Credit scores in Canada range from 300 to 900, but what do these numbers actually mean? This guide explains each credit score range, what it qualifies you for, and how to move up to the next tier.
Canadian Credit Score Ranges Overview
| Score Range | Rating | % of Canadians | Impact |
|---|---|---|---|
| 760-900 | Excellent | ~35% | Best rates, easiest approvals |
| 725-759 | Very Good | ~15% | Great rates, most products available |
| 660-724 | Good | ~20% | Standard rates, good approval odds |
| 560-659 | Fair | ~15% | Higher rates, some declines |
| 300-559 | Poor | ~15% | Difficult approvals, limited options |
Detailed Breakdown by Range
Excellent Credit (760-900)
If your score is 760 or higher, you’re in the top tier of Canadian borrowers.
What you qualify for:
| Product | Access | Rate Advantage |
|---|---|---|
| Premium credit cards | Full access to all cards | Best rewards, lowest fees |
| Mortgages | Best rates available | 0.25-0.75% lower than average |
| Car loans | Prime rates | Save thousands over loan term |
| Lines of credit | Lowest rates | Prime + 0-1% |
| Personal loans | Best terms | Longest terms, lowest rates |
| Rental applications | Easy approvals | No extra deposits |
Typical characteristics:
- 10+ years of credit history
- Multiple account types (cards, loans, mortgage)
- Perfect or near-perfect payment history
- Low utilization (under 10%)
- Few recent applications
How to maintain:
- Continue on-time payments
- Keep utilization under 10%
- Don’t close old accounts
- Limit new applications
Very Good Credit (725-759)
Very good credit opens almost all doors—you’re just below the premium tier.
What you qualify for:
| Product | Access | Notes |
|---|---|---|
| Most premium credit cards | Yes | May miss ultra-premium (e.g., Amex Platinum) |
| Mortgages | Great rates | Slightly above best rates |
| Car loans | Excellent rates | Near-prime rates |
| Lines of credit | Very competitive | Prime + 0.5-1.5% |
| Rentals | Easy approvals | Rarely an issue |
To reach excellent (760+):
- Lower utilization further (aim for under 10%)
- Continue perfect payment history
- Let credit history age
- Avoid new applications for 6-12 months
Good Credit (660-724)
Good credit is the average Canadian range. You’ll be approved for most products but may not get the best rates.
What you qualify for:
| Product | Access | Limitations |
|---|---|---|
| Cash back credit cards | Yes | May have lower limits |
| Mid-tier rewards cards | Yes | Premium cards may decline |
| Mortgages | Yes | Higher rates than excellent |
| Car loans | Yes | May pay 1-2% more |
| Lines of credit | Yes | Higher rates |
| Rentals | Usually approved | May need references |
Score at different levels:
| Score | Position | Notes |
|---|---|---|
| 660-679 | Lower good | Some premium cards may decline |
| 680-699 | Mid good | Average Canadian score |
| 700-724 | Upper good | Close to very good benefits |
To reach very good (725+):
- Pay all bills on time
- Reduce credit utilization to under 20%
- Don’t close old accounts
- Limit new credit applications
- Consider becoming authorized user on old account
Fair Credit (560-659)
Fair credit means limited options and higher costs. Focus on rebuilding.
What you qualify for:
| Product | Access | Conditions |
|---|---|---|
| Basic credit cards | Limited | Higher rates, lower limits |
| Secured credit cards | Yes | Deposit required |
| Mortgages | Difficult | May need B-lender, higher rates |
| Car loans | Yes | Subprime rates (8-15%+) |
| Lines of credit | Very limited | Secured options only |
| Rentals | May be declined | Often need co-signer or extra deposit |
Common causes of fair credit:
- Late payments in the past
- High credit utilization
- Limited credit history
- Recent bankruptcy or consumer proposal (late stage)
- Too many applications
To reach good (660+):
- Make all payments on time (most important)
- Pay down balances to under 30% utilization
- Don’t close accounts, even unused ones
- Get a secured card if you can’t get unsecured
- Be patient—improvement takes 6-12 months
Poor Credit (300-559)
Poor credit significantly limits your options and usually indicates serious past issues.
What you qualify for:
| Product | Access | Conditions |
|---|---|---|
| Unsecured credit cards | Rarely | May need to wait |
| Secured credit cards | Yes | Deposit required |
| Mortgages | Very difficult | Private lenders, very high rates |
| Car loans | Limited | Subprime, may need co-signer |
| Lines of credit | No | Not available |
| Rentals | Often declined | Will need co-signer |
Common causes:
- Bankruptcy or consumer proposal
- Multiple collections accounts
- Judgments or legal issues
- Consistent late or missed payments
- Identity theft (if not addressed)
Recovery timeline:
- After bankruptcy: 6-7 years until removed from report
- Building back: 12-24 months to reach fair
- Focus: Secured cards, on-time payments, patience
Credit Score by Age Group
Credit scores typically increase with age due to longer credit histories:
| Age Group | Average Score | Typical Range |
|---|---|---|
| 18-25 | 640-660 | 580-720 |
| 26-35 | 670-690 | 620-760 |
| 36-45 | 700-720 | 650-780 |
| 46-55 | 720-740 | 680-800 |
| 56-65 | 740-760 | 700-820 |
| 65+ | 750-770 | 700-850 |
Why scores increase with age:
- Longer credit history
- More diverse credit mix
- Less likely to miss payments
- Lower utilization
Credit Score Requirements by Product
Mortgages
| Lender Type | Minimum Score | Best Rates |
|---|---|---|
| A-lenders (Big 5 banks) | 680+ | 760+ |
| B-lenders | 550-680 | 650+ |
| Private lenders | Any | N/A |
Note: Credit score is one factor. Lenders also consider income, down payment, and debt ratios.
Credit Cards
| Card Type | Typical Minimum |
|---|---|
| Premium rewards (Visa Infinite, World Elite) | 720+ |
| Mid-tier rewards | 660+ |
| Cash back cards | 640+ |
| Store credit cards | 600+ |
| Secured credit cards | No minimum |
| Student cards | Limited history OK |
Car Loans
| Score Range | Typical Rate (2026) |
|---|---|
| 760+ | 5-7% |
| 700-759 | 7-9% |
| 660-699 | 9-12% |
| 600-659 | 12-18% |
| Below 600 | 18-29% |
Lines of Credit
| Product | Typical Minimum |
|---|---|
| Personal line of credit | 650+ |
| Home equity line of credit (HELOC) | 680+ |
| Student line of credit | 650+ (or co-signer) |
Equifax vs TransUnion Score Ranges
Both Canadian credit bureaus use the same 300-900 scale, but scores often differ:
| Aspect | Equifax | TransUnion |
|---|---|---|
| Score range | 300-900 | 300-900 |
| Good score | 660-724 | 660-724 |
| Excellent score | 760+ | 760+ |
| Score model | Equifax Risk Score | CreditVision |
| Free access | Borrowell, CIBC, BMO | Credit Karma, RBC, TD, Scotiabank |
Why scores differ:
- Different lenders report to different bureaus
- Reports update at different times
- Slight model differences
Typical difference: 10-50 points between bureaus is normal.
How Your Score Affects Interest Rates
Credit score directly impacts borrowing costs:
Example: $400,000 Mortgage (25-year amortization)
| Credit Score | Estimated Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| 760+ | 4.50% | $2,221 | $266,300 |
| 700-759 | 4.75% | $2,278 | $283,400 |
| 660-699 | 5.25% | $2,395 | $318,500 |
| Below 660 | 6.00%+ | $2,560+ | $368,000+ |
Potential savings: Improving from 660 to 760 could save $100,000+ over the life of a mortgage.
Example: $30,000 Car Loan (5 years)
| Credit Score | Estimated Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| 760+ | 6.0% | $580 | $4,800 |
| 700-759 | 8.0% | $608 | $6,480 |
| 660-699 | 11.0% | $652 | $9,120 |
| Below 660 | 15.0%+ | $714+ | $12,840+ |
Score Improvement Timeline
How long it takes to move between tiers:
| Starting Score | Target Score | Typical Time | Requirements |
|---|---|---|---|
| 600 → 660 | Fair to Good | 6-12 months | On-time payments, lower utilization |
| 660 → 725 | Good to Very Good | 12-24 months | Perfect payments, low utilization, time |
| 725 → 760 | Very Good to Excellent | 12-36 months | Sustained good behaviour, history length |
| 500 → 660 | Poor to Good | 24-48 months | Patience, rebuilding from scratch |
Quick Reference: Score Goals by Life Stage
| Life Stage | Score Goal | Why |
|---|---|---|
| Student | 650+ | Build history, get first unsecured card |
| First job | 680+ | Qualify for car loan, apartment |
| Pre-homebuyer | 720+ | Get competitive mortgage rate |
| Established adult | 760+ | Best rates on everything |
| Near retirement | Maintain 700+ | Keep options open |
How to Check Your Score
| Service | Bureau | Cost |
|---|---|---|
| Borrowell | Equifax | Free |
| Credit Karma | TransUnion | Free |
| Your bank | Varies | Free for customers |
| Equifax.ca | Equifax | Free (report only) |
| TransUnion.ca | TransUnion | Free (report only) |