Having a bad credit is when a person fails to pay his or her responsibilities like bills, credit card balances, and multiple debts such as mortgage and personal loans. Usually, their credit scores is under 600. Some may think that having a bad credit or poor credit rating stays forever on your credit history. Having such is very intimidating, a person with poor credit may find it difficult to borrow money from the banks and other lenders. Having such issue means you are considered as riskier than other borrowers.
Canadian credits scores range from 300 to 900. 300 is the lowest or just started to have a credit score on file and 900 is the highest credit rating. If your credit score is 650 according to transUnion, this is the magic middle score. Credit scores are based on your credit report. Your credit history includes your balances, payments, and limits. Delayed payments, and default may affect your credit score while paying your balances in Full or on time means creating and maintaining good score.