Credit Score 690 in Canada: Is It Good?

A credit score of 690 in Canada falls in the "fair to good" range on the 300–900 scale used by both Equifax Canada and TransUnion Canada. It's above the minimum threshold for most lenders, meaning you'll qualify for credit cards, personal loans, and even mortgages — but you may not receive the very best interest rates. With some focused effort, moving from 690 to 720+ is achievable within 6–12 months.

Canada's Credit Score Scale

Unlike the US (which uses a 300–850 scale), Canadian credit bureaus use a 300–900 scale. Here's how scores are categorized:

A 690 score sits solidly in the "Good" range. You're above the 660 threshold that many lenders use as a cutoff for standard products.

What Can You Qualify for With a 690 Score?

• Mortgage: Yes — most banks will approve you, though you may receive a slightly higher rate than someone at 720+. Insured mortgages (CMHC) require a minimum 600 score.
• Car loan: Yes — from most banks, credit unions, and dealerships. Rate will be competitive but not prime.
• Personal loan: Yes — from banks and credit unions, likely at 10%–15%.
• Premium credit cards: Most — some top-tier travel cards require 720+, but most rewards cards are accessible at 690.
• Rental application: Good — most landlords in major Canadian cities consider 660+ acceptable.

What's Holding a 690 Score Back?

Common factors keeping scores in the 660–700 range:

• Credit utilization above 30% (using more than 30% of available credit)
• A few late payments in the past 2–3 years
• Limited credit history (less than 3 years)
• Only one or two active credit accounts (thin file)
• A collections account that's a few years old
• Several recent hard inquiries

How to Improve from 690 to 720+

The jump from 690 to 720+ is meaningful — it opens the door to better mortgage rates and premium credit cards. Key steps:

1. Pay down credit card balances: Get utilization below 30% on each card and overall. Below 10% is even better. This is the fastest lever to pull.
2. Never miss a payment: Payment history is 35% of your score. Even one missed payment can drop a 690 significantly.
3. Don't close old accounts: Length of credit history matters. Keep old cards open even if you rarely use them.
4. Avoid applying for multiple new credit products: Each hard inquiry slightly reduces your score. Space applications at least 6 months apart.
5. Add a credit-building product: If you have a thin file, products like KOHO Credit Building add a new positive account reported to Equifax monthly.

How Long Does It Take to Go from 690 to 720?

With consistent effort — lowering utilization, making all payments on time, and avoiding new inquiries — most Canadians can move from 690 to 720+ within 6–12 months. The exact timeline depends on what factors are dragging your score down. If it's mainly high utilization, paying down balances can show results in 1–2 billing cycles. If it's a recent late payment, you'll need 12+ months of clean history to see significant improvement.

Check Your Credit Score for Free

Two services let you check your Canadian credit score for free:

• Borrowell: Free Equifax score, updated weekly
• Credit Karma: Free TransUnion score, updated weekly

Note that Equifax and TransUnion may show slightly different scores — both are valid. The score a lender sees may also differ slightly from the consumer scores on these platforms, but the trends are the same.