What is a good credit score in Canada?

In Canada, credit scores range from roughly 300 to 900, and a score of 660 or higher is generally considered good. From about 760 up, your score is considered excellent, which unlocks the best rates lenders offer. These thresholds are guideline figures: every lender applies its own criteria, and your score is only one of the factors they assess.

Credit score ranges in Canada

The Canadian scale runs from roughly 300 to 900. As general guidance, scores are often grouped like this:

• 300 to 559 — poor: access to traditional credit is difficult; the options that exist generally cost more.
• 560 to 659 — fair: some lenders accept this level, often at a higher APR.
• 660 to 724 — good: most traditional lenders view this level favourably.
• 725 to 759 — very good: you gain access to a wider range of products and better terms.
• 760 to 900 — excellent: the best rates and the most flexible terms are generally available to you.

These bands vary slightly depending on the bureau and the scoring model used. What matters most is the trend: the higher your score, the more options you have and the less borrowing costs you.

What score do you need to get approved?

There is no universal approval cutoff. That said, a few ballpark figures come up often:

• Around 660 and up: this is the level many banks and credit unions look for on an unsecured personal loan at a competitive rate.
• Between 560 and 660: approval is still possible with some lenders, but expect a higher rate or a smaller amount.
• Below 560: traditional options thin out. A co-signer, collateral, or a specialized lender can help, but compare costs carefully before committing.

An important reminder: all the figures above are illustrative. Actual criteria vary from lender to lender and change over time.

Equifax and TransUnion: why your two scores differ

Canada has two main credit bureaus: Equifax and TransUnion. Each keeps its own file on you and calculates its own score. A gap between the two is completely normal, for three reasons:

1. The data differs: some lenders report information to only one bureau.
2. The timing differs: updates do not reach both bureaus at the same time.
3. The model differs: each bureau uses its own scoring formula.

When you check your score, note which of the two bureaus is providing it. And if a lender turns you down even though “your” score looked good, they may have been looking at the other file.

Lenders look at more than your score

Your credit score is an important signal, but it does not tell the whole story. When you apply, most lenders also assess:

• your income and how stable it is;
• your debt load relative to that income;
• your detailed payment history, beyond the single number;
• your employment situation and how long you have held it.

That is why two people with the same score can receive very different offers. A fair score paired with stable income and low debt can sometimes earn better terms than a good score with an already stretched budget.

How to move up a tier

If your score sits just below a threshold, a few months of effort can be enough to cross it: pay every bill on time, keep your balances under 30% of your limits, and space out new credit applications. Our credit score guide walks through each step, and if several debts are eating into your budget, debt consolidation can simplify your payments.

Next steps

A good score gives you bargaining power — use it. Before accepting an offer, compare several lenders on rate, fees, and repayment flexibility rather than stopping at the first approval. Whatever tier you are in today, knowing your score and shopping around for your loan are the two most profitable moves you can make.