Credit
Credit Score
Quick Definition
A 3-digit number (300–900) indicating your creditworthiness to lenders.
Full Explanation
In Canada, credit scores range from 300 to 900 and are maintained by two credit bureaus: Equifax and TransUnion. Your score is calculated based on payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%). Scores above 760 are considered excellent and qualify for the best rates. Scores between 660–759 are good, 560–659 are fair, and below 560 may result in loan denials or very high rates. You can check your score for free through services like Borrowell or Credit Karma Canada.
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