Average Credit Score in Canada
The average credit score in Canada is approximately 680 on a scale of 300 to 900.
| Metric | Value |
|---|
| Average credit score | ~680 |
| Median credit score | ~700 |
| Score range | 300–900 |
| “Good” threshold | 660+ |
| “Excellent” threshold | 725+ |
Credit Score Ranges in Canada
| Score Range | Rating | % of Canadians |
|---|
| 800–900 | Excellent | ~15% |
| 725–799 | Very Good | ~25% |
| 660–724 | Good | ~22% |
| 560–659 | Fair | ~20% |
| 300–559 | Poor | ~18% |
About 62% of Canadians have a “good” credit score (660+) or better.
Average Credit Score by Age
| Age Group | Average Score | Assessment |
|---|
| 18–25 | 620–650 | Building credit |
| 26–35 | 660–690 | Establishing history |
| 36–45 | 680–710 | Prime borrowing years |
| 46–55 | 700–730 | Established credit |
| 56–65 | 730–760 | Peak scores |
| 65+ | 740–770 | Highest averages |
Why Scores Increase with Age
| Factor | Impact |
|---|
| Credit history length | Longer = better |
| Fewer new accounts | Less “new credit” inquiries |
| Lower utilization | Mortgages paid down |
| Payment history | More on-time payments |
| Account diversity | More varied credit mix |
Average Credit Score by Province
| Province | Average Score | Notes |
|---|
| British Columbia | 695 | Higher cost of living, more debt management |
| Alberta | 690 | Oil industry volatility affects some |
| Ontario | 685 | Large, diverse population |
| Quebec | 680 | Credit culture differs slightly |
| Manitoba | 675 | Close to national average |
| Saskatchewan | 680 | Rural/urban mix |
| Nova Scotia | 670 | Lower incomes affect some |
| New Brunswick | 665 | Economic factors |
| Newfoundland | 660 | Highest unemployment rate |
| PEI | 670 | Small population |
These are estimates based on lending data trends. Credit bureaus don’t publish official provincial breakdowns.
How Credit Scores Are Calculated in Canada
Major Factors
| Factor | Weight | Description |
|---|
| Payment history | 35% | On-time payments vs. missed/late |
| Credit utilization | 30% | Balance vs. available credit |
| Credit history length | 15% | Age of oldest account |
| Credit mix | 10% | Types of credit (cards, loans, mortgage) |
| New credit inquiries | 10% | Recent applications |
What Hurts Your Score Most
| Action | Impact | Recovery Time |
|---|
| Missed payment (30+ days) | −50 to −100 pts | 6–12 months |
| Maxed credit card | −30 to −70 pts | 1–3 months |
| Collection account | −100+ pts | 6 years |
| Bankruptcy | −150 to −250 pts | 6–7 years |
| Hard inquiry | −5 to −10 pts | 1 year |
How Do You Compare?
Below Average (Under 660)
| Consequences | Options |
|---|
| Higher interest rates | Secured credit cards |
| May need co-signer | Credit-builder loans |
| Limited credit options | Alternative lenders |
| Higher deposits required | Focus on rebuilding |
Average (660–699)
| Status | Next Steps |
|---|
| Access to most products | Keep utilization low |
| Moderate rates | Don’t open unnecessary accounts |
| Room to improve | Monitor both bureaus |
Above Average (700+)
| Benefits | Strategy |
|---|
| Best interest rates | Maintain good habits |
| Easy approval | Consider premium cards |
| Negotiating power | Keep utilization under 10% |
Excellent (760+)
| Advantages | Considerations |
|---|
| Lowest rates available | Score may not improve much more |
| Maximum borrowing power | Don’t close old accounts |
| Premium card offers | Keep utilization near zero |
How to Check Your Credit Score Free
Free Apps
| Service | Bureau | Cost |
|---|
| Borrowell | Equifax | Free |
| Credit Karma | TransUnion | Free |
| Mogo | Equifax | Free |
Direct from Bureaus
| Bureau | Free Credit Report | Score Included |
|---|
| Equifax | Once per year (mail) | No |
| TransUnion | Once per year (mail) | No |
Online instant reports cost $15–25 and include your score.
Equifax vs TransUnion Scores
| Difference | Reason |
|---|
| Scores may differ 20–50 pts | Different algorithms |
| Different creditors report | Some only report to one bureau |
| Timing of updates | Reports may be at different dates |
Check both scores regularly. Lenders may use either bureau.
How to Improve Your Credit Score
Quick Impact (1–3 Months)
| Action | Potential Gain |
|---|
| Pay down credit card balances | +30 to +70 pts |
| Become authorized user | +20 to +50 pts |
| Dispute errors | Varies |
Medium Term (3–12 Months)
| Action | Potential Gain |
|---|
| Consistent on-time payments | +30 to +50 pts |
| Keep credit utilization under 30% | Stabilizes score |
| Don’t close old accounts | Preserves history |
Long Term (1–2 Years)
| Action | Potential Gain |
|---|
| Build longer credit history | +20 to +50 pts |
| Add credit mix (loan, line of credit) | +10 to +30 pts |
| Limit new applications | +10 to +20 pts |
Credit Score by Credit Product
What score do you need for various products?
| Product | Minimum Score | Ideal Score |
|---|
| Basic credit card | 550–600 | 650+ |
| Rewards credit card | 650–680 | 700+ |
| Premium travel card | 720–740 | 760+ |
| Personal line of credit | 650–680 | 700+ |
| Mortgage (insured) | 600–640 | 680+ |
| Mortgage (conventional) | 680+ | 720+ |
| Auto loan | 600–650 | 700+ |
Common Credit Score Myths
| Myth | Reality |
|---|
| Checking your score hurts it | Soft inquiries don’t affect score |
| Carrying a balance helps | Paying in full is better |
| Closing cards improves score | Usually hurts by reducing available credit |
| Income affects your score | Income is not a factor |
| All debt is bad | Managed debt builds credit |
What Doesn’t Affect Your Credit Score
| Factor | Impact on Score |
|---|
| Income/salary | None |
| Employment status | None |
| Marital status | None |
| Age | None (but history length matters) |
| Debit card use | None |
| Utility payments | Only if sent to collections |
| Rent payments | Only if reported (rare) |
Credit Score Recovery Timeline
| Negative Event | How Long on Report | Recovery Time |
|---|
| Late payment | 6 years | 6–12 months |
| Collection | 6 years | 2–3 years |
| Consumer proposal | 3 years after completion | 3–5 years |
| Bankruptcy | 6–7 years | 7–10 years |
| Hard inquiry | 2 years | 6–12 months |
Building Credit from Scratch
For newcomers to Canada or those with no credit history:
| Step | Timeline |
|---|
| 1. Get secured credit card | Month 1 |
| 2. Use card for small purchases | Months 1–6 |
| 3. Pay full balance monthly | Months 1–6 |
| 4. Apply for unsecured card | Month 6–12 |
| 5. Establish score of 660+ | Year 1–2 |
Starting from zero, most people can build a good score (660+) within 12–18 months of responsible credit use.
Resources
- Borrowell: Free weekly Equifax score updates
- Credit Karma: Free weekly TransUnion score updates
- Equifax Canada: equifax.ca
- TransUnion Canada: transunion.ca
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