Canadian credit scores run from 300 to 900. Both Equifax Canada and TransUnion Canada use the FICO scoring model, so a score from one bureau means roughly the same thing as a score from the other. Here's exactly what each range gets you.
| Band | Range | % of Canadians* | Mortgage rate impact | What you can get |
|---|---|---|---|---|
Poor | 300–559 | ~9% | Declined by prime lenders | Secured cards, guarantor loans |
Fair | 560–659 | ~13% | +1.0–2.0% over best rate | Sub-prime cards, B-lender mortgages |
Good | 660–724 | ~28% | Posted rate, slight discount | Most cards + prime mortgages |
Very Good | 725–759 | ~25% | Best discounts available | Premium cards, top mortgage tier |
Excellent | 760–900 | ~25% | Lowest published rate | Anything you apply for |
*Approximate distribution per Equifax Canada 2024 consumer report.
Most lenders decline. Focus on rebuilding with a secured card and on-time autopay.
Qualifies for: Secured credit card or guarantor loan only.
Approval possible but rates are punishing. Aim for 660+ before any major financing.
Qualifies for: Sub-prime auto loans and store cards (high APR).
Solid approval odds at standard bank rates. Most Canadians sit in this band.
Qualifies for: Most credit cards, prime auto loans, basic mortgages.
Lenders compete for you. Negotiate the rate — you've earned it.
Qualifies for: Premium credit cards, best mortgage discounts.
Top ~25% of Canadians. You qualify for everything at the lowest published rates.
Qualifies for: Best mortgage rates, top-tier travel cards, highest limits.
The number itself is the output of 5 weighted factors. Both Canadian bureaus use the same weights as the US FICO model.
| Factor | Weight | What it measures |
|---|---|---|
| Payment history | 35% | Whether you pay on time. Single biggest factor — one 30-day late payment can drop a 750 score by 80–100 points. |
| Credit utilization | 30% | Balance ÷ limit, per card and overall. Under 30% is good; under 10% is what excellent scores look like. |
| Length of credit history | 15% | Average age of your accounts. Older = better. Closing your oldest card hurts. |
| Credit mix | 10% | Variety of account types — revolving (cards), installment (loans), mortgage. Diversity helps. |
| New credit / inquiries | 10% | Hard pulls (credit applications) drop your score 5–10 points each and stay on file 2–3 years. |
Estimate yours: Credit Score Calculator →