Well, with a credit score of 650, you can start availing loans in Canada. This number is considered as the magic middle number between the credit score range of 300 to 900.
However, if you are a beginner, you should be aiming to start with 300. This is because it is the necessary score, and there are ample ways to take it to 650. Any credit score below this is not at all favorable for availing loans of your choice.
The credit score above 650 to 900 helps you to become eligible for standard loans. The credit score report for most of the Canadians is from two consumer reporting agencies or credit bureaus. They have the details of your credit scores, and you can request your credit report anytime from them. And so are the lenders and others. What they see in the news differs from the way you see it. They have their parameters to determine the eligibility for your loan applications.
It is because each lender applies a set of specific risk rules which they have learned from years of lending experience. These sets of regulations give and take points for multiple purposes or preferences, which differ from one credit report to another. They have proprietary algorithms to calculate the credit score of the consumers, which is still the same as that of the numerical range of the lenders’ credit scores.