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Knowing where your credit falls on the credit score range is important. Depending on your scores and ranking, you may receive lower interest rates and may be more likely to be approved for loans and other credit products.

Generally, a credit company or lender will look at both your credit report and your credit score in Canada, as well as a variety of other factors (employment status, income, debt levels etc.) to determine your creditworthiness.

You are the only one who can improve your credit scores, which makes understanding your credit that much more important.


Summary Of Article: Key Takeaways

Credit score range300 to 900
Good credit score range660 to 900
Bad credit score range559 to 300
You have multiple credit scoresAll credit score providers have their own scoring models. If you check your credit with two different providers, you may see two different scores. 
Where can you check your credit score for free?EquifaxTransunion (QC only)Loans Canada CompareHubBorrowell, and other third-party service providers. Banks
What affects your credit score? Payment history, debt-to-credit ratio, public records, credit history and credit inquiries.

What Is A Credit Score Range In Canada?

In Canada, credit scores range from 300 to 900. Depending on where your credit score falls within this range, you can have a bad to excellent credit. 

That said, there is no definitive model for what certain credit scores mean to all lenders and creditors. One lender may consider credit scores of 760 and above to be excellent, while another may consider scores above 780 to be excellent. It all depends on the scoring model that a specific lender uses and how they use it during their approval process.

Credit Score Range In Canada: What It Means

If you’re interested in knowing what your credit scores mean, here are some general guidelines that can help.

  • Excellent Credit Score Range: 760 – 900
  • Very Good Credit Score Range: 725 – 759
  • Good Credit Score Range: 660 – 724
  • Fair Credit Score Range: 560 – 659
  • Poor Credit Score Range: 300 – 559
Canadian credit score ranges

What Is A Good Credit Score Range In Canada?

A good credit score range is usually between 660 to 900. Of course, there are many different types of credit scores and scoring models.

This means that what one lender considers to be a ”good” credit score will not be the same for another lender. Furthermore, the credit scores a lender sees are different from those that you might have access to. Additionally, your Equifax credit scores might be different from your TransUnion scores. 


What Is A Bad Credit Score Range In Canada?

A bad credit score range is usually between 300 – 559. However, as mentioned above, this range may vary by lender and credit scoring model used. Having bad credit scores can make borrowing less accessible and more expensive. It can also affect your insurance premiums and ability to qualify for a job or rental unit. 

Note: You can build and improve your credit score by simply paying your bills and debts on time and in full. You can also use your rent and other credit-building programs to help you build your credit. 

Does A 600 Credit Score Fall In A Good Credit Score Range In Canada?

In general, a 600 credit score falls under the “fair” credit score range. With a 600 credit score, you may be able to qualify for a loan with a bank, however, you probably won’t get the most competitive rate.

Borrowers with a 600 credit score may have better luck qualifying for a loan with alternative lenders whose lending criteria are much more lax than banks. 

Learn more: 600 Credit Score: What It Means For You


Does A 650 Credit Score Fall In A Good Credit Score Range In Canada?

If you have a 650 credit score, it usually means you have fair credit. While certain lenders may consider your credit score to be risky, keep in mind that credit scores are not the only deciding factor when it comes to loan and credit approval.

Learn more: Your 650 Credit Score


Does A 700 Credit Score Fall In A Good Credit Score Range In Canada?

A credit score of 700 is considered good (scores between 660 and 724). In fact, with a credit score of 700, you’re only 25 points away from the very good credit score range.  

Learn more: Your 700 Credit Score


Does A 800 Credit Score Fall In A Good Credit Score Range In Canada?

Credit scores between 760 – 900 are considered excellent. Lenders that check credit will be happy to see that you have a high credit score and are more likely to approve you for credit. You may also have an easier time qualifying for lower interest rates and with traditional financial institutions like banks.

That said, your credit score is only one aspect of your financial picture, and your loan approval and terms can be affected by a variety of other factors, including your income, debt, job stability and more.

Learn more: Is Being In The 800 Credit Score Club Really That Important?


How To Check Your Credit Score In Canada

You can check your credit score for free through the following sources:

Credit Bureaus

You can check your credit score through one of the two major credit bureaus in Canada: Equifax and TransUnion. Equifax provides credit scores for free to all Canadians, while TransUnion only offers free scores to Quebec residents. All others must pay a monthly subscription fee to access their TransUnion credit score.

Big Banks

All five of Canada’s Big Banks — including RBC, Scotiabank, TD Bank, BMO, and CIBC — allow clients to check their credit scores for free.

Online Third-Party Platforms

You can also access your credit scores and credit report for free third-party service providers like Loans Canada’s Compare Hub, Borrowell and Credit Karma.

 CostCredit ScoreCredit Report 
CompareHub logoFreeYesYesVisit Site
Borrowell logoFreeYesYesVisit Site
CreditKarma logoFreeYesYes-
How Does Your Credit Score Compare?
Are you wondering how your credit score compares to the rest of Canada or your peers? According to Borrowell, the average credit score in Canada is 672.

Learn more: Average Credit Score In Canada By Province


Why Is My Credit Score Different? 

There are a few reasons why you may notice that you have different credit scores:

  • Not All Lender Report To Both Credit Bureaus. Some lenders may only report your credit information to one bureau, while some may not report at all. This can lead to differences in the information each bureau has about your credit history. Since your credit score is calculated based on the information in your credit reports, you may have different scores.
  • Different Credit Scoring Models. There are many different credit scoring model, which can place slightly different weights on key factors like payment history, credit utilization, and credit account age. Even if each bureau had the same credit information, different scoring models can lead to slightly different scores.
  • Errors In Credit Reports. Mistakes in your credit reports can affect your score. If inaccuracies exist in one credit bureau’s report but not in another, your credit scores may differ.
Payment History ~35%
Debt-to-Credit Ratio~30%
Length Of Credit History~15%
Public Records~10%
Inquires~10%
*Please note that these numbers can vary depending on the credit scoring model used to calculate your credit score.

What Factors Affect The Calculation Of Your Credit Scores In Canada? 

Payment history, credit history, public records, debt-to-credit ratio and credit inquiries, are five common factors used to calculate credit scores. If you’re interested in building your credit, understanding what these factors are and how they may impact your credit can help you create a plan to build healthy credit habits.

Credit Score Calculation
Payment History ~35%
Debt-to-Credit Ratio~30%
Length Of Credit History~15%
Public Records~10%
Inquires~10%
*Please note that these numbers can vary depending on the credit scoring model used to calculate your credit score.

1. Payment History (~35%)

How you manage your payments is one important factor used during the calculation of your credit scores. This includes how many accounts you have open as well as all the positive and negative information about these accounts.

For example, if you make payments on time or late, how often you make late payments, how late the payments were, how much you owe, and whether or not any accounts are delinquent. 

2. Debt-to-Credit Ratio (~30%)

Sometimes referred to as a credit utilization ratio, many credit scoring models take into account how high your balance is compared to your total available credit limit. Specifically, when it comes to revolving credit, for example, credit cards and lines of credit. 

3. Length Of Credit History (~15%)

Your credit file includes how old your credit accounts are and will influence the calculation of your credit scores. The importance of this factor will differ depending on the scoring models, but generally speaking, how long your oldest and newest accounts have been open is important.

4. Public Records (~10%)

Public records include bankruptcies, collection issues, liens, lawsuits, etc. Having these types of public records on your credit report may have a negative effect on your credit scores. 

5. Credit Inquiries (~10%)

When a creditor or lender checks your credit file (because they are in the process of extending credit to you), it is called an inquiry and is noted in your credit report. Do note that there are two types of credit inquiries: soft credit check and hard credit check. Only hard credit inquiries can impact the calculation of your credit scores. 


How To Improve Your Credit Score Range In Canada?

As mentioned, many factors can affect your credit scores. Working on improving those factors can help improve your credit score. Similarly, here are a few other things you can do to help improve your credit score range:

  • Don’t Apply For Too Many Credit Products – When searching for a loan or credit card, it’s important to limit the number of credit applications you submit. Too many within a short period of time can negatively affect your credit scores. This is because each credit application generally requires a hard credit check, which can hurt your credit scores.
  • Use A Secured Credit Card – If you can’t qualify for a regular credit card due to bad credit, consider a secured credit card. They simply require a security deposit for approval, and payments are reported to the credit bureau(s).
  • Remove Errors On Your Credit Report – Errors on your credit report can cause your credit score to be lower than it should be. Check your credit report, and having any errors rectified may help your credit score bounce back up.

Learn more: How To Improve Your Credit Scores


Bottom Line

The good news is that the health of your credit may be improved through responsible management of your credit products. Responsible use of your credit cards and loans, over time, may improve your credit score and therefore allow you to qualify for other larger loans, for example, a mortgage, in the future.


Credit Score Range FAQs

What is a bad credit score in Canada? 

In Canada, your credit scores can range from 300 to 900. If you have a credit score below 560, it means you have poor credit in the eyes of some lenders and creditors. While a bad credit score may affect your ability to access affordable credit products, it doesn’t mean you’re stuck with it. You can work on building your credit scores by reducing your credit utilization ratio and by paying your bills on time. 

Can I get a free credit score in Canada?

In Canada, consumers can get their credit scores for free from a number of different companies. Equifax offers free credit scores across Canada and TransUnion offers them in Quebec. Many of the major banks offer their clients free credit scores. If your bank does not, you can get your score for free from a third-party provider like Compare Hub, Mogo, Borrowell, or Credit Karma.

How can I improve my credit score in Canada?

All credit scores react differently. What helps improve your score may not work for someone else. It’s important to build healthy credit habits by always making your payments on time, and keeping your credit utilization ratio low by paying off your credit cards twice a month or by increasing your available limit.

What credit score do I need to get a mortgage?

In order to get approved for a mortgage from a major financial institution in Canada, you should aim to have a credit score of at least 660. If your credit score is lower, you may want to consider waiting to improve your credit or applying for a mortgage from an alternative lender.

Is 700 a good credit score? 

Yes, a credit score of 700 falls under the “good” credit score range. Remember that lenders and creditors view credit scores ranges differently. Good credit means different things to different creditors.
Caitlin Wood, BA avatar on Loans Canada
Caitlin Wood, BA

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

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