What Does a 750 Credit Score Mean in Canada?

750 Credit Scor

Are you proud of your 750 credit score? You cannot ignore the role of a credit score when it comes to financial stability and access to better credit products. The Canadian financial system makes it possible for many people to use their credit cards for purchases they would not have been able to afford otherwise. You can even hack your credit card to make money instead of owing a balance. 

Your credit score is based on your credit history managing things like loans, credit cards, mortgages, etc. Lenders and other creditors use your credit score to assess how likely you are to pay them back as agreed. 

Are you a Canadian looking for ways to improve your credit score to 750, or do you have a credit score of 750 and don’t know what you can do with it? Relax, this article has everything you need to know about a 750 credit score in Canada.

About credit scores in Canada

In Canada, your credit score determines what kind of loans and credit products you eligible for, who will lend to you, and what interest rates you get. When you apply for credit, the lender will request your credit file from one of the two major credit bureaus in Canada, Equifax and TransUnion

Credit bureaus, also called credit reporting agencies, have detailed information about your credit history. They share that information, on request, with financial institutions like banks, governments, credit unions, lenders, insurance companies, landlords, and others.

Some employers in Canada check your credit score before hiring you. When renting an apartment in Canada, many landlords also take time to check your creditworthiness to predict how likely you are to pay your rent and take care of the space.  Some insurance companies even check credit scores to determine what premiums to charge.   

Your credit score can negatively affect your everyday life. But, if you have a good credit score, chances are, you may not find it difficult to access great opportunities for a better life.

What does a 750 credit score mean?

A 750 credit score is very good and well above that of the average Canadian. In Canada, credit scores range from 300-900, and are broken down into five different risk categories to indicate how creditworthy a borrower is. According to Equifax, the five credit score ranges are: 

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

TransUnion rates credit score ranges differently, and lenders decide for themselves how risky a borrower is based on their financial profile. Therefore, these credit score ranges are not a hard and fast rule but still serve as a good benchmark to interpret what your score means.  

How are credit scores calculated? 

Each credit bureau calculates your credit score a little differently using its own unique formula. However, they both use five core variables and weigh them similarly in your score. Generally, credit scores in Canada are measured using the following:

Payment history: 35%

Your payment history accounts for 35% of your total credit score. On-time payments are good and build your credit score up, while late and missed payments are bad and hurt your credit score.  

Debt to credit ratio: 30%

Your debt load can also affect your credit score, accounting for 30% of your total credit score. The debt to credit ratio is more formally referred to as your credit utilization ratio. This number represents how close to the limit you are on your credit cards and lines of credit (LOC) by measuring your balance(s) owing against what you have access to. 

A high ratio, over 30%, is bad and hurts your score because it indicates you rely on credit cards or lack discipline. A low ratio, under 30%, is good because it indicates more responsible financial habits. 

Length of credit history: 15%

The age of your credit history also determines your credit score, accounting for 15% of your total score. Generally, your score should improve as your credit file ages because you have a longer track record of good borrowing behaviour. Short credit histories naturally come with lower scores because there isn’t as much data to indicate how well you manage credit over time. 

New loan applications: 10%

The formal name for this is actually “Inquiries” or “Hard Credit Checks.” When you apply for credit, the lender will request your credit file from one of the bureaus, and that request gets recorded on your credit report. 

If you apply for a lot of loans or other credit products in a short period of time, it will hurt your credit score. That’s because it indicates you are desperate for credit, possibly from a financial hardship or crisis, making you a riskier borrower. 

Credit mix: 10%

Your credit mix counts for 10% of your score. This refers to the different types of credit accounts you have like personal loans, a mortgage, credit cards, lines of credit, etc. Different kinds of loans come with different kinds of responsibility, terms, and payment arrangements. A diversified mix tells creditors you know how to handle different products. 

Can I get a credit card with a 750 credit score? 

Yes, you can. In Canada, most providers require a minimum credit score of around 650 to qualify for a standard credit card. If your score is less than that, you will have a hard time getting a credit card in general, especially a rewards card. If that is the case, you may need to use a credit card designed to rebuild your credit or a secured credit card

So, if you have a 750 credit score, you already qualify for most credit cards, including premium cards, rewards cards and cash back cards. There are also bonuses, rewards, and promotional rates that you can qualify for when you apply for a credit card with a very good credit score. This, however, depends on the lender you choose.

Can I get a personal loan with a 750 credit score? 

You betcha. Getting a personal loan with a 750 credit score is basically a shoo-in. Most lenders require a minimum credit score around the 650 mark, and you’re well above that. 

If you have a 750 credit score, most lenders won’t hesitate to approve your application because it indicates you have a strong financial profile and good habits. With this, you have the confidence to request a personal loan and get a positive outcome.  

Keep in mind, lenders look at other factors beyond your credit score to assess your creditworthiness, so don’t hand your hat on a score. Having said that, there are lower interest rates on the loans you can access with your 750 credit score, which keeps your payments lower and saves you money on interest charges. 

Can a 750 credit score get me a car loan?

Yes again. A minimum credit score of around 630-650, depending on the lender, qualifies most people for a car loan. With your 750 credit score, you not only get a car loan but you likely also get a lower interest rate and maybe even access to more aggressive deals like a better discount on the purchase price. 

When you apply for a car loan with a 750 credit score, you stand a higher chance of getting financed faster than other applicants with lower credit scores. 

When requesting a car loan, the higher your credit score, the lower the interest rate and vice versa. Hence, looking around and comparing loans among lenders can help you find the lowest rate and the best terms. 

Factors that affect your credit score

Payment history  

Your payment history is a record of payments on all your credit products and how often you made them on time, late, or missed altogether.  It accounts for 35% of your credit score and also shows how many days late a payment was: 30, 60, 90 ,120+. 

The later the payment, and the more frequently you pay late,  the more it hurts your score. The more often you make a payment on time, the more it benefits your score and pushes it up over time. 

How much revolving debt you have

This only includes the debt you owe on credit cards and lines of credit (LOC), and accounts for 30% of your credit score. The higher your balances are, the more it hurts your credit score and drags it down. 

A rule of thumb is to keep the balances on your credit cards and LOCs below 30% of the credit limit. So, that means you should not carry a balance of more than $300 on a credit card that has a $1,000 limit. 

Length of credit history

This accounts for 15% of your credit score. The age of your account is critical to your credit score. An older account implies that you are more experienced with debt management. This results in a higher credit score. Conversely, a younger account will result in a lower credit score because there just isn’t even data to assess how well you handle debt over time. 

Types of accounts you have

The types of accounts you have makeup about 10% of your credit score. Your credit score increases when you have several types of accounts like installment loans, revolving credit, a mortgage, student loans, etc.  

Recent credit activity

This refers to recent applications, such as opening credit card accounts and applying for loans. Loans and credit applications require hard credit checks, called “Inquiries,”  which account for 10% of your credit score. Applying for credit several times in a short period can hurt your score because it indicates financial instability, and makes you a riskier borrower. 

How to Maintain a 750 Credit Score 

It is important to maintain a very good credit score and ensure it doesn’t fall below 750. Some factors can affect your credit score, and knowing these factors will help you manage and improve your credit score further. 

Keep old accounts open

Keeping old accounts open, whether or not you still use them, is beneficial if you want to build your credit score. Keeping old accounts helps increase your credit score by increasing the average age of your credit file. 

Limit inquiries

 If you’re trying to increase your credit score, applying for new credit accounts should be kept to an absolute minimum. Not only do new accounts shorten the average of age of your credit report, but it involves hard credit checks, called inquiries. Both of these are not beneficial to your credit score. 

Pay on time

Payment history makes up the largest percentage of your credit score, so timely payment should be your top priority. One way to ensure on-time payment is by setting up automatic payments out of your bank account or setting calendar reminders and phone notifications.  

Use secured cards, if applicable

With a 750 credit score, it’s not likely you need to use a secured card. But if you are having trouble getting a regular card, it could be a useful option.  Secured credit cards are a great way to create a good payment history. You can use a secured card to improve your credit score by making small purchases and paying the balance in full every month. 

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Benefits of having a very good credit score 

If you have an excellent score, you stand a big chance of receiving some of the best offers and lowest rates. Lenders consider different factors when consumers apply for a loan or other credit products. A 750 credit score gives you a high chance of being approved for loans at a low-interest rate. Applications such as ClearScore give you tips to help you keep a good credit score.

Very good credit can qualify you for premium credit cards, and special offers such as mortgages and auto loans with competitive terms. Having a very good credit score is not a guarantee for loan approval, but it puts you in a favourable position in the eyes of lenders because you are a low-risk borrower. 


If you have a 750 credit score, you won’t have issues with creditors in Canada. In addition, having a very good credit score allows you to enjoy certain financial benefits like lower interest rates, excellent credit terms, rewards, and higher card limits.

However, if you are struggling to maintain a 750 credit score, follow the steps in this article. You can boost your score, save money, and gain confidence with a better credit score.  

Frequently Asked Questions

Arthur Dubois is a personal finance writer at Hardbacon. Since relocating to Canada, he has successfully built his credit score from scratch and begun investing in the stock market. In addition to his work at Hardbacon, Arthur has contributed to Metro newspaper and several other publications