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Is 500 a good or bad credit score?

Your credit score is a number that gives lenders an idea of how you’ve managed credit in the past.

Credit reporting agencies use a scoring model to generate a number between 300 and 900 that represents your credit history. Equifax, one of the major credit reporting agencies in Canada, categorizes your score as either poor, fair, good, very good or excellent. Transunion follows a similar model.

Is 500 a bad credit score in Canada?

A credit score between 300 and 599 is considered in the poor credit score range, and it can negatively impact several aspects of your life that you may not expect. For example, if you’re interested in applying for new credit accounts, like a credit card or personal loan, a poor credit rating could mean a declined application.

Additionally, service providers, employers and landlords may reference your score to determine your ability to hold up your end of a deal. So before shopping around for a phone plan, applying for a job or renting an apartment, make sure your credit score shows you in the best light.

Onward and upward

If you check your credit score and feel there’s some room for improvement, follow these tips to improve your credit report and score a higher rating:

  • Apply for a Guaranteed Secured Mastercard® – a great option if you’re new to credit or need to repair it. Get pre-approved1 with Quick Check® today.

  • Make your credit payments on time every month – our app can keep you on track with payment alerts.

  • Stay well below your credit limit – your credit utilization rate, which shows lenders how much credit you’re using, can also have a positive impact on your credit score.

Read inspiring stories from customers who’ve rebuilt their credit with Capital One! 

* The credit score and report information by Credit Keeper is intended for educational purposes only. Lenders and other commercial users may use a different type of credit score and other information when making credit decisions.

Credit Keeper is a service offered by Capital One and is powered by credit information provided by TransUnion. Availability may vary depending on our ability to verify your identity and obtain your information from TransUnion. Credit Keeper might be unavailable to some Quebec residents.

TransUnion and associated names and logos are trademarks of TransUnion, LLC or an affiliate.

1 If Quick Check pre-approves a card, you can be 100% sure we’ll approve your application as long as:

a. There’s been no change in your credit file information, personal information or financial status from the time you receive your Quick Check results to the time you apply for one of our credit cards;

b. You’re at least the age of majority in the province or territory you live in;

c. Your application isn’t flagged for fraud prevention;

d. You don’t have an existing Capital One account; and

e. You haven’t applied for a Capital One account in the last 30 days or had an account with us that was not in good standing in the last year. In good standing means not past due, over limit, fraudulent, restricted, or part of a consumer credit counselling program or bankruptcy.

In some cases, we may not be able to open an account for you even though your application was approved. This can happen if we’re unable to verify your identity, or you don’t provide the required security funds if you’re approved for a Secured Mastercard®.