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Hard Credit Check How To Protect Your Credit Score Must Read Best Instant Approval Credit Cards ‒ From No Credit To Excellent Credit Credit Cards For Bad Credit Secured Credit Cards Tangerine Money Back Credit Card KOHO Prepaid Mastercard Review Credit Card Quiz creditcardGenius Disclosure creditcardGenius receives a referral fee for some credit cards listed; however, our comprehensive and math-based algorithm solely dictates the results of our rating system. Our ratings and rankings are strictly independent of compensation. Click to read our detailed disclosure . Our disclosure Credit Score In Canada: What These 3 Digits Say About You Written by creditcardGenius Team   updated on Mar 12, 2025 Fact Checked Fact Checked Accuracy is important to us so this article has gone through a thorough 3-stage review process and fact-checked by our team. Your credit score in Canada, ranging from 300 to 900, is a key factor in determining your financial health. A score of 660 or higher can improve your chances of securing better credit cards, loans, and lower interest rates. In this guide, we’ll dive into how your score is calculated, how to check it, and practical steps to improve it. Key Takeaways Your credit score is a 3-digit rating of your financial trustworthiness on a scale of 300 – 900. A good credit score in Canada (660+) helps you qualify for better credit products, higher amounts of credit, and lower interest rates. Credit bureaus use 5 factors to calculate your credit score: payment history, credit utilization ratio, length of credit history, credit mix, and credit application frequency. You can improve your credit score by paying your bills on time, budgeting your spending, diversifying your credit portfolio, and apply for no more than 3 credit products per year. In this article Show table of contents What is a credit score? What’s a good credit score in Canada? How to check your credit score How to improve your credit score Credit cards that improve your score FAQ Never miss an amazing deal again + get our bonus 250+ page eBook for FREE . Join 50,000 other Canadians who receive our weekly newsletter – learn more . What is a credit score? A credit score is a 3-digit rating of your financial trustworthiness as calculated by a credit bureau. There are only 2 credit bureaus in Canada : Transunion and Equifax . Each bureau has access to slightly different information and uses a different formula to calculate your credit score, but they both use a scale from 300 – 900 . Millions of banks, credit unions, businesses, institutions, employers, government agencies, and landlords trust credit scores to tell them one thing: how likely you are to repay any money you borrow . What is a good credit score in Canada? In Canada, a good credit score is 660 or higher. This means you’re likely paying your bills on time, managing your spending responsibly, and keeping your finances in good shape. A strong credit score not only reflect your financial habits but also helps you access better opportunities, such as: Better approval chances for car loans, mortgages, and lines of credit Access to promotional offers, like zero-interest deals or longer repayment terms Higher credit limits and larger loan amounts Better chances of qualifying for rental housing Lower insurance premiums Increased financial flexibility overall The higher your score, the more financial doors will open to you. Our data shows that higher earners generally tend to have higher credit scores. Unsurprisingly, older individuals typically have higher credit scores than younger ones. Those under 24 have little in the way of credit history or mix, while those over 65 tend to have a long credit history with a proven track record of paying multiple large loans off throughout their lifetime. Finally, creditcardGenius readers tend to have solid credit scores! More than 58% of those who responded had a credit score of 750 or higher – in the very good to excellent range. What your credit score says about you Credit scores range from 300 – 900 in Canada with the average consumer scoring between 650 and 700. Here’s what your credit score says about you: Range Rating What it says about you 760+ Excellent You can be trusted to repay large loans and have likely done so in the past. You qualify for exceptional insurance rates and rarified credit products, and while approval isn’t guaranteed, the odds are good. 725 – 759 Very Good You have likely borrowed significant sums of money and repaid the majority on time. You’re likely to be approved for most credit products and receive preferential interest rates as a sign of trust. 660 – 724 Good You have borrowed modest sums of money and mostly repaid the loans on time. You have a reasonable chance of being approved for common credit products and average interest rates. 560 – 659 Fair You may have borrowed little money or failed several times to pay your debts. You’re most likely to be approved for secured credit products and banks tend to levy heavier interest rates to avoid losing money. 300 – 559 Poor You have little to no credit history or have repeatedly failed to repay lenders. Many lenders may see you as a major risk and may not be willing to provide you with credit. Your credit report contains your name, date of birth, and current and previous home addresses, as well as your employment history, how much credit you have access to, and how much you’ve used. It may also contain bankruptcy or collections information, your registered liens, and hard credit checks from the last 3 years. Credit bureaus take 30 – 90 days to update your report with new information. How to check your credit score Credit bureaus can deliver your credit score on its own or as part of a credit report . A credit report summarizes your information and history in several different categories: personal, financial, and credit-related. Both Equifax and TransUnion charge $24.95 per month to monitor your credit score, detect possible fraud, insure you against ID theft, and provide unlimited credit score checks. Fortunately, there are 4 ways to check your credit score for free: Ask Equifax for your free monthly credit report online, in-person, by mail, or by phone at 1-800-465-7166 . Ask TransUnion for your free monthly Consumer Disclosure online, in-person, by mail, or by phone at 1-800-663-9980 . Customers in Quebec can ask for their credit score for free as often as they want. Ask your bank. Many banks and financial institutions provide their customers with free credit-checking tools through a website, app, or customer service phone number. Get a free credit score from a third-party company. If you use a third-party credit-checking service, proceed with caution. At best, the company could sell your data to turn a profit – at worst, it could steal your identity. Check our credit report at least once each year to verify accuracy and ensure nobody has stolen your identity and opened credit cards or loans in your name. Immediately report any discrepancies to the credit bureau. 5 credit score factors – and how to improve them Equifax and TransUnion don’t pull your credit score out of thin air. While we don’t have all the details of their proprietary (and secret) algorithms, we’ve identified the 5 biggest factors contributing to your credit score: Payment history + credit utilization ratio + length of credit history + credit mix + credit application frequency = credit score Building up your credit score is a matter of improving these 5 categories. Here’s how. 1. Payment history Percentage of credit score: 35% The more punctual you are in paying down your car loan, credit card balance , line of credit, mortgage, and/or utility bills like electricity or gas, the higher your credit score. If you miss a payment deadline, it’ll damage your credit score after 30 days . The damage only gets worse the bigger the payments, the more frequently you miss them, and the longer you take to repay them – and yes, interest charges count, too. Unfortunately, negative info can remain on your credit report for 6 – 10 years . How to improve your credit score: Always pay more than the minimum payment Pay off your credit card(s) in full whenever possible Pay your bills on time (ideally within the interest-free grace period ) Read your credit card statements carefully to understand what you owe and when 2. Credit utilization ratio Percentage of credit score: 30% Your credit utilization ratio is how much credit you’ve spent versus your total credit available expressed as a percentage. Amount of credit used in $ / amount of credit available in $ x 100 = credit utilization percentage Lenders don’t like to see a credit utilization ratio above 30% . If you have a credit limit of $10,000 and your balance is $9,000, you’re using 90% of your credit – which indicates you regularly meet your spending limits. In an emergency, your spending could exceed your income, leaving your bills unpaid. How to improve your credit score: Increase your credit card limits Never max out your credit limit Pay off your credit cards before the statement closing date Set a budget and stick to it 3. Length of credit history Percentage of credit score: 15% All else being equal, if two Canadians apply for a loan, the one with the longest credit history is more likely to be approved. Repaying your bills is great, but repaying your bills regularly over a long period of time is even better. How to improve your credit score: Apply for a no fee credit card Apply for a student credit card Buy a low-cost cell phone plan and pay your bills on time Follow a plan to expand your wallet with multiple credit cards Keep at least one older account open 4. Credit mix Percentage of credit score: 10% Juggling multiple credit products – like a car loan, mortgage, and premium credit card – demonstrates your ability to handle multiple payment deadlines and loans. If you only have a basic credit card, it may be time to diversify. How to improve your credit score: Apply for a line of credit Apply for a car loan, mortgage, or student loan Put utility services in your name There’s only one exception to the rule: whatever you do, avoid payday loans . The small boost they provide to your credit score isn’t worth the predatory interest rates. 5. Credit application frequency Percentage of credit score: 10% Every time you apply for a new credit card, the issuer makes a hard credit check that temporarily drops your credit score. Multiple hard credit checks can indicate that you’re desperate to borrow more money or trying to live beyond your means. The solution is to apply for only 3 rewards credit cards each year and read the eligibility requirements . If you get rejected on a technicality, you’ll have undergone a hard credit check for nothing. How to improve your credit score: Don’t apply for more than 3 new credit cards each year Use the creditcardGenius quiz to reveal which credit cards you’re eligible for Unless you’re willing to manage multiple deadlines and read the fine print, we don’t recommend churning credit cards for welcome bonuses. Bonus: Credit cards that improve your credit score Paying your bills on time is the bread and butter of a good credit score, but several products can help boost your credit rating. Our recommendations have low interest rates, instant approval, and low qualifying credit scores because they’re secured credit cards . Make a security deposit and – because there’s no risk to the bank – you’ll receive a credit card that you can start using to build your credit score. Neo Secured Credit 1.5 Genius Rating 2.2 (17) User reviews Annual fee $95.88 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $126 ◊ Learn more Apply Now Learn More Neo Secured Credit 1.5 Genius Rating 2.2 (17) User reviews Annual fee $95.88 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $126 ◊ Learn more Credit estimate:  (300 - 559) Apply Now Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons The size of your security deposit determines your credit limit for a secured credit card. With the Neo Secured Credit , your deposit can be as little as $50 – plus, it’s the only secured credit card to offer cash back rewards . Home Trust Secured Visa Card 2.5 Genius Rating 2.7 (13) User reviews Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $0 ◊ Learn more Apply Now Learn More Home Trust Secured Visa Card 2.5 Genius Rating 2.7 (13) User reviews Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $0 ◊ Learn more Credit estimate:  (300 - 559) Apply Now Learn More Instant approval: No Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons While the Home Trust Secured Visa Card requires a minimum security deposit of $500 , it has 2 advantages: Visa is accepted almost everywhere and it has a foreign exchange fee of just 2%. If you shop outside the country online or in-person, consider adding it to your wallet. BMO CashBack ® Mastercard ® * for students 4.0 Genius Rating 3.9 (8) User reviews $20 GeniusCash + 5% cash back for the first 3 months + No annual fee. * Annual fee $0.00 Learn more Welcome bonus $100 ◊ 5% cash back Annual rewards $243 ◊ GC Ends: Dec 31, 2025 GC: $20 I Want This Deal Learn More Instant approval: Yes Credit estimate: BMO CashBack ® Mastercard ® * for students GC: $20 4.0 Genius Rating 3.9 (8) User reviews $20 GeniusCash + 5% cash back for the first 3 months + No annual fee. * Annual fee $0.00 Learn more Welcome bonus $100 ◊ 5% cash back Annual rewards $243 ◊ GC Ends: Dec 31, 2025 Credit estimate:  (300 - 559) I Want This Deal Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons It can be difficult to qualify for more conventional credit cards when you're a student, so many banks offer a credit card that is specifically designed for those without a long credit history. The BMO CashBack Mastercard for students is the top student credit card in Canada and can help you build your cedit score and history while earning cash back rewards. Do you know what your credit score is? How often do you check your score? Have you ever taken action to improve your score to get credit card approval or better loan terms? Share your experiences in the comments below. FAQ What is the average credit score in Canada? The average credit score in Canada typically falls around 650 to 700. This can vary slightly depending on the source, but scores in this range are generally considered fair to good. What is a good credit score in Canada? A good credit score in Canada is 660 or more, which can help you qualify for more credit products, higher limits, and lower interest rates. What does a bad credit score mean? A credit score of 559 or less indicates that you may have trouble paying your bills on time. To minimize financial risk, lenders charge higher interest rates to borrowers with low credit scores. How can I check my credit score for free? You can check your credit score for free by contacting Equifax, TransUnion, your banking institution, or a third-party service in-person, online, by mail, or by phone. creditcardGenius is the only tool that compares 126+ features of 227 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 227 cards is for you. Did you find this article helpful? Yes No Editorial Disclaimer : The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. 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No annual fee. $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * Bonus : Finally earn rewards on your biggest expense by paying for your rent and other bills with Chexy. Related Posts Credit Score In Canada: What These 3 Digits Say About You What's The Minimum Credit Score Required For A Mortgage In Canada? Guide To Your Credit Utilization Ratio (And Why It Matters) KOHO Credit Building – A Tool To Help Improve Your Credit Score Comments Leave a comment Required fields are marked with *. Your email address will not be published. Post Comment Showing 37 comments Patty Anne Hill September 20, 2024 So informative! Reply Mystina May 5, 2024 Central Credit Control in Barrie, Ontario has repeatedly violated the Collection and Debt Settlement Services Act. They use threatening, intimidating & abusive language, they apply excessive and unreasonable pressure on you to pay the debt, and they add unjustified and illegal amounts of interest on top of the debt owed.Please complain to Better Business Bureau (BBB), the Financial Consumer Agency of Canada and your provincial consumer affairs:Ontario Consumer Protection Ontario Ministry of Public and Business Service Delivery 77 Wellesley Street West PO Box 450 Toronto (Ont.)  M7A 2J6 Telephone: 416‑326‑8800 Toll Free: 1‑800‑889‑9768 Phone (TTY): 416‑229‑6086 Phone (TTY) 2: 1‑877‑666‑6545 Email: consumer@ontario.ca Website: http://www.ontario.ca/page/consumer-protection-ontario Reply Marcel October 7, 2023 What happens when you discontinue and cancel 2 or 3 credit cards at the same time? Does your credit score drop? Reply Yulia October 10, 2023 Hey Marcel, Since cancelling your credit card affects both your length of credit history and your credit utilization, it can in fact negatively impact your credit score. It is generally recommended to avoid cancelling several credit cards at the same time, and to avoid cancelling your oldest credit card at all, if possible. If there's a card you rarely use and you don't want to continue paying an annual fee for it, one alternative to cancelling could be requesting your bank to switch to a No Annual Fee credit card. Hope this helps! Reply Kathryn Ens April 19, 2023 Site too complicated I wanted my hard credit score and I wanted to know why I was down graded to average from high when I have zero debt zero! Reply Yulia April 20, 2023 Hey Kathryn, We don't provide credit reports, but there are several ways you can check your credit score. You can get it from Equifax or TransUnion or from a third party like Borrowell or Credit Karma . You can also get your free credit score from your bank if they offer it. If you find that there’s an inaccuracy in your credit report, you may need to speak to your bank or credit issuer to solve the problem. If you find a mistake with Equifax, you can initiate a dispute once you provide the correct documentation. For TransUnion, you can also file a credit report dispute . Both TransUnion and Equifax disputes can be done online, by mail, or phone call. Reply Richard February 4, 2022 Thanks for info on using Tangerine World Mastercard at Canadian Tire. I didn't realize CTC purchases are coded as Home Improvement for 2% cashback. I have been using a very old CTC credit card with statements coming through e-post but Canada Post is eliminating that on Dec 31/22. I'll now use Tangerine & eliminate the other card that I only used at their stores Reply creditcardGenius Team February 7, 2022 Hey Richard, Glad we could help! Just remember you have to set one of your bonus categories to Home Improvements if you want to earn that 2%. Thanks for sharing! Reply Scott May 3, 2021 All excellent advice here and if executed with diligence, commitment and self-fortitude it CAN be done. Now if I could only find a way to get those last 28 points to hit the Big 9. Reply creditcardGenius Team May 6, 2021 Hey Scott, Thanks for the kind words. Those last 28 points will be tough to get, but regardless you've got a terrific score that won't hold you back. Reply Miss Toronto April 22, 2021 Which credit cards will approve me with a consumer proposal that's supposed to drop off in September 2021? I applied and cancelled an Amex application because I forgot that they won't approve an application with a bankruptcy (consumer proposal shows up under bankruptcy) on my report. With that application my score took a hit by 7 points from 692 to 685. I have 2 unsecured credit cards from Capital One, one is the Gold card that was secured but then unsecured because I paid it in full with no interest on it for 2 years with a 6,500 limit and a Costco card with $1500 limit. I wanted to wait till my score was better before applying for a car loan and mortgage that im paying for in my Mom's name and she passed away but want more available credit for larger purchases and I know the Amex has charge cards with no limit or is the Amex credit card better? What score do I need to be approved for a RBC Bank car loan and a TD mortgage? Thanks. Reply creditcardGenius Team April 27, 2021 Hello, If you have a consumer proposal, it may be difficult to apply for any new credit that isn't secured. We would wait until it's passed before applying for new credit. With that said, you do have a decent score, and may be able to get approved for a credit card. Amex charge cards don't have a hard limit, but they do have soft limits they can apply to your account. If you want certainty on your credit limit, you'd be better off with a regular credit card. Reply James February 12, 2021 High score means NOTHING!! I have a score that will be higher than almost anyone on here and it gets me nothing. The people that benefit are the ones that abuse credit, they go to credit counseling and get there debt reduced up to 90% and STILL get to keep everything they defaulted on. Reply Boyd C November 6, 2020 How does one get a collection item off their report? I failed to pay a bunch of parking tickets and Saskatchewan Government Insurance (SGI) sent them to a collection agency. To which I have paid, approximately 3 years ago. It’s still showing up on my report. The total amount of collection was $400 Reply creditcardGenius Team November 12, 2020 Hey Boyd, There isn't anything you can do to get collection items off your credit report other than waiting. Once about 6 years have passed, it should get removed – but this can vary by province. Reply ROBERT K August 17, 2020 I use Credit Karma - my score is 837 and rising each year by about 15-20. Pretty good considering a few years back nobody would give me a credit card. My suggestions: - have 2-3 credit cards will increase your ranking, use them, pay them off immediately get the Airmiles or cashback - in Canada, your mortgage does not contribute to your credit, car payments and personal loans do - never go over 30% on any card (that's why it is good to have a few, plus they boost your score) - make sure ALL bills are paid on time or even early (especially with credit card bills) - when your credit is good enough some banks will offer you the cards free of the monthly fee if you get a certain account or keep a certain amount in your chequing account Connect your card notifications with your email and text (if possible). This means when the card is used, you are immediately notified. It reminds you how much you are spending, that you need to pay your card off OR is a quick alert if your card is stolen and. someone is using it. I don't know CC companies monitor this but if I would figure it makes you less of a risk and just keeps you safe. Reply creditcardGenius Team August 21, 2020 I use Credit Karma – my score is 837 and rising each year by about 15-20. Pretty good considering a few years back nobody would give me a credit card. My suggestions: – have 2-3 credit cards will increase your ranking, use them, pay them off immediately get the Airmiles or cashback – in Canada, your mortgage does not contribute to your credit, car payments and personal loans do – never go over 30% on any card (that’s why it is good to have a few, plus they boost your score) – make sure ALL bills are paid on time or even early (especially with credit card bills) – when your credit is good enough some banks will offer you the cards free of the monthly fee if you get a certain account or keep a certain amount in your chequing account Connect your card notifications with your email and text (if possible). This means when the card is used, you are immediately notified. It reminds you how much you are spending, that you need to pay your card off OR is a quick alert if your card is stolen and. someone is using it. I don’t know CC companies monitor this but if I would figure it makes you less of a risk and just keeps you safe. Reply Mare Shewan July 10, 2020 And another thing is never canceled your first credit card. Keep then all on going every month but the key is use all of them paying in full before the due date. N ALWAYS use less than 30percent of the total limit of the card. Good Luck. Want to see u in the excellent range Reply Dimas alberto osorto October 23, 2022 No good Reply creditcardGenius Team July 16, 2020 Those are 2 great points about increasing your credit score - thanks Mare! Reply James Edler May 15, 2020 This other article suggests paying off all the bill with a line of credit, and then immediately paying off that line of credit with cash because that will count as an "on-time" payment. Do you know if that's a valid method to help increase your credit score? Reference: https://creditcarrots.com/how-to-improve-your-credit-score/ Reply creditcardGenius Team May 19, 2020 As the article states, if you don't have a line of credit already in place, then this won't help as you'll see a credit score hit when you apply for the loan. If you have one already, then yes, it could help your credit score as you will have another lender on your file that you are making payments with. Reply frank September 27, 2019 Are r9's looked at the same way as bankruptcy? I went through a divorce and couldn't pay my cards for a year but paid everything in full plus interest. Everything is paid on time and I pay my cards off multiple times a month but my scarier isn't going up post 653. It's hard to keep a low utilization ratio with a $1000 secured card. A lot of my purchases are close to or more than that. What can I do to get past this? Will it really take 6 years?? Reply Mare Shewan July 10, 2020 U need to keep all credit cards purchased less than 30% of your full max to get a excellent score. So use less than 30percent every month n of of course pay the balance in full before the due date Reply creditcardGenius Team October 3, 2019 Hi Frank, I've looked into your question, and according to this source: https://www.4pillars.ca/blog/bankruptcy-vs-consumer-proposal-whats-the-difference an R9 is placed on your account when you file for bankruptcy. The R9 will stay there for 7 years. It's a difficult question to answer, but hopefully with perseverance and keeping your accounts in good standing, your score will improve. Hope this helps. Reply Frank October 5, 2019 I didn't file for bankruptcy or take a consumer proposal. I paid all debts in full to the owners. Not collectors. Reply creditcardGenius Team October 11, 2019 Hi Frank, I've looked into your question further. According to this source: https://www.debtcare.ca/what-is-r9-credit-and-how-can-i-get-rid-of-it/ and https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/information-credit-report.html an R9, or negative information, will be removed 6 years from the date the debt has been paid in full. It's probably best to speak with a professional skilled in dealing with R9 credit. Reply DAVD March 7, 2018 CREDIT KARMA, IT'S FREE Reply Sam July 21, 2020 if you have any collection agencies after you Credit Karma sells your information ie phone number to the collection agency and you will forever be stalked. NEVER EVER BELIEVE ANYTHING IS FREE. HOW DO YOU THINK THEY AFFORD ALL THE ADVERTISING? Reply vince March 20, 2019 credit karma is only available in the USA Reply Ryan May 10, 2019 Just go to .ca rather than .com I check my score and track info at least once a month. Reply creditcardGenius Team March 21, 2019 Hey Vince, Credit Karma is actually available to Canadians as well. Reply Sam July 21, 2020 credit karma sells all your personal information and phone number to creditors and collection agencies. Do not ever believe they are helping you out of the goodness of their heart. Where does all the advertising $$ come from? The sale of personal information Reply Kevin March 27, 2019 How can trust that the score right. I know they have changed the way the build the score. Reply creditcardGenius Team March 28, 2019 Hi Kevin, that's a fair question. Both companies (Equifax and TransUnion) have different algorithms to determine your credit score. And some businesses only report to 1 of the 2. So, it's hard to say which one is right – technically, they are both right, just on different terms. Reply tp1943 September 1, 2017 What are the methods a person can acquire his credit score? 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