What is the Canadian average credit score?
According to Borrowell data from over 2 million users in 2022, the average Canadian credit score is 672. Borrowell members' average credit score in 2021 was 667 and 649 in 2020. A credit score over this average will make it easier to qualify for credit products, so use this as a benchmark for your credit score goals.
What is a bad credit score in Canada?
In Canada, credit scores start at 300 and go as high as 900. A bad credit score is a score of 574 or less and means banks, lenders, landlords, and even some employers will consider you less financially responsible than borrowers with a higher score.
What's a good credit score in 2022?
Credit scores can generally be grouped as follows: 800 and above: excellent. 740 to 799: very good. 670 to 739: good.
What does a credit score of 650 mean in Canada?
According to Equifax, one of the major credit bureaus in Canada, a 650 credit score is classified as fair, on a scale from poor to excellent. This is because having a 650 credit score qualifies you for most financial products but at a higher interest rate than people with a better credit score.
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