Updated: April 2025  |  bremo.io financial guides

What Is a Good Credit Score in Canada?

In Canada, credit scores run from 300 to 900. A higher score means lenders see you as lower risk, which typically means better approval odds and lower interest rates. But what counts as "good" depends on what you are trying to do — qualifying for a no-fee credit card has a lower bar than getting the best mortgage rate at a major bank.

The Credit Score Ranges in Canada

Here is how scores are generally categorized by Equifax and TransUnion in Canada:

• 800 – 900 (Excellent): You will qualify for virtually any credit product at the best available rates. Lenders see very little risk.
• 720 – 799 (Very Good): You will qualify for most credit products with favourable rates. A very strong position.
• 660 – 719 (Good): Most lenders will approve you. You may not get the absolute best rate, but you will be competitive.
• 600 – 659 (Fair): You can still qualify for mainstream credit, but some lenders may decline or charge higher rates. A mortgage is possible but may require a larger down payment or a co-signer.
• 300 – 599 (Poor): Mainstream bank approval is difficult. You will likely need to work with alternative lenders, secured products, or spend time rebuilding before applying for major credit.

What Score Do You Actually Need?

For a Credit Card

Basic cards and secured cards are available even with poor credit. For an unsecured card with rewards, most major issuers want to see at least 650 to 680. Premium travel cards typically require 700 or above.

For a Mortgage

The minimum credit score for an insured mortgage (less than 20% down) through a bank is typically 600 for most lenders, though some require 640 or higher. For a conventional mortgage with 20% or more down, banks generally want to see 680 or above. To get the best fixed rates, aim for 720+.

For a Car Loan

Dealership financing and bank auto loans generally want to see at least 600 to 650. Below that, you may still qualify but at significantly higher interest rates through subprime lenders. A score above 700 puts you in the best rate tier at most lenders.

For Renting an Apartment

Landlords and property management companies in Canada increasingly check credit. Most want to see 650 or above. Below 600, landlords may require a larger deposit, a co-signer, or simply decline the application.

Where Does the Average Canadian Stand?

The average credit score in Canada sits around 650 to 700, depending on the source and methodology. This means a score of 720 or above puts you ahead of most Canadians. A score above 780 puts you in the top tier of borrowers.

Why Your Score Might Be Lower Than You Expect

Even people with no financial problems can have lower scores than expected. Common reasons include:

• Thin credit file — not enough accounts or history for the model to score confidently
• High utilization — carrying high balances even if you pay them off monthly (balances are reported before you pay)
• A single missed or late payment years ago
• Recently opened accounts lowering your average account age
• Multiple credit applications in a short period

Does Your Score at Equifax Match TransUnion?

Probably not exactly. Equifax and TransUnion receive data independently from lenders. If a creditor reports to only one bureau, your scores can diverge meaningfully. Scores within 20 to 30 points of each other are normal. If there is a large gap, it may indicate an error on one report that is worth investigating.

How to Get Your Score Into the Good Range

If your score is below 660 and you want to improve it, the core strategy is straightforward: pay all bills on time, reduce credit card balances, and give it time. There are no shortcuts, but there are no mysteries either. Most people who follow these steps consistently see meaningful improvement within six to twelve months.