Step 1: Check Your Credit Score
Before you start shopping for a credit card, take a step back and look at your credit score. Your credit score is a 3-digit number that helps lenders assess your “creditworthiness,” or your ability to repay debt.
In Canada, credit scores range from 300 to 900, with a score of 700 or higher being considered optimal. Many lenders place credit scores in five categories.
Excellent (741 – 900)
If your credit score is excellent, you’re in the top echelon of credit holders. An excellent score means you pay debt time, never miss payments, and probably have a low debt-to-income ratio. In the eyes of lenders, your risk is really low, meaning you shouldn’t have problems securing premium and platinum credit cards.