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Is 750 a Good Credit Score?

The Borrowell Team

Apr 08, 2021 10 min read

Article Contents

    A 750 credit score is considered excellent in Canada. With an excellent credit score, you’ll be more likely to qualify for premium credit cards, loans, mortgages, and other financial products at low interest rates. 

    Credit scores in Canada range between 300 and 900; the higher your credit score, the more creditworthy you are in the eyes of lenders and other providers. There are five distinct categories that credit scores fall into, ranging from poor to excellent. 

    • Excellent: 741-900

    • Good: 713-740

    • Fair: 660-712

    • Below Average: 575-659

    • Poor: 300-574

    If you have a credit score of 750 or above, congratulations! You have an excellent credit score!  You are in the top tier of borrowers in Canada, and 25% of Borrowell members fall into this category. With a credit score of 750 and above, you’ll be able to reach financial goals and milestones with relative ease.  

    If you don’t have a credit score of 750, there are many reasons why you should work towards getting an excellent credit score. Here’s how a 750 credit score can help you achieve your financial goals, along with tips on how to protect your credit score and grow your score even more.

    Benefits of Having a 750 Credit Score

    An excellent credit score of 750 or above will help you qualify for the best rates and terms on financial products. You’ll have an easier time getting approved for financing on large purchases, such as major appliances, a new car, or your first home. You’re also more likely to receive promotional rates, rewards, and cashback bonuses on new credit cards. 

    Here are four major benefits you can access with a 750 credit score:

    1. Lower interest rates

    2. Better credit terms

    3. Higher credit limits

    4. Top-tier financial products

    Lower interest rates

    With an excellent credit score of 750 or above, you’ll qualify for lower interest rates on a wide range of loan products. Lenders will be more willing to offer lower interest rates on car loans, mortgages, and other types of loans. Lower interest rates will reduce your monthly loan payments, which can help you open up more of your budget for saving and spending. 

    Better credit terms

    A credit score of 750 or above will greatly improve your approval chances for credit products. Lenders will be more likely to work with you if you have an excellent credit score. Higher approval chances means you’ll have more confidence in making future purchases and financial decisions. 

    Need additional funds for education? Want to buy your dream car? Looking to renovate your home? Getting ready to buy your first home? A 750 credit score can help you reach these milestones by boosting your approval chances. 

    Higher credit limits

    A 750 credit score can help you qualify for higher credit limits on credit cards, lines of credit, and other revolving credit products. Depending on the lender or provider you work with, you might automatically qualify for a higher credit limit based on your credit score.

    A higher credit limit gives you more financial flexibility in an emergency and makes it easier to maintain a reasonable credit utilization ratio. Need to make last-minute home renovations or get unexpected work on your car done? With a 750 credit score, you can use a credit product with higher limits without worrying too much about maxing out your credit utilization.

    Top-tier financial products

    A 750 credit score will increase your chances of qualifying for premium financial products. Many premium credit cards, including rewards cards, travel cards, and cashback cards, are only eligible for individuals with at least very good credit. If you’re in the market for a top-tier credit card, having an excellent credit score of 750 or above will make your search much easier. 

    What Can You Qualify For With a 750 Credit Score?

    With a 750 credit score, you’ll have high chances to qualify for most financial products from Canada’s biggest lenders. Well-known providers will be open to working with you based on your credit score and credit history. You may even qualify for bonus perks and premiums with your excellent credit score.

    The best way to find out what specific products you qualify for is by using Borrowell. You can sign up for free to check your credit score, compare products, and instantly see your approval chances for loans, credit cards, mortgages, and more. Checking your credit score with Borrowell is a soft credit inquiry, so it won’t hurt your score! You’ll have peace of mind knowing that you can compare products and see your qualification chances without hurting your near-perfect credit score. 

    See exactly what products you qualify for

    Sign up for Borrowell to get your free credit score and instantly see what loans and credit cards you qualify for. See your approval chances, avoid rejection, and apply with confidence.

    See Your Approval Chances

    Here are some questions you might have about what general products you qualify for with a 750 credit score.

    Can You Qualify for a Personal Loan?

    Yes, you can qualify for most personal loans with a 750 credit score. Borrowers with excellent credit scores can receive larger amounts of money, low-interest rates, and other potential perks when taking out a personal loan. With a 750 credit score, you can demonstrate your trustworthiness to lenders and apply for personal loans with confidence. 

    Most lenders require that you have at least a credit score above 650 to qualify for a personal loan. If your credit score is lower, you can still qualify for some bad credit loans, but these loans typically have much higher interest rates

    Can You Qualify for a Credit Card?

    Yes, you can qualify for many credit cards with a 750 credit score, including most premium credit cards. Depending on the lender, you could even qualify for promotional rates, rewards, and cashback bonuses on new credit cards that you apply for. 

    Most credit card providers in Canada require credit scores of at least 660 to qualify. Credit card interest rates are usually set in stone by lenders, so you won’t necessarily get a better interest rate with a higher credit score. That said, you’ll qualify for higher credit limits and other potential perks, including rewards and cashback bonuses. 

    Can You Qualify for a Car Loan?

    Yes, you can qualify for a car loan with a 750 credit score. You’ll have higher approval chances, get funds more quickly, and be eligible for the best car loan offers available with an excellent credit score. You’ll also qualify for lower interest rates than other consumers.

    Canadian lenders typically approve car loans for consumers with credit scores of 630 or above. If you have a credit score below 630, you’ll need to find a lender that specializes in helping car buyers with bad credit.

    Can You Qualify for a Mortgage?

    A credit score of 750 will put you in excellent territory to qualify for a mortgage. You need a minimum credit score of 680 or above to qualify for the best mortgage rates with traditional lenders. Having excellent credit of 750 or above will help you lock in an attractive interest rate and save money on your mortgage payments. 

    The interest rate you receive on your mortgage matters; even a slightly lower interest rate can have a major impact on your finances. The interest rate you qualify for will determine how much money from your scheduled payments goes towards your principal and how much goes towards interest payments. 

    If your credit score is below 680, you may still qualify for a mortgage, but you'll likely need to choose an alternative mortgage lender and pay a higher interest rate.

    How Can You Protect Your 750 Credit Score?

    If your credit score is 750 or above, there are specific steps you can take to maintain and protect your high credit score. Here are some key steps you can start with:

    • Set up automatic credit payments

    • Regularly monitor your credit report

    • Watch out for identity theft or fraud

    Set up automatic payments

    Paying your bills and credit accounts on time is essential to maintaining an excellent credit score. One missed payment could decrease your credit score by as much as 150 points, depending on how long it’s left unpaid. 

    To avoid missed payments, you can set up regular payments for your various bills, accounts, and subscriptions. These could include your phone bill, your internet bill, and your streaming services. You could also authorize auto-pay on your credit card bill so that the minimum required payment is made each month towards your balance. 

    Regularly monitor your credit report

    Regularly monitoring your credit report can help you safeguard your financial health. By keeping regular tabs on your credit report, you can spot errors that could be bringing your credit score down. You can sign up for Borrowell to download and print your Equifax credit report for free. 

    If you spot an error on your credit report, it’s important to dispute it as soon as possible. You can dispute your credit report by providing the appropriate documents to Canada’s credit bureaus through mail or online.

    Watch out for identity theft or fraud

    Regularly monitoring your credit report can also help you spot any suspicious financial activity that’s been made in your name. If you see any new loans or credit cards that have been opened without your knowledge, you may be the victim of identity theft or fraud. 

    Canadians with excellent credit scores are often enticing fraud targets, as thieves and hackers are looking to capitalize on your hard-earned credit score to get quick cash. Keep an eye out for any new accounts you didn’t authorize and report any issues to the appropriate lender and credit bureau right away.

    How Can You Scale Your Credit Score Even Higher?

    750 is an excellent credit score, but that shouldn’t stop you from working towards a perfect credit score! Here are some specific ways you can scale your credit score even higher:

    • Lower your credit utilization rate

    • Continue making on-time payments

    • Limit hard pulls on your credit score 

    Lower your credit utilization rate

    Your credit utilization is the amount of credit you've used out of the total amount of credit available to you. The lower your credit utilization, the more attractive you are to lenders. Credit utilization is one of larger factors that impacts your credit score, making up roughly 30% of your score.

    To maintain an excellent credit score, you should aim to keep your total credit utilization below 30%. This means if you have multiple credit cards with a total credit limit of $10,000, then you should keep your total balance across these cards below $3,000. 

    Continue making on-time payments

    Your payment history is the largest factor that impacts your credit score, making up 35% of your score. Paying your bills on time is the most important thing you can do to maintain an excellent credit score. 

    To ensure that you pay all of your bills on time, every time, you can use Borrowell’s free bill tracking solution to monitor and predict your upcoming bills. If you happen to have any overdue bills or accounts, you should prioritize paying off the oldest ones first.

    Limit hard pulls on your credit report

    The number of credit inquiries listed on your credit report have an impact on your overall credit score, making up 10% of your score. Soft credit inquiries, like checking your own credit score using Borrowell, do not impact your credit score. Hard credit inquiries, or hard credit pulls, do impact your credit score and can temporarily lower it.

    Hard credit inquiries are formal reviews of your credit report. When you apply for certain financial products, lenders take a deep dive into your credit history before approving your credit application. Hard inquiries can impact your credit score, so you should limit the number of hard pulls that you authorize to avoid impacting your credit score. 

    If you’re shopping around for credit cards, loans, or mortgages, you should compare products using the Borrowell platform before picking one to apply for. This can help you limit hard pulls on your credit report and keep your credit score excellent.

    The Bottom Line

    Your credit score is an integral part of your financial toolkit. With a 750 credit score, you have excellent credit in Canada. You’ll have access to lower interest rates, better credit terms, and higher credit limits from Canada's top lenders. If your credit score is below 750, there’s always room for improvement. With the steps and resources outlined above, you’ll be on the right track to building an excellent credit score.

    Monitor your credit score with Borrowell

    Use Borrowell to get weekly updates on your credit score. Get coached on how to improve your financial habits and work your way towards an excellent credit score. Signing up only takes 3 minutes. No credit card required.

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