Is 800 a Good Credit Score in Canada?

A credit score is a key component of your overall financial health. Because lenders and credit card providers use your credit score to give them a financial snapshot of your creditworthiness. Therefore, your number impacts how easy it will be for you to secure loans, successfully apply for credit cards, and get the most favorable terms, like lower interest rates. 

In the case of credit scores, the higher your number the better. In Canada, the credit score range starts at 300 and goes all the way up to 900. If you have a credit score of 800 that puts you into the top tier of scores. Here’s a look at the general ranking of credit scores in the country:

• Poor: 300 - 574

• Below Average: 575 - 659

• Fair: 660 - 712

• Good: 713 - 740

• Excellent: 741 - 900

Your score of 800 would fall into the “Excellent” category — making you incredibly creditworthy — and potential lenders would consider you a very attractive candidate for a loan or any other kind of financial product. Just how good is a score of 800? Well, consider this: based on data collected in 2022 from more than 2 million Borrowell members, the average credit score among Canadians stands at 672. 

Creditors will associate your high number with responsible financial management and see you as a low-risk borrower. With a score like this, you're likely to enjoy preferential interest rates and terms on loans and credit cards, providing you with access to a wide range of financial opportunities and big savings. It's an achievement that can make it much easier to reach your financial goals.

What Can I Get With a 800 Credit Score?

With a credit score of 800, you’re in an excellent position to qualify for credit and financial products in Canada. A credit score of 800 indicates, among other things, a strong payment history and an attractive credit utilization ratio, which makes you a highly desirable borrower to the majority of lenders. As long as you meet the qualification requirements (which could include a minimum income requirement), you should be able to successfully apply for most credit products.

Getting a Mortgage with a 800 Credit Score

As long as you fit the other eligibility qualifications (which could include considerations like a minimum yearly income, how much debt you’re carrying and a requirement that you pass the mortgage stress test), you should have no problem securing a mortgage with any of the big or alternative mortgage providers in Canada. 

In general, most mortgage lenders like to see borrowers with a minimum credit score of 680 or higher. With a score of 800, you clearly exceed that threshold by a lot. That means that not only will you have a good chance of being approved for a mortgage, you’ll also be eligible for the best terms and lowest interest rates. 

Getting a Car Loan with an 800 Credit Score

Getting a car loan with an 800-credit score in Canada should be relatively straightforward. Because you’d be a considered a highly creditworthy borrower, you're also likely to have access to favorable terms and options when applying for a car loan. 

Note also that, if your financing is coming directly from the dealer, because of your strong credit score, you have more negotiating power when it comes to the loan's terms, such as the interest rate and monthly payments — so don’t be afraid to try to negotiate.

Getting a Personal Loan with an 800 Credit Score

While all lenders have their own specific qualification requirements, with an excellent score of 800, you shouldn’t face any barriers when it comes to applying for personal loans. Lenders will see you as a low-risk applicant and are thus also more likely to give you personal loans with low interest rates and flexible loan terms that match your financial needs. However, keep in mind that other factors like your income and debt load may be considered.

Getting a Line of Credit with an 800 Credit Score

A credit score of 800 is considered exceptional and reflects a strong credit history. With such a high credit score, you are very likely to qualify for a line of credit from most lenders. Of course, the specific terms and approval process can vary depending on the lender and your individual financial situation. 

Getting Affirm with an 800 Credit Score

Affirm is known for offering point-of-sale financing options with various online retailers to allow consumers to pay for purchases in installments. With a credit score of 800, you’d likely be an attractive candidate for Affirm's financing services.

Renting an Apartment with an 800 Credit Score

Some landlords and property managers in Canada like to review a potential renter’s credit score before allowing them to rent an apartment as they believe it can help predict whether a person will pay their rent in full and on time. Having an 800-credit score when renting an apartment is a major advantage. It reflects a history of responsible financial management and prompt bill payments, making you an attractive tenant. Your application is likely to be viewed more favourably, and the approval process should be relatively swift. 

Nowadays, it's possible to actually build credit with your rent payments, thanks to services like Borrowell Rent Advantage^™ that report your rent on your credit report. Using a service like this means every time you pay your rent on time, you're building your credit history, payment history and credit mix: three factors that all have a big impact on your score.

How to Raise My Credit Score From 800 to 850

While a score of 800 marks you as a very creditworthy Canadian, there is still some room for improvement. Boosting your score from 800 to 850 will do even more to ensure you can get the best credit cards, the most favorable loan rates and would also add an extra layer of protection to your overall financial health. Here are some things to do to nudge your score even higher.

Make timely payments

The biggest influence on your credit score is your payment history, making up 35% of your score. Always pay your credit accounts (like credit cards) in full and on time to keep your score strong.  

Aim low

Credit utilization comprises 30% of your credit score. Maintain a credit utilization rate of less than 30% across all your credit accounts. The lower your ratio, the better. 

The older the better

Credit history accounts for 15% to your credit score. The longer you've had your credit accounts, the more beneficial it is for your score because potential creditors want to see that you can manage credit over the long term. It's advisable to keep your oldest credit account open (even if you don’t use it much) to increase your history. 

Mix it up

Broaden your credit portfolio by including various types of credit, such as installment accounts (e.g., a personal loan) and revolving accounts (like credit cards).

Manage credit inquiries

Having too many hard credit inquiries can negatively impact your credit score because it can look to lenders like you are actively seeking credit and might be taking on too much debt or facing financial difficulties. Each hard inquiry typically results in a small dip in your credit score.

Correct mistakes on your credit report

Protect your hard-won credit score by regularly checking your credit report. If you find a mistake — which can be anything from a mistakenly reported non-payment or something more serious like fraudulent activity — report it immediately to the credit bureau. The sooner you report an error, the sooner you can ensure it doesn’t cause any lasting damage to your score. 

How Do I Get my Credit Score from 850 to 900?

A credit score of 900 is considered a perfect score, but in practice, achieving it is exceedingly rare. This rarity is largely due to the constant updates and frequent changes in credit scores as credit bureaus constantly receive new information about your financial circumstances, making it extremely challenging to maintain a consistently flawless score. So don’t be too hard on yourself if you don’t get up to 900. Recall, that even with a score of 800 you still fall into the “Excellent” category, which is the highest attainable credit range. 

Continuing to focus on the five main factors that make up your score (payment history, credit utilization, credit history, credit mix and credit inquires) is the best way to see your score grow. 

The Bottom Line

A credit score of 800 puts you firmly in the “Excellent” category and signals to lenders that you are a low-risk borrower. That number reflects a track record of responsible financial management and will therefore give you access to some of the best loan terms, credit products and interest rates available.