What is a good credit score in Canada?

In Canada, a credit score of 660-724 is considered good, 725-759 is very good, and 760-900 is excellent. Most lenders approve loans for scores above 660, with the best rates reserved for 750+.

What credit score do I need for a mortgage in Canada?

Most lenders require a minimum credit score of 600-650 for mortgage approval. For the best rates and terms, aim for 680+. Scores below 600 typically require alternative lenders with higher rates.

How do I check my credit score for free in Canada?

You can check your credit score for free through Borrowell (Equifax score), Credit Karma (TransUnion score), or directly from Equifax and TransUnion once per year by mail. Many banks also provide free credit scores.

What is the highest credit score in Canada?

The highest credit score in Canada is 900. Both Equifax and TransUnion use a range of 300-900. An excellent score is generally considered 760 or higher.

Credit Score Ranges Canada | What Is a Good Credit Score?

Credit Score Ranges in Canada

Canadian credit scores range from 300 to 900. The higher your score, the better rates and terms you’ll receive.

Credit Score Ranges

Score Range	Rating	What It Means
800-900	Excellent	Best rates, easiest approval
760-799	Very Good	Premium rates available
725-759	Good	Above average, good rates
660-724	Fair	Approved but not best terms
560-659	Below Average	May face higher rates
300-559	Poor	Difficulty getting approved

Score Requirements by Product

Product	Minimum Score	Best Rates
Prime mortgage	600-650	720+
Credit card	600	700+
Car loan	550	700+
Personal loan	600	720+
Line of credit	650	720+
Cell phone contract	600	650+

How Credit Scores Are Calculated

Factor	Weight	Impact
Payment history	35%	On-time payments are crucial
Credit utilization	30%	Keep below 30% of limit
Credit history length	15%	Older accounts help
Credit mix	10%	Various account types
New credit inquiries	10%	Too many hurts score

Average Credit Scores in Canada

Province	Average Score
British Columbia	695
Ontario	685
Alberta	680
Quebec	690
National average	~685

How Scores Affect Mortgage Rates

Credit Score	Rate Premium	On $500K Mortgage
760+	Best rate	$0 extra
720-759	+0.10%	+$2,500/5 years
680-719	+0.25%	+$6,250/5 years
650-679	+0.50%	+$12,500/5 years
600-649	+1.00%+	+$25,000+/5 years
Under 600	Alt lender	Much higher

Credit Bureaus in Canada

Bureau	Free Score	Paid Score
Equifax	Through Borrowell	Direct subscription
TransUnion	Through Credit Karma	Direct subscription

Both bureaus track your credit. Lenders may check either or both.

Free Credit Score Services

Service	Bureau	Features
Borrowell	Equifax	Free score, credit builder
Credit Karma	TransUnion	Free score, credit monitoring
Bank apps	Varies	TD, RBC, BMO offer free scores

How to Improve Your Credit Score

Quick wins (1-3 months)

Pay all bills on time
Pay down credit card balances below 30%
Dispute any errors on your report
Don’t close old credit cards

Medium-term (6-12 months)

Keep oldest accounts open
Avoid applying for new credit
Set up automatic payments
Request credit limit increases (without hard check)

Long-term (1+ years)

Build a longer credit history
Diversify credit types
Maintain low utilization consistently

Credit Score Myths

Myth	Reality
Checking your own score hurts it	Soft checks don’t affect score
You only have one score	You have multiple scores from each bureau
Income affects your score	Income isn’t in your credit file
Closing cards helps	Can actually hurt by reducing available credit
Carrying a balance builds credit	Pay in full; utilization is point-in-time