Credit Score Ranges in Canada: Poor vs. Fair vs. Good Credit Explained
What if we told you that your credit score shapes nearly every major financial decision you make? From getting approved for a mortgage to securing a low-interest credit card, that three-digit number reveals how lenders view your financial reliability. Once you know which credit score range you fall into, you can gauge how lenders might view you and what opportunities, or challenges, could come your way. Let’s quickly review the five categories of credit score ranges in Canada as determined by Equifax.
Aug 18, 2026
Quick Answer
Canadian credit scores range from 300 to 900 and fall into five categories: Excellent (760+), Very Good (725-759), Good (660-724), Fair (600-659), and Poor (300-599). The average credit score in Canada is approximately 650-725, though this varies by province and age group.
In this article, we provide a detailed breakdown of Canadian credit score categories by Canada’s two main credit bureaus, TransUnion and Equifax. We’ll explain what each credit score range means and outline how you can improve your own score.
According to the Government of Canada, the average Canadian credit score was between 650-725. This means most Canadians fall somewhere between the Fair and Very Good ranges, leaving room for growth but plenty of opportunity to build stronger credit. That’s exactly what we’ll help you do today.
Credit Score Categories: The Complete Breakdown
Below is a quick reference chart of these credit score ranges by credit bureaus and what they mean:
Category | TransUnion | Equifax | What It Means |
Excellent | 833+ | 760-900 | Exceptional credit worthiness: You’ve proven to be a very low-risk borrower, and you’ll receive the best interest rates and easiest approvals. |
Very Good | 790-832 | 725-759 | Very solid credit: You’re considered a low-risk borrower. Lenders will view you almost as favourably as those in the excellent range, with only slightly higher rates in some cases. |
Good | 743-789 | 660-724 | Average to above-average: This is around the average credit score in Canada. It indicates that you manage credit well overall. You can get approved for most loans or credit cards, though not always at the very best terms. |
Fair | 693-742 | 600-659 | Below average: This suggests some credit issues or a shorter credit history. You may still qualify for credit, but options are fewer and interest rates will likely be higher to offset the lender’s risk. |
Poor | 300-692 | 300-599 | Low credit: This is the lowest range, and it points to considerable credit challenges. This might include past delinquencies or a very limited history. Borrowers here are considered high risk by lenders and have difficulty obtaining standard credit products. |
Now, let’s break down each category in detail. We’ll cover what it means for you, how lenders see it, and what opportunities or next steps you have in each range.
Later, we’ll also provide actionable tips for improving your score depending on which range you fall into.
CTA: Check Your Credit Score for Free
Poor Credit Score: Understanding Your Starting Point
TransUnion (300-692) and Equifax (300-599)
What Does It Mean?
Having a poor credit score means your credit history is marred by significant issues or is very limited.
Keep in mind, however, that a poor credit score is a starting point, not a permanent label. Consistent good habits, which we’ll cover momentarily, can improve it.
How Lenders View You
Considered a high-risk borrower.
Traditional banks and credit card companies may decline applications or offer limited options.
Approvals often come with higher interest rates, smaller loan amounts, or a co-signer requirement.
Mortgages are difficult to obtain, and even renting may require a guarantor.
What’s Available to You
Prime products like unsecured credit cards or mortgages may be out of reach temporarily.
Credit-building options are available, including secured credit cards, credit-builder cards, and loans.
The Earna Visa* Card is designed for borrowers in the poor-to-fair range and can help rebuild credit through responsible use
CTA: Find the Right Card for Your Score Range
Fair Credit Score: Room for Improvement
TransUnion (693-742) and Equifax (600-659)
What Does It Mean?
A fair credit score suggests you’ve had some credit difficulties or you haven’t built a long credit history yet.
How Lenders View You
Considered a moderate-risk borrower with fair credit history.
Often approved for credit, but with higher rates or larger down payments.
May receive offers for basic credit cards with lower limits and fewer rewards.
What’s Available to You
Access to unsecured credit cards and auto loans.
May qualify more easily for retailer or fair-credit cards if declined elsewhere.
Good Credit Score: Hitting the Canadian Average
TransUnion (743-789) and Equifax (660-724)
What Does It Mean?
A good credit score indicates you’re around or above the national average.
How Lenders View You
Considered a low-risk borrower with strong repayment reliability.
Typically approved for most loans and credit cards, including mortgages, auto loans, and standard rewards cards.
What’s Available to You
Access to most mainstream financial products, including competitive mortgages and refinancing options.
Eligible for rewards credit cards, and solid loan offers.
Very Good Credit Score: Nearing the Top Tier
TransUnion (790-832) and Equifax (725-759)
What Does It Mean?
A very good credit score signifies a strong credit profile within or above the average Canadian’s score.
How Lenders View You
Viewed as low risk and close to top-tier borrowers.
Typically approved for most credit products with ease.
Often receive interest rates and terms nearly identical to those with excellent credit.
What’s Available to You
Access to almost all credit products, including prime mortgages at the lowest rates.
Likely approval for larger loan amounts due to strong creditworthiness.
Eligible for high-limit reward, travel, and cash-back cards with valuable perks.
Excellent Credit: The Gold Standard
TransUnion (833+) and Equifax (760-900)
What Does It Mean?
An excellent credit score indicates a long, and impeccable credit history.
How Lenders View You
Seen as the safest type of borrower with very low risk.
Almost always approved for credit and offered the best rates and terms, including on mortgages.
May qualify for 0% auto financing and premium credit cards with high limits, travel rewards, and welcome bonuses.
What’s Available to You
Access to nearly all financial products, usually at the most favorable rates.
Eligible for premium credit cards with perks like airport lounge access, higher cashback, and added insurance benefits.
Mortgage lenders and banks often compete for your business with lower rates, minimal fees, and higher loan limits.
What Determines Which Range You Fall Into?
Your credit score range isn’t random; it’s determined by specific behaviors and financial patterns. When you’re aware of the specific factors that influence your score, you’ll be better able to implement strategies for improving it.
Here are the major factors that influence your credit score and push you toward a higher or lower range:
Payment History: Your most important factor. Paying every bill on time strengthens your score, while missed or late payments can lower it and stay on your report for up to six years.
Credit Utilization: Keep your balances low; using less than 30% of your available credit helps. Maxed-out cards or high balances signal risk and can lower your score.
Length of Credit History: The longer you’ve had credit, the better. Older, well-managed accounts show reliability.
Credit Mix: Lenders prefer to see a variety of accounts, like credit cards and installment loans.
New Credit and Inquiries: Each credit application triggers a hard inquiry, which can slightly lower your score. Too many new accounts opened too quickly can hurt your standing.
Actionable Steps to Improve Your Credit Score in Each Range
Regardless of the range you’re in, make sure to check your credit report for errors; fixing inaccuracies can quickly raise your score.
Below, you’ll find other actionable tips tailored to each range to help you reach the next level among the range of credit scores:
Poor Credit Score
TransUnion (300-692) and Equifax (300-599)
Pay every bill on time, even if it’s the minimum.
Use a secured credit card or a credit-builder loan to rebuild credit.
Pay down collections.
Keep balances low.
Avoid new debt.
Fair Credit Score
TransUnion (693-742) and Equifax (600-659)
Lower your credit utilization and make all payments on time.
Tackle high-interest debt first and apply only for credit you’re likely to get.
Asking for a limit increase (without spending more) can help your ratio.
Good Credit Score
TransUnion (743-789) and Equifax (660-724)
Keep older accounts open.
Keep up with full, on-time payments.
Avoid closing paid-off accounts.
Consider diversifying your credit mix.
Very Good Credit Score
TransUnion (790-832) and Equifax (725-759)
Ask for limit increases to lower utilization.
Keep all payments punctual.
Avoid unnecessary credit applications.
Maintain older accounts.
Excellent Credit Score
TransUnion (833+) and Equifax (760-900)
Maintain low balances.
Keep up with on-time payments.
Review reports for inaccuracies.
Negotiate better rates or perks.
Next Steps: Start Improving Your Score Today
Empowering yourself with knowledge about your credit score is the first step; acting on that knowledge is next.
CTA: See Credit-Building Options
SOURCES:
https://www.fico.com/blogs/average-fico-score-canada-drops-two-points-760
What Credit Score Do I Need to Get a Personal Loan? | Equifax Canada
https://borrowell.com/blog/highest-canadian-credit-score-study
About the authors
Dominic Abate
Dominic has worked in financial planning, banking and auto finance, and writes about all aspects of money. His work has appeared in Time, Success, USA Today, Credit Karma, NerdWallet, Wirecutter and more.
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