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What is the Average Credit Score in Canada?

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When you apply for credit in Canada, like a credit card or personal loan, the lender will check your credit score.

But what is the average credit score in Canada? Does it differ by age and province? And what is a good credit score anyway?

Read on to get answers to these questions and more.

Key Takeaways

  • The average credit score in Canada is currently 672.
  • The average score differs by age and province, with scores increasing with age.
  • In general, a good credit score is considered 660 or above.
  • You can find out your score online for free and take steps to improve it if necessary.

What is the Average Credit Score in Canada?

In Canada as a whole, the average credit score is 672. That’s according to a study carried out by Borrowell.

It analyzed data from two million members in 2022 to generate the figures. This figure was an increase from 667 in 2021 and 649 in 2020, according to the same study.

Average Credit Score in Canada By Age

The average credit scores above are for everyone in Canada. But what about credit scores by age? According to a survey from Equifax, the average credit scores per age group are as follows:

Age GroupAverage Credit Score
18-25692
26-35697
36-45710
46-55718
56-65737
65+750

This shows a tendency for average credit scores to increase as age increases. This makes sense because younger people are still building their credit histories.

Average Credit Score by Province

Credit scores also differ based on location in Canada. The Borrowell study linked above looked at credit scores in different cities across Canada and found the following results:

CityAverage Credit Score
Ontario 
Markham720
Toronto696
Mississauga695
Ottawa688
Kitchener679
Brampton675
London672
Hamilton660
  
British Columbia 
Vancouver705
Burnaby700
Victoria694
Surrey675
  
Quebec 
Montreal687
Quebec683
Laval679
Gatineau663
  
Alberta 
Calgary667
Edmonton649
  
Saskatchewan 
Regina659
Saskatoon656
  
New Brunswick 
Fredericton658
Moncton640
  
Nova Scotia 
Halifax664
  
Manitoba 
Winnipeg661

Credit Scores Explained

Credit scores fall into set brackets, determining whether they are Poor, Fair, Good, Very Good, or Excellent. The general categories are shown in the table below:

Credit Score RangeRating
300-559Poor
560-659Fair
660-724Good
725-759Very Good
760-900Excellent

If you want to apply for a credit card, you will normally need a credit score of 660 or over. However, some lenders may be more lenient, so don’t assume you cannot get credit if you have a score below 660.

How to Check Your Credit Score

When you apply for credit, like a mortgage or credit card, it’s a good idea to check your credit score first. This can give you a better idea of whether your application will be accepted.

There are two credit bureaus in Canada: Equifax and TransUnion.

You can go directly to the bureaus to find out your score, but there may be a cost involved. Alternatively, you can use free services.

Sign up with Borrowell to access your Equifax credit score for free. You can also get access to report monitoring, tips to improve your score, and product recommendations according to your credit profile.

ClearScore is another service you can use. This uses the TransUnion credit score, and it also provides credit monitoring and education.

How to Improve Your Credit Score

If you check your credit score and find that it is not high enough to apply for the loan you want, all is not lost. You may be able to improve your credit score in several ways:

  • Check your credit report for mistakes – Start by checking your credit report to see if there are any mistakes that are hurting your score. If you find any, apply to get them corrected.
  • Use a secured credit card – With a secured credit card, you put down a security deposit before you can borrow money. Eligibility requirements are more lenient, and you can use them to build your credit score.
  • Use a credit building service – There are several paid services, like the one provided by Koho, where you can borrow small amounts of money and pay them back on time to build your credit score.
  • Always make your payments on time – Missed payments can hurt your score, so get into the habit of making your payments on time every month.
  • Reduce your credit utilization – Use a smaller amount of the credit you have access to. This will reduce your credit utilization, which can help your score.

What is the Average Credit Score in the USA?

Credit scores in America are slightly different from Canada. Instead of going from 300 to 900, the scores go from 300 up to 850. However, they are still given the same ratings of Poor, Fair, Good, Very Good, and Excellent.

According to Experian, the average credit score (or FICO® Score) in the USA was 714 in 2022, which is the same as it was in 2021.

FAQs

What is a good credit score in Canada?

Credit scores of 660 and above are classified as Good scores. Below this, they are either Fair or Poor.

What percentage of Canadians have a credit score over 800?

While there are no specific numbers of people with a credit score of over 800 in Canada, only about one in six or seven people are likely to fall into this bracket.

Can you get a 900 credit score in Canada?

While possible, getting a perfect credit score of 900 in Canada is rare.

What is a bad credit score in Canada?

A bad credit score is one of 559 or lower. A Fair score of 560 to 659 could also be insufficient to apply for credit in many situations.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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