In Canada, credit scores usually run from 300 to 900, and a higher score is better. Equifax Canada says that, in general, 660 to 724 is a good score, 725 to 759 is very good, and 760 or higher is excellent. Put another way, Equifax generally counts scores from 660 to 900 as good, very good or excellent.
Your score is a three-digit number worked out from your credit report. It is meant to show how likely you are to pay back what you borrow. The number shifts as lenders send new information about your accounts to the bureaus.
What are Equifax Canada’s credit score bands?
These are Equifax’s bands and its own description of each. TransUnion publishes no bands of its own (see the next section).
| Equifax score | Equifax’s label | What Equifax says it means |
|---|---|---|
| 760 and up | Excellent | Lenders generally see 660 and up as acceptable or lower-risk |
| 725 to 759 | Very good | Lenders generally see 660 and up as acceptable or lower-risk |
| 660 to 724 | Good | Lenders generally see 660 and up as acceptable or lower-risk |
| Below 660, but 560 or higher | No label given | You may be less likely to qualify for better loan terms |
| Generally below 560 | Poor | You are more likely to have trouble getting credit or better loan terms |
Equifax says a higher score shows a past record of responsible credit use, which may give lenders more confidence that you will repay.
Why do score charts and scores differ?
The bands above are Equifax’s. TransUnion says each lender decides which score range it counts as good or poor risk. Bureaus and lenders also use different formulas, and your TransUnion and Equifax scores may not match. Scoring models are covered in how credit scores work in Canada.
What does a score band tell a lender?
Equifax says your score is just one of several pieces of information a lender usually weighs. TransUnion says the same: the score is only one part of what lenders use to judge risk. Equifax adds that no “magic number” gets you better loan rates and terms. Also, the score you see may not be the one a lender sees. What card issuers look at is covered in credit card approval in Canada.
How do you see and raise your score?
Looking up your own report or score won’t lower it. Ways to get it free from each bureau are in how to check your credit score free. The Financial Consumer Agency of Canada notes that a strong history may get you more credit at lower rates. To move up a band, see how to improve your credit score in Canada.
More guides are on the credit card basics page.