Credit Score Ranges Canada — What Each Score Means for Your Financial Life

Canadian credit scores run from 300 to 900. Here's exactly what each range means, how lenders respond to it, and what you can qualify for at every level.

Canadian Credit Score Ranges at a Glance

Score Range	Category	% of Canadians (Approx.)
800–900	Exceptional	~20%
740–799	Very Good	~25%
670–739	Good	~20%
580–669	Fair	~15%
300–579	Poor	~20%

800–900 — Exceptional Credit

At this range you receive the lowest available rates on mortgages, car loans, and credit cards. You're pre-approved for most financial products before you even apply. Lenders compete for your business. Insurance premiums may be lower in provinces that use credit scoring for insurance underwriting.

To maintain this range: keep utilization below 10%, never miss a payment, avoid unnecessary credit applications. The main ways to fall from this range are missed payments and sudden high utilization spikes.

740–799 — Very Good Credit

You qualify for essentially all mainstream credit products at near-best rates. The difference between this range and exceptional is typically 0.25–0.5% on mortgage rates — meaningful over 25 years but not dramatic. Most Canadians at this level are well-served financially.

670–739 — Good Credit

The "acceptable" threshold for most major Canadian lenders. You qualify for standard mortgage products (typically 680+ is the floor for many A-lenders), mainstream credit cards, and car loans from most dealerships. Rates will be slightly higher than the 740+ range. This is approximately where the national average sits.

Key thresholds within this range: 680 is the minimum for many first-time home buyer programs and insured mortgages; 700+ opens most A-lender products at competitive rates.

580–669 — Fair Credit

At this range, mainstream bank lending becomes more difficult. You may be declined by traditional banks for mortgages and see higher rates on personal loans. Options include:

• Credit unions, which often have more flexible underwriting than banks
• Monoline mortgage lenders who work with slightly lower scores
• Secured credit cards to rebuild the score
• B-lenders for mortgages (higher rates — typically prime + 1–3%)

The focus at this range should be the specific items dragging the score down: high utilization, a late payment, or a collections account. Addressing those directly and consistently will move this score into the "good" range within 12–18 months of disciplined behavior.

300–579 — Poor Credit

At this range, traditional lending is largely unavailable. However, this is not a permanent condition — it is a starting point for rebuilding. What's available:

• Secured credit cards (Capital One Guaranteed Secured, Home Trust Secured Visa, KOHO Credit Building)
• Credit union small personal loans
• Becoming an authorized user on a family member's account
• KOHO prepaid — no credit check required, helps build discipline

Most people in the poor range got there through specific events: a period of missed payments, a collections account, a consumer proposal or bankruptcy. With consistent positive behavior, even a 500 score can reach 650 in 12–18 months and 700+ in 2–3 years.

What Specific Scores Unlock

Score	What It Unlocks
620–639	Some B-lender mortgages; secured cards; credit union products
640–659	Some A-lender products with larger down payments; basic personal loans
660–679	Most insured mortgages; mainstream credit cards; standard car loans
700–719	Competitive rates across most products; most A-lenders
720–739	Preferred rates; balance transfer card approvals; excellent car loan terms
740+	Best available rates on all products; instant approvals

The Real Cost of a Lower Score — A Mortgage Example

On a $500,000 mortgage over 25 years at 5.5% (good credit) vs. 6.5% (fair/poor credit), the difference is approximately $290/month — or $87,000 over the life of the mortgage. Improving your credit score before applying for a mortgage is one of the highest-value financial moves available to Canadians.