What’s a good credit score in Canada (and how to get one)?

Your credit score might not cross your mind often — until it suddenly matters. Whether you’re applying for a mortgage, credit card or a personal loan, this three-digit number is one tool that helps lenders gauge how responsible you are with managing credit.

In Canada, a rating of 660 or higher is generally considered an acceptable credit score. The higher your score, the more confident lenders are in your ability to repay debt, and the better your chances of getting approved for credit on favourable terms.

But it’s not always as straightforward as it sounds. Let’s take a closer look at how credit scores are measured — and some tips on how to build a good credit score in Canada.

A credit score range is the scale lenders use to assess your creditworthiness. In other words, it signals how risky or reliable you are as a borrower. In Canada, that range runs from 300 to 900, with 900 being the highest possible score. Here’s how most lenders interpret the ranges:¹

These ranges are based on Equifax data. 
Note: TransUnion credit score ranges may look slightly different. Read on to learn more about how credit score ranges are calculated in Canada. 

Reaching an excellent credit score range is a great goal, but don’t stress about hitting a perfect 900 — it’s relatively rare. In general, anything above 660 puts you in a strong position with most lenders.

As the chart above illustrates, a credit score of 660 or higher is typically considered good in Canada. Scores between 725 and 759 are very good and anything above 760 is excellent.

That said, what’s considered “good” can vary by lender, product or even credit bureau.² One lender’s “good” might be another’s “meh.” At the end of the day, a good score is the one that helps you achieve your financial goals.

As of November 2024, the average credit score in Canada was 760,³ according to the Fair Isaac Corporation (FICO®), one of the most widely used credit scoring companies in the world.

That puts most Canadians in the very good range. Don’t panic if your score is lower! There’s plenty you can do to increase your credit score — and anything above 660 is still considered solid.

Why do different websites show different credit scores? It’s because there’s no single, standard formula for calculating a credit rating. Credit reporting agencies and lenders may weigh certain factors differently, depending on the scoring model, industry or purpose.

In Canada, there are two main credit bureaus: Equifax and TransUnion. Each uses their own models and receives updates at different times. Not all lenders report to both bureaus, so your score can vary depending on who’s checking it, when and why.⁴

Even if you’re not applying for credit tomorrow, your rating still matters. A higher credit score can lead to a few things you might want:⁶

• Lower interest rates: Qualifying for better rates on loans, variable rate credit cards and mortgages can help save you on interest over time. Cha-ching!
• Higher approval odds: It can boost your chances of getting approved for credit cards, personal loans, rental applications and more.
• Credit card perks may be better: With a higher score, you’re more likely to be approved for premium credit cards. These often offer better perks than standard cards with low or no annual fees. Premium cards may offer cash back, rewards programs (like Scene+™), travel and lifestyle privileges, lower interest rates on variable rate credit cards, higher credit limits and more.
• Stronger standing with landlords: A solid score may help you snag the rental you want, often with fewer conditions or deposits.
• Fewer hassles with utilities and phone plans: A higher score may help you avoid upfront deposits or extra paperwork when setting up services.
• Negotiating power: A good credit rating often gives you leverage to ask for better rates and terms.

Think of a good credit score as a financial VIP pass — it can save you money on interest, open doors and make life easier.

Your digits regularly rise and fall based on how you use and manage credit. Paying bills on time and keeping balances low? That helps. Missed payments or maxed-out cards? Not so much. 

Checking your credit score is easy, usually free and doesn’t hurt your score. Here’s how:

• If you're a Scotiabank customer, you can check your score through the CreditView section in the Scotiabank mobile app or online banking.^*
• Equifax Canada and TransUnion Canada can also provide a copy of your credit report, which gives a more detailed view of your credit history.

Since your credit score plays such an important role in your life, it’s a good idea to check it regularly. In fact, it’s one of the easiest ways to stay on top of your financial health.

Once you know your credit score, you can take simple steps to improve or maintain it. These habits don’t take much effort, but they could lead to big wins over time.

Still have questions about your credit score? Check out our credit score FAQ section below.

Your credit score is more than a number — it’s a key that unlocks better rates, more borrowing power and greater financial flexibility.

With the right habits (pay on time, use less credit, don’t go wild with loan applications), you can build a score that opens doors — whether it’s to your dream home, a premium credit card or just peace of mind.

No gimmicks, no magic. Just smart choices and a little personal finance know-how. Now that you’ve got that, your credit rating is in good hands — yours.