Credit scores say a lot about you and your financial health. This three-digit number represents how good someone is at paying back debt borrowed through credit cards, student loans, a line of credit and other similar debt instruments. People with numbers above 700 are deemed very good at paying off these loans. Lower scores may be a result of maxing out credit, missing payments or carrying a balance from one month to the next.

Key Takeaways:

• Credit scores can go up and down depending on your financial situation.
• Keeping this number high is especially beneficial if you want to make a big purchase like buying a home or a car.
• Depending on the job you’re applying for, some companies may even look into it to see how responsible you are with spending and managing their money.

“Credit scores are three-digit numbers with far-reaching consequences. The average Canadian scores around 600, with numbers in the 700 and above considered “very good.””

Read more: http://www.huffingtonpost.ca/2017/10/02/whats-an-average-credit-score-for-canadians-and-why-does-it-matter_a_23230225/