What is Canada's average credit score?

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In Canada, credit scores can vary significantly depending on the source. FICO lists the average around 760, while Borrowell reports 672. These differences stem from data handling, sources, and sample sizes. Scores range from 300 to 900: 740+ is Excellent, 713-739 is Good, and 660-712 is Fair. Younger folks often have lower scores, which improve with age. Reach out via phone, text, or live chat if you have any questions.

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Canada Average Credit Score Question

What is Canada’s average credit score? I’m curious about the national benchmark for credit in Canada. What is the average credit score and how does mine compare?

From: Anonymous Question
Location: Whitehorse, Yukon (YK)
Category: credit rebuilding

Canada Average Credit Score Answer

In Canada, credit scores differ depending on who you ask. FICO puts the average at a high 760 as of November 2024, while Borrowell gives a more modest figure of 672 for 2022. These differences likely come down to the ways each group handles data, including their sources and sample sizes. Credit scores typically sit between 300 and 900; if you’re hitting 740 or more, you’re in the Excellent range. Scores between 713 and 739 are considered Good, 660 to 712 is Fair, and anything from 300 to 659 is Poor. It’s quite common for younger folks, aged 18-25, to have lower scores around 692, but things tend to look up as you get older, with scores often reaching a solid 750 for those 65 and up. Depending on where you live, scores also vary, with Ontarians averaging at 686 and folks in British Columbia averaging 694. If you’re looking to improve your credit score, understanding various debt solutions like a Consumer Proposal can be beneficial.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

The average credit score in Canada generally falls around 650 to 700 on a scale from 300 to 900. For a more precise comparison of your credit score, you may want to consult credit reporting agencies or financial institutions that can give you your specific score and context against the national average.

From: OSB Helper

Related Questions to Canada’s Average Credit Score

Here are the top 5 most frequently asked questions related to the average credit score in Canada, along with brief answers:

1. What is the average credit score?

The average credit score typically hovers around 660 to 725, or more specifically, it was 760 as of November 2024 according to FICO[1][3][5].

2. How does the average credit score vary by province?

The average credit score varies by province, with British Columbia and Ontario generally having the highest scores, while provinces like Newfoundland and New Brunswick tend to have lower scores[1][3][5].

3. How does age affect the average credit score?

Older individuals, particularly those aged 55 and up, tend to have higher credit scores due to longer credit histories and lower debt-to-income ratios, while younger generations have lower scores due to shorter credit histories and higher debt[1][3].

4. What are the credit score categories in Canada?

Credit scores in Canada are categorized as: Poor (300-559), Fair (560-659), Good (660-724), Very Good (725-759), and Excellent (760-900)[1][3][5].

5. How can I improve my credit score?

Improving your credit score involves maintaining a credit utilization ratio below 30%, avoiding missed payments, building a long credit history, and managing debt responsibly[1][3][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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