{"id":1031591,"date":"2024-02-09T09:26:54","date_gmt":"2024-02-09T14:26:54","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1031591"},"modified":"2024-10-30T15:38:23","modified_gmt":"2024-10-30T19:38:23","slug":"how-much-can-i-borrow-with-credit-score","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score","title":{"rendered":"How much can I borrow with my credit score?"},"content":{"rendered":"<p>Your credit score is a number that reflects your credit history. When you apply for a loan, most lenders will want to check your credit score \u2014 as far as a lender is concerned, the higher your score is, the more likely you are to pay a loan back on time.<\/p><p>But while your credit score is important, it\u2019s far from the only factor a lender will consider when assessing your loan application. Keep reading to find out how much you can borrow with your credit score and financial situation.<\/p><h3>Summary of credit score ranges<\/h3><ul><li><strong>760-900:<\/strong> Excellent<\/li><li><strong>725-759:<\/strong> Very good<\/li><li><strong>660-724:<\/strong> Good<\/li><li><strong>560-659:<\/strong> Fair<\/li><li><strong>300-559:<\/strong> Poor<\/li><\/ul><h3>How much personal loan can I get with my credit score?<\/h3><p>Your credit score is just one factor lenders will consider when assessing your loan application. While <a href=\"https:\/\/www.finder.com\/ca\/credit-score\">your credit score<\/a> can provide useful insight into your financial history and creditworthiness, there are several other factors that can affect your ability to repay a loan. These include:<\/p><ul><li><strong>Employment history.<\/strong> The lender will consider how long you\u2019ve held your current job. If you\u2019ve been steadily employed in the same job for a year or more, you\u2019ll appear to be a much safer borrowing prospect than someone who has changed jobs 3 times in the past 12 months.<\/li><li><strong>Income.<\/strong> You\u2019ll need to earn sufficient income to afford regular loan payments. A high income will help you qualify for larger loan amounts.<\/li><li><strong>Debts.<\/strong> Next, the lender will check if you have any existing debt. They will consider your debt-to-income ratio to determine how much you can afford to repay each month. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-to-income-ratio\">A debt-to-income ratio<\/a> of less than 40% will increase your chance of getting approved.<\/li><li><strong>Loan collateral.<\/strong> Offering an asset such as your car as collateral for a loan increases your borrowing power. It could also help you qualify for a lower rate.<\/li><li><strong>Net worth.<\/strong> Your net worth is your assets minus any debts you owe. Having a positive net worth \u2014 which means your assets are greater than your liabilities \u2014 increases your borrowing power. And if your net worth is more than the loan amount you want, your chance of getting approved goes up.<\/li><li><strong>Payment history.<\/strong> The lender will also look at whether you have a history of making on-time loan payments, if you have missed any payments and whether your debt has ever been sent to a collection agency.<\/li><\/ul>    \n    \n    \n    \n                \n                    \n    \n\n\n<script>\nfunction log_signup_widget(obj) {\n  var form = obj;\n  var URL = window.location.href.split('?')[0];\n\n  ga('send', {\n   hitType: 'event',\n   eventCategory: 'USFIN Signup Widget',\n   eventAction: \"Clicked\",\n   eventLabel: window.location.href.split('?')[0] + \" | \" + form.href + \" | \" + \"Personal loan rates in Canada\" + \" | \" + \"Learn more\"\n  });\n  \n  return true  \n}\n<\/script>\n\n<style>\n.signup-cta-widget {\n   padding: 2em;\n}\n@media (max-width: 800px) {\n   .signup-cta-widget {\n      padding: 2em;\n   }\n   .signup-cta-widget-text {\n      margin-bottom: 1em;\n   }\n}\n<\/style>\n\n<article class=\"luna-card luna-card--shadow\" style=\"border: 1px solid #bab3b3; margin-bottom: 2em\">\n<a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-personal-loans?cta=Personal%20loan%20rates%20in%20Canada&amp;btn=Learn%20more\" onclick=\"return log_signup_widget(this)\" class=\"u-grid u-grid--alignMiddle signup-cta-widget\" style=\"text-decoration: none;\" target=\"_blank\" rel=\"noopener\">\n  <div class=\"u-grid__col u-3\/4@s u-grid__col--alignMiddle signup-cta-widget-text\">\n    <div style=\"text-align: center; font-size: 1.75em;\"><svg version=\"1.0\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewbox=\"0 0 26 26\" preserveaspectratio=\"xMidYMid meet\" stroke-width=\"2\" stroke=\"currentColor\" fill=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\">\n\n<g transform=\"translate(0,26) scale(0.100000,-0.100000)\">\n<path d=\"M81 227 c-102 -36 -100 -180 2 -214 29 -10 45 -10 74 0 56 19 72 49\n74 142 l2 80 -59 2 c-32 1 -74 -3 -93 -10z m50 -58 c12 -12 18 -27 14 -36 -3\n-10 5 -27 21 -44 19 -20 22 -29 13 -35 -8 -4 -20 3 -34 20 -15 18 -27 25 -39\n20 -19 -7 -56 21 -56 44 0 20 29 52 47 52 7 0 22 -9 34 -21z\"><\/path>\n<path d=\"M80 155 c-15 -18 -6 -45 13 -45 8 0 20 7 27 15 10 12 10 18 0 30 -16\n19 -24 19 -40 0z\"><\/path>\n<\/g>\n<\/svg> Personal loan rates in Canada<\/div>\n  <\/div>\n  <div class=\"u-grid__col u-1\/4@s u-grid__col--alignMiddle\">\n    <div><div href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-personal-loans?cta=Personal%20loan%20rates%20in%20Canada&amp;btn=Learn%20more\" class=\"luna-button luna-button--primary luna-button--cta\" style=\"width:100%\">Learn more<\/div><\/div>\n  <\/div>\n<\/a>\n<\/article>\n\n<script>\nga('send', {\n   hitType: 'event',\n   eventCategory: 'USFIN Signup Widget',\n   eventAction: \"Loaded\",\n   eventLabel: window.location.href.split('?')[0] + \" | \" + \"Personal loan rates in Canada\" + \" | \" + \"Learn more\",\n   nonInteraction: true\n  });\n<\/script><h4>How much can I borrow with a 700 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031600 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg\" alt=\"700 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>700 is a good credit score, so you\u2019ve got options when looking for a loan. But the amount you can borrow with a 700 credit score really depends on your overall financial situation and whether you opt for a secured or unsecured loan.<\/p><p>For example, you can borrow more if you use your house as collateral for the loan, but that\u2019s also dependent on how much equity you\u2019ve built up in your property. The more equity you have in your home, the more you can borrow.<\/p><p>If you go for an unsecured loan instead, the maximum loan amount you qualify for will be lower. That said, you can still borrow as much as $200,000 from a bank like CIBC if your finances are strong.<\/p><p>But the maximum loan amount you can get is also dependent on your monthly income and any existing debts you have. If you have a high income and a low debt-to-income ratio, you\u2019ll be able to access higher loan amounts.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/low-interest-personal-loan\" style=\"text-decoration:underline; font-size:0.9em;\">Low interest personal loans<\/a>\n<\/div>\n<\/article><h4>How much can I borrow with an 800 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031603 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating800_Finder_1800x1000.jpg\" alt=\"Credit Score Rating 800\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating800_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating800_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating800_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating800_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating800_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating800_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>Once again, the maximum loan amount you can get depends on much more than just your credit score. The good news is that 800 is categorized as an excellent credit score, so you have the potential to qualify for a lender\u2019s maximum loan amount.<\/p><p>But the lender will need to be satisfied that you can afford repayments on a large loan, so they\u2019ll take a close look at your monthly income, your existing debts and your employment history. Securing your loan with collateral will also increase your borrowing power.<\/p><h4>What can I get approved for with a 600 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031604 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg\" alt=\"600 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>This depends on the lender. While 600 is a fair credit score, many banks and other traditional lenders will consider it to be similar to a bad credit score. This means your chances of getting approved with a traditional lender are low.<\/p><p>As a result, you may need to consider applying for a loan from an alternative lender. These lenders have more lenient eligibility requirements than banks, but your lower credit score means you\u2019ll need to settle for a higher interest rate. You may also only be able to get approved for lower loan amounts, so taking steps to improve your credit score can boost your borrowing power.<\/p><p>Another way to increase your chances of approval is to apply for a secured personal loan. By providing an asset such as your home or car as collateral, you present less of a risk to lenders.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-bad-credit-personal-loans\" style=\"text-decoration:underline; font-size:0.9em;\">Best bad credit loans in Canada<\/a>\n<\/div>\n<\/article><h3>How much car loan can I get with my credit score?<\/h3><p>Your credit score is one of several factors the lender will consider when assessing your car loan application. Other factors they will consider include:<\/p><ul><li><strong>Your down payment.<\/strong> Providing a larger down payment means you need to borrow less and also shows lenders that you are a disciplined saver.<\/li><li><strong>Your income.<\/strong> A high income will help you qualify for a larger loan amount.<\/li><li><strong>Your debt-to-income ratio.<\/strong> The lender will check how much of your monthly income goes toward paying off existing debt. This will affect the size of the monthly car loan payment you can afford.<\/li><li><strong>Whether you have a cosigner.<\/strong> Having a cosigner with strong credit can reduce the risk for the lender and help you access a larger loan.<\/li><\/ul><h4>Can I get a car loan with a 600 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031604 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg\" alt=\"600 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>It\u2019s possible to get a car loan in Canada with a 600 credit score, but not from all lenders. While you\u2019ll struggle to get approved by a traditional lender, there are plenty of alternative Canadian lenders that offer <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/bad-credit\">bad credit car loans.<\/a><\/p><p>The bad news is that you\u2019ll need a larger down payment than a borrower with excellent credit. You\u2019ll also have to settle for higher interest rates, so your loan will cost more to repay in the long run.<\/p><h4>Can I finance a car with a 620 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031606 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating620_Finder_1800x1000.jpg\" alt=\"620 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating620_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating620_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating620_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating620_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating620_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating620_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>The loan amount you qualify for with a 620 credit score is not very different from how much you can borrow with a 600 credit score. Both scores sit in the fair category, and an extra 20 points isn\u2019t going to have any major impact on your borrowing power.<\/p><h4>Can I get a car loan with a 650 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031607 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating650_Finder_1800x1000.jpg\" alt=\"650 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating650_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating650_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating650_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating650_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating650_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating650_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>You may be able to get a car loan from a wider range of lenders with a 650 credit score, as some lenders will class this as a good score. This means you\u2019ll have more loan options to compare, so shop around for the best deal.<\/p><p>Once again, your income and debt-to-income ratio will be key factors that determine how much you can borrow. However, you\u2019ll still need to settle for a higher interest rate than someone with excellent credit.<\/p><h4>Can I get a 530 credit score auto loan with a cosigner?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031608 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating530_Finder_1800x1000.jpg\" alt=\"530 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating530_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating530_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating530_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating530_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating530_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating530_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>Applying for a loan with a cosigner could improve your chances of getting approved. If the cosigner has strong credit, this will increase your creditworthiness in the eyes of the lender.<\/p><p>However, this doesn\u2019t mean you\u2019ll be able to qualify with all lenders, particularly traditional lenders with strict eligibility requirements. You will most likely need to apply to a lender that <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/bad-credit\">specializes in bad credit car loans<\/a>. You\u2019ll also need to expect to pay high interest rates of up to 30% in these circumstances, so make sure you\u2019ll be able to afford to repay your loan before applying.<\/p><h3>How much line of credit can I get with my credit score?<\/h3><p>You\u2019ll generally need an excellent credit score (or be on the higher end of the good range) to qualify for <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/line-of-credit\">a line of credit<\/a>. Credit of up to $50,000 or even $75,000 is available from banks and traditional lenders, while alternative and private lenders often have lower limits. Securing your line of credit with a savings account, property or <a href=\"https:\/\/www.finder.com\/ca\/gics\">Guaranteed Investment Certificate (GIC)<\/a> can help you access a larger loan amount.<\/p><p>You\u2019ll typically find it difficult to get a line of credit if you have bad credit. If you do qualify, however, expect to pay very high interest rates of up to 35%.<\/p><h4>How much line of credit can I get with a 700 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031600 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg\" alt=\"700 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating700_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>A credit score of 700 could potentially see you qualify for a lender\u2019s maximum line of credit amount. But the exact amount you can get will vary depending on factors such as your prior repayment history, income and debt-to-income ratio. Your history with the lender can also have an impact.<\/p><h3>How much mortgage can I get with my credit score?<\/h3><p>You will typically need a credit score of 680 or higher to qualify for a mortgage from a traditional lender in Canada. So if your score is above 700, you\u2019ll typically have a good chance of getting approved.<\/p><p>The maximum amount you can borrow depends on several factors, including:<\/p><ul><li><strong>The size of your down payment.<\/strong> A larger down payment means you\u2019ll need to borrow less and also shows the lender that you are financially responsible.<\/li><li><strong>Your income.<\/strong> You\u2019ll need sufficient monthly income to manage your mortgage repayments.<\/li><li><strong>Your gross debt service ratio (GDSR) and total debt service ratio (TDSR).<\/strong> Your GDSR is your principal, interest, taxes and 50% of condo fees (if applicable) divided by your gross income. The acceptable maximum is generally 32%. Your TDSR is all that\u2019s included in the GDSR plus all monthly debt payments, such as credit cards and car loans. The acceptable maximum is generally 40%.<\/li><li><strong>Your employment history.<\/strong> Holding a steady job for a long period of time will increase your borrowing power.<\/li><\/ul><h4>Can I buy a house with a 600 credit score?<\/h4><p><img decoding=\"async\" class=\"wp-image-1031604 aligncenter\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg\" alt=\"600 Credit Score\" width=\"413\" height=\"229\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/CreditScoreRating600_Finder_1800x1000.jpg?fit=1239 1239w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" loading=\"lazy\"><\/p><p>It\u2019s difficult to get a mortgage with a 600 credit score, but it\u2019s not impossible. While you typically won\u2019t be able to qualify with a traditional lender such as a big bank, you\u2019ll have a better chance of getting approved with some private lenders \u2014 but only if you meet certain requirements.<\/p><p>You\u2019ll likely need to apply with a cosigner who has good to excellent credit, while putting down a large down payment upfront (such as 20%) will also help. The lender will also consider your monthly income and debt-to-income ratio closely, so paying off existing debts and earning a steady and sizable income will further boost your chances.<\/p><h3>Bottom line<\/h3><p>Your credit score is an important factor lenders consider when assessing your loan application, but it\u2019s far from the only thing they look at. Your income, existing debt, repayment history and employment situation can all have an impact on how much you can borrow. If your credit history is less than perfect, take steps to improve your credit score to boost your borrowing power.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Can you have a 700 credit score with collections?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, it's possible to have a credit score of 700 with a collection account in your credit file, but it's not easy. Collection accounts have a substantial negative impact on your credit score, so you'll need to show a high level of financial discipline and stability to get your score back above 700.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">What is a good credit score in Canada?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Credit scores in Canada range from 300 to 900. A credit score of 660-724 is considered to be good, while 725-759 is very good and 760+ is excellent.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Will checking my credit score lower my score?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>No. Checking your credit score won't impact it as long as the credit bureau does a soft credit pull. However, if you apply for a loan and the lender performs a hard credit check, this will impact your credit score.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">What credit score do I need to get a personal loan?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>It depends on the lender and your overall financial situation. Traditional lenders will require good to excellent credit, but many private and alternative lenders offer bad credit personal loans. Lenders will also consider factors such as your income, employment history, debt-to-income ratio and repayment history before deciding whether to approve your loan.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000004\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000004\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Find out how your credit score affects how much you can borrow when taking out a loan.<\/p>\n","protected":false},"author":516,"featured_media":1031946,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[407],"tags":[],"asset_tag":[],"class_list":["post-1031591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Much Can I Borrow With My Credit Score? | Finder Canada<\/title>\n<meta name=\"description\" content=\"Your credit score is one of many factors that affects the loan amount you qualify for. Find out how much you could borrow with your score.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How much can I borrow with my credit score?\" \/>\n<meta property=\"og:description\" content=\"Your credit score is one of many factors that affects the loan amount you qualify for. Find out how much you could borrow with your score.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score\" \/>\n<meta property=\"og:site_name\" content=\"Finder Canada\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-09T14:26:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/loanapplicationcreditscore_Canva_1800x1000.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tim Falk\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tim Falk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score\"},\"author\":{\"name\":\"Tim Falk\",\"@id\":\"https:\/\/www.finder.com\/ca\/#\/schema\/person\/e84372ad54f89a7447d88eab25817464\"},\"headline\":\"How much can I borrow with my credit score?\",\"datePublished\":\"2024-02-09T14:26:54+00:00\",\"dateModified\":\"2024-02-09T09:26:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score\"},\"wordCount\":2212,\"publisher\":{\"@id\":\"https:\/\/www.finder.com\/ca\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/loanapplicationcreditscore_Canva_1800x1000.jpg\",\"articleSection\":[\"Personal Loans\"],\"inLanguage\":{\"@type\":\"Language\",\"name\":\"English\",\"alternateName\":\"en\"},\"editor\":{\"@id\":\"https:\/\/www.finder.com\/ca\/#\/schema\/person\/9d47eeda06b879b07a813536f2068c72\"},\"citation\":[{\"@type\":\"CreativeWork\",\"name\":\"Scotiabank: What credit score do you need to buy a house in Canada?, 12 July 2022\",\"url\":\"https:\/\/www.scotiabank.com\/ca\/en\/personal\/advice-plus\/features\/posts.what-credit-score-do-you-need-to-buy-a-house-in-canada.html\"},{\"@type\":\"CreativeWork\",\"name\":\"Debt.org: What are lines of credit &amp; how do they work?, 18 May 2023\",\"url\":\"https:\/\/www.debt.org\/credit\/lines\"},{\"@type\":\"CreativeWork\",\"name\":\"Canadian Securities Institute: Personal Lending &amp; Mortgages textbook\"}],\"commentCount\":0},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score\",\"url\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score\",\"name\":\"How Much Can I Borrow With My Credit Score? | Finder Canada\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/ca\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/how-much-can-i-borrow-with-credit-score#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2024\/02\/loanapplicationcreditscore_Canva_1800x1000.jpg\",\"datePublished\":\"2024-02-09T14:26:54+00:00\",\"dateModified\":\"2024-02-09T09:26:55+00:00\",\"description\":\"Your credit score is one of many factors that affects the loan amount you qualify for. 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