What is the Average Credit Score in Canada and How do You Compare?

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What is the Average Credit Score in Canada and How Do You Compare?

What is the average credit score in Canada, and how do you rank among average Canadian credit scores. Often, Canadians want to know how they measure up to other people when it comes to their credit score. Is your credit score better than the average credit score in Canada? Maybe it’s worse?

First, let's answer the question you are here to find out - what is the average credit score in Canada?

While credit scores in Canada range from 300 - 900, the average credit score in Canada is around 650, according to TransUnion, though it varies province to province. Once you've reached a credit score of 650 or higher, you'll be able to qualify for more financial products. A credit score below 650 is going to make it hard to qualify for new credit, and anything you are approved for will likely come with very high interest rates.

Check out this infographic that show the average credit scores in Canada:

Whats the average credit score in Canada

What Is A “Good” Credit Score in Canada?

In Canada, to have a good credit score you want to aim for a credit score above 700. Even though “good” technically starts at 660, getting your credit score above 700 is going to open up many new options for you. People with a good credit score in Canada have access to far better interest rates across all credit products, plus a better chance at getting approval for the credit products you apply for.

Understanding The Credit Score Ranges In Canada

The range of credit scores you can have in Canada is between 300 and 900, with the higher the better. Here’s a quick breakdown of what each credit score range means:

Excellent credit (A credit score of 760-900)

If your credit score falls within the excellent range, the world is pretty much your oyster. You’re almost guaranteed approval for any financing you apply for should your income support the payments. You’re also going to be offered the best interest rates and be able to save loads of cash on your borrowed money.

Good credit (A credit score of 725-759)

If your credit score is good, you’re still going to get decent interest rates but it’s worth it to spend a short period of time working your way up to excellent credit, just to be able to unlock even better interest rates. The few months of being patient and disciplined could save you thousands of dollars in the long run.

Average credit (A credit score of 660-724)

Similar to a good score, you’re probably going to get approved for credit you apply for and you might get some okay interest rates, but it wouldn’t take you that long or very much pain to get up there to better score. Take the time to build your score from here, then apply for credit. You’ll save a ton.

Poor credit (A credit score of 560-659)

You likely won’t be approved for much, outside of secured credit products with scores in this range. Interest rates you’re offered will be high.

Very Poor credit (A credit score of 300-559)

Similar to the poor range, your score is going to limit you to secured credit products with very high-interest rates.

Ways to Build Credit

If you’re on the lower end of the credit score spectrum, the first thing you need to realize is that your situation is not hopeless. Even those who’ve been through a bankruptcy or consumer proposal can recover and they can do it quicker than you might realize. You can rebuild your credit with a little discipline, sacrifice, and determination and you might even accomplish this faster than you expect.

The first step is making the decision that you’re committed to improving your credit score. From there, you can make several choices. A secured credit card will require some funds up front, but will do wonders to improve your score pretty quickly. It’s the same with a secured line of credit from your bank or credit union.

The best method to improving your credit score in Canada is saving, paying off debts, and a little help from a Refresh Financial credit builder program.


Apart from that, the rest is really a no-brainer. Pay your bills on time and in the correct amount, don’t over-apply for credit and keep your usage down. If you do all this you’re going to have a great credit score in no time. Yes, even if you’ve been through bankruptcy or consumer proposal.

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