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Originally posted by seenappa

I would love to hear all your Credit scores and the level of difficulty in getting a 'loan'..

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I have no idea about my credit score. However, all my big ticket purchases (home and two cars) in Canada have been based on my US credit history. And I did not have any problem whatsoever.

Quote:

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Originally posted by seenappa

Thanks everyone,

Pramod was very descriptive and informed . I am relieved to hear that 620-700 is considered a good score.

Dimple, I will heed the advice of your 'mortgage fairy' and get my old accounts closed V E R Y S L O W L Y so as not to rub LD's 'mortgage fairy'..err..the wrong way..

I would love to hear all your Credit scores and the level of difficulty in getting a 'loan'..

cheers,

seenappa

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Hi Seenappa,

I used the term 'acceptable' for the range of 600-700. However, generally, any thing above 680 is considered a good score. Some banks would like the self employed persons to have score of 680 and above and for commissioned sales person to have over 720-740 to consider them for mortgage. For salaried people, scores of 620 and above with verifiable income would be considered acceptable.

The credit scores range between 300 and 900. More than 75% of my clients have scores of 650 and above. Some of them have scores of over 775 which places them in top 55% of Canadians.

According to Equifax the scores of all canadians by way of FICO score is as follows:

up to 549...........................4%
550-599............................4%
600-649............................6%
650-699...........................11%
700-749...........................19%
750-799............................27%
800-849.............................24%
850+ ...................................5%