How Credit Works in Canada—Fast

Q: What’s considered a good credit score in Canada?

Scores typically range from about 300–900. 'Good' often starts in the mid-600s to 700s+, but lenders assess your full profile.

Q: Does checking my own score hurt?

Self-checks are usually soft inquiries and do not affect your score. Lender applications may involve a hard inquiry.

Q: How fast can I improve my score?

On-time payments and lower utilization can show progress in a few reporting cycles, while age and mix improve over time.

Q: Which credit bureaus operate in Canada?

Equifax and TransUnion are the primary Canadian credit bureaus; lenders may pull one or both.

Understand scores, reports, and what really moves the needle. Then compare your options in minutes (soft-check friendly where available).

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The 5 things that shape your score

1) Payment history (biggest factor) On-time payments build; late/collections hurt most.

2) Utilization Try to keep reported balances under ~30% of limit (lower is better).

3) Average age Older accounts = stronger profile; avoid closing your oldest card.

4) Mix of credit A healthy blend (credit card + installment like auto/student) can help.

5) New inquiries Several hard pulls in a short window can dip scores temporarily.

Tip: statement timing matters. Paying down before the statement date can reduce reported utilization.

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FAQs

What’s considered a “good” credit score in Canada?

Scores typically range from ~300–900. “Good” often starts in the mid-600s to 700s+, but lenders weigh your whole file (income, debt, history), not just a score.

Does checking my own score hurt?

Self-checks are usually soft inquiries and don’t affect your score. Lender applications may involve a hard inquiry.

How fast can I improve my score?

On-time payments + lower utilization can show progress in a few reporting cycles; removing errors can help once processed. Age/mix improve over time.

Which credit bureaus operate in Canada?

Canada primarily uses Equifax and TransUnion. Lenders may pull one or both.

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This site shares general information for Canadians and may include affiliate links. We are not a financial institution or a lender and do not provide financial, legal, or tax advice. Always verify details with providers and review terms before applying.

How Credit Works in Canada—Fast

The 5 things that shape your score

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