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October 20, 2016


How is my FICO credit score calculated?

If you have ever applied for a loan to finance a house, car, or university tuition, then you probably know that lenders have a keen interest in your credit score.

In Canada, your credit score is a number between 300 to 900. It tells lenders about your creditworthiness. In other words, it tells them whether or not you are responsible enough to pay back a loan. The higher the score, the more likely they will lend you money, and the more likely you will pay a lower interest rate.

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