Score

If you currently have a 746 credit score, congrats! Your credit is in great shape. Here are some tips to maintain or try to improve your score even more:

• Always pay bills on time
• Keep credit card balances low (below 30% of limit)
• Limit new credit applications
• Check credit reports regularly and dispute errors
• Consider adding new types of credit if your history is limited

By practicing good credit habits, you can keep your 746 score going strong or potentially inch it up higher over time But with a very good score already, you’re in an ideal position when it comes to borrowing and getting approved

The Takeaway

A 746 credit score is considered very good and well above average in Canada. This strong score means better approval odds and access to top-tier interest rates from lenders. While aiming for improvement is great, be sure to celebrate reaching this credit score milestone! With responsible financial habits, you can keep your 746 score in the very good range for years to come.