Credit Score
Your credit score is a three-digit number that summarizes your creditworthiness based on your credit history. Lenders, landlords, and some employers use it to quickly assess the likelihood that you’ll repay debts as agreed. A higher score signals lower risk and typically results in better interest rates, higher credit limits, and approval for more desirable credit products. A lower score may mean higher rates, lower limits, or outright application rejections.
Your score is calculated from information in your credit report — primarily by Equifax and TransUnion, Canada’s two major credit bureaus. Five key factors are weighted differently to produce the final number, with payment history carrying the most weight.
Quick Facts
| Score Range | Rating |
|---|---|
| 800 – 900 | Exceptional |
| 720 – 799 | Very Good |
| 660 – 719 | Good (most standard cards approved) |
| 600 – 659 | Fair (limited card options) |
| 300 – 599 | Poor (secured cards mainly) |
| Factor | Weight |
|---|---|
| Payment history | 35% |
| Credit utilization | 30% |
| Length of credit history | 15% |
| New credit (inquiries) | 10% |
| Credit mix | 10% |
Canadian Context
Canada uses a 300–900 score scale, distinct from the 300–850 range used in the United States. A score of 660 is generally the threshold for approval on most standard Canadian credit cards, while premium Visa Infinite cards and World Elite Mastercards typically require 720+. You can check your credit score for free through both Equifax and TransUnion’s free annual report services, or through free monitoring tools provided by many Canadian banks and third-party services. In Canada, both Equifax and TransUnion maintain independent records — your score may differ slightly between the two. See our credit scores guide for a deeper overview.
Related Glossary Terms
Information on this page is provided for general educational purposes. Credit scoring models and lender criteria vary — check your credit report directly with Equifax or TransUnion for your actual score.