Your credit score is one of the most important numbers in your financial life. In Canada, scores range from 300 to 900, and where you land on that scale determines the interest rates you pay, the credit products you qualify for, and even whether a landlord approves your rental application. Understanding what counts as a good credit score — and what each range actually means for your borrowing power — puts you in a much stronger position when applying for a mortgage, credit card, or loan. This guide is part of the Canadian credit scores hub.
Credit Score Ranges in Canada
Both Equifax and TransUnion, Canada’’s two credit bureaus, use a 300-900 scale. Here is how the ranges break down and what each means for borrowers.
| Range | Score | What It Means |
|---|---|---|
| Excellent | 760-900 | You qualify for the best rates and terms on virtually all credit products. Lenders compete for your business. |
| Good | 725-759 | You qualify for most products at competitive rates, though not always the absolute best promotional offers. |
| Fair | 660-724 | You qualify for standard products but may not get the lowest rates. Some premium cards may decline you. |
| Below Average | 560-659 | Limited options. You may need a co-signer, higher down payment, or alternative lender. Rates will be higher. |
| Poor | 300-559 | Difficulty getting approved for most credit. Secured credit cards, credit-builder loans, or subprime lenders may be your only options. |
The average credit score in Canada is approximately 680 according to Equifax, placing the typical Canadian in the fair range.
What Each Score Range Qualifies You For
Your credit score does not just determine if you get approved — it determines how much borrowing costs you.
| Score Range | Mortgage Rates | Credit Card Options | Personal Loan Rates | Auto Loan Rates | Rental Approval |
|---|---|---|---|---|---|
| 760-900 | Best available (prime or below) | All cards including premium | Lowest rates (8-12%) | Prime rate | Very likely |
| 725-759 | Competitive (prime +0.1-0.3%) | Most rewards cards | Good rates (10-14%) | Near-prime | Very likely |
| 660-724 | Standard (prime +0.3-0.5%) | Basic to mid-tier rewards | Moderate rates (14-20%) | Standard | Likely |
| 560-659 | B-lender rates (prime +1-3%) | Basic or secured cards | Higher rates (20-30%) | Subprime rates | May require co-signer |
| 300-559 | Private lender only (8-15%+) | Secured cards only | May not qualify | May not qualify | Unlikely without guarantor |
Score Requirements for Specific Products
For a detailed breakdown of what score you need and how rate premiums vary by tier, see What Credit Score Do You Need for a Mortgage in Canada? and What Credit Score Do You Need for a Car Loan?
If you have a specific goal in mind, here are the typical minimum credit scores Canadian lenders look for.
| Product | Minimum Score Typically Required |
|---|---|
| Mortgage (A-lender / big bank) | 680+ |
| Mortgage (B-lender) | 550+ |
| Mortgage (private lender) | No minimum (asset-based) |
| Best rewards credit cards | 720+ |
| Basic credit card | 600+ |
| Secured credit card | No minimum |
| Car loan (prime rate) | 700+ |
| Personal line of credit | 660+ |
| Apartment rental | 650+ |
Equifax vs TransUnion: Two Bureaus, Two Scores
Canada has two credit bureaus — Equifax and TransUnion — and both use the 300-900 scale. However, your score may differ between them for several reasons:
- Not all lenders report to both bureaus. A creditor might report your account to Equifax but not TransUnion, or vice versa.
- Different scoring models. Equifax uses the Equifax Risk Score, while TransUnion uses CreditVision. Each weighs factors slightly differently.
- Timing differences. Bureaus may receive updated information at different times during the month.
A difference of 20-50 points between your Equifax and TransUnion scores is common and not a cause for concern. However, a large gap (100+ points) could indicate an error on one report worth investigating. See Equifax vs TransUnion Canada for a full comparison of which bureau matters more for each product.
FICO vs Credit Bureau Scores
In the United States, FICO scores dominate. In Canada, the landscape is different. Canadian lenders primarily rely on Equifax Risk Scores and TransUnion CreditVision scores rather than FICO. While FICO does operate in Canada and some lenders use FICO-based models, the scores you see through free tools like Borrowell and Credit Karma are bureau scores, not FICO scores. For practical purposes, the bureau scores are what matter most when applying for Canadian credit products.
What Affects Your Credit Score
Five main factors determine your score, each carrying a different approximate weight. The two highest-weighted factors are payment history and credit utilization — together they account for 65% of your score.
| Factor | Approximate Weight | What It Measures |
|---|---|---|
| Payment History | 35% | Whether you pay bills on time. Even one missed payment can drop your score significantly. |
| Credit Utilization | 30% | How much of your available credit you are using. Below 30% is recommended; below 10% is ideal. |
| Credit History Length | 15% | How long your accounts have been open. Older accounts help your score. |
| Credit Mix | 10% | Having different types of credit (credit card, line of credit, loan, mortgage) is positive. |
| New Credit Inquiries | 10% | Each hard inquiry (from a credit application) can lower your score by a few points temporarily. |
Payment history and credit utilization together account for 65% of your score. If you want to improve your score, focusing on paying every bill on time and keeping your credit card balances low will have the greatest impact.
How to Check Your Credit Score for Free
You do not need to pay to see your credit score in Canada. Several free options exist.
| Service | Bureau | Cost | Updates |
|---|---|---|---|
| Borrowell | Equifax | Free | Weekly |
| Credit Karma | TransUnion | Free | Weekly |
| RBC Mobile App | TransUnion | Free (RBC clients) | Monthly |
| TD Mobile App | TransUnion | Free (TD clients) | Monthly |
| BMO Mobile App | TransUnion | Free (BMO clients) | Monthly |
| Scotiabank Mobile App | TransUnion | Free (Scotiabank clients) | Monthly |
| CIBC Mobile App | TransUnion | Free (CIBC clients) | Monthly |
Checking your own score through any of these services is a soft inquiry and will never affect your credit score.
You can also request your full credit report directly from Equifax and TransUnion once a year at no cost. The report contains your detailed credit history, while the score is the numerical summary.
How Long Does It Take to Improve Your Score?
How quickly your score improves depends on what is dragging it down.
| Situation | Expected Timeframe |
|---|---|
| High utilization → pay down balances | 1-2 months |
| Start making on-time payments (no prior missed payments) | 1-3 months |
| Recovery from a single missed payment | 3-6 months |
| Recovery from multiple missed payments | 6-12 months |
| Recovery from collections or consumer proposal | 12-24 months |
| Recovery from bankruptcy | 6-7 years (remains on report) |
The biggest quick wins are reducing your credit utilization below 30% and ensuring every payment is made on time. These two actions alone can produce noticeable gains within one to three months.
The Bottom Line
A good credit score in Canada is 725 or higher, and an excellent score is 760+. The average Canadian sits at around 680, which qualifies for most standard products but not the best rates. Your score is not permanent — it changes monthly based on your financial behaviour. Focus on paying every bill on time, keeping your credit utilization low, and maintaining a long credit history. Check your score regularly for free through Borrowell or Credit Karma, and review your full credit report at least once a year to catch any errors early.