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Average Credit Score in Canada by Age and Province (2026)

Updated

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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