What is the average credit score in Canada?
Asked by: Shaniya Blick | Last update: September 9, 2025Score: 4.2/5 (55 votes)
In a November 2024 blog post, FICO reported that the average credit score in Canada was 760, two points lower than the average it reported in 2023. In a 2022 survey of 2 million of its members, Borrowell, a Canadian tech company, found the average to come in quite a bit lower at 672[2].
What is a good credit score in Canada?
In Canada, according to Equifax, a good credit score is usually between 660 to 724. If your credit score is between 725 to 759 it's likely to be considered very good. A credit score of 760 and above is generally considered to be an excellent credit score. The credit score range is anywhere between 300 to 900.
How many Canadians have a credit score over 800?
However, 21% of Canadians have credit scores between 850 and 900, which is considered excellent. These high scores reflect a strong credit history and responsible financial habits, gaining access to the best loan terms and financial opportunities.
How common is a 750 credit score?
A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog. Average U.S.
What is the credit score of Canadians vs Americans?
For example, Canadian credit scores range from 300-900 while US credit scores range from 300-850. While both share FICO's common credit score model, the average credit score in Canada is 650, while the US's average score is 704.
What is average credit score in Canada?
Is it possible to get a 900 credit score in Canada?
In Canada, credit scores range from 300 to 900, 900 being a perfect score and 300 the lowest. According to data from a 2022 survey, the average credit score in Canada is 672, and 694 in British Columbia.
What is the most common credit score in America?
The average credit score in the United States is 705, based on VantageScore® data from March 2024. It's a myth that you only have one credit score. In fact, you have many credit scores, because there are many different types of credit scores and scoring models. It's a good idea to check your credit scores regularly.
Is a 900 credit score possible?
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
How rare is an 800 credit score?
What it means to have a credit score of 800. A credit score of 800 means you have an exceptional credit score, according to Experian. According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
What is the average credit card debt in the US?
At the close of 2019, the average household had a credit card debt of $7,499. During the first quarter of 2021, it dropped to $6,209. In 2022, credit card debt rose again to $7,951 and has increased linearly. In 2023, it reached $8,599 — $75 shy of the 2024 average.
What is the prime credit score in Canada?
We focus on five credit score levels:
Subprime (credit scores of 580-619) Near-prime (credit scores of 620-659) Prime (credit scores of 660-719) Super-prime (credit scores of 720 or above)
What is the average debt in Canada?
What is the average debt level in Canada? According to Equifax, at the end of 2020 the average Canadian owed $72,950 in debt, excluding mortgages.
How rare is 825 credit score?
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data. Since so few people have such high scores, lenders don't split the 800+ credit score crowd into smaller groups that get separate offers.
Does Mexico have credit scores?
The FICO® Score was first introduced in Mexico by Círculo de Crédito in 2014 and to date, FICO® Scores have been used to make more than 200 million credit decisions to grant $120B in loans.
What is the average credit limit in Canada?
A recent report by Equifax Canada found credit card balances are on the rise, and the average credit limit on new cards is more than $5,800, the highest it's been in the past seven years.
How rare is an 840 credit score?
Your 840 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
What is the average credit score to buy a house?
Conventional loans typically require a minimum credit score of 620, though some may require a score of 660 or higher. These loans aren't insured by a government agency and conform to certain standards set by the government-sponsored entities Fannie Mae and Freddie Mac.
Is 801 a good credit score in Canada?
In Canada, credit scores range from 300 to 900, with 900 being the very best. A credit score between 740 and 799 is considered very good, while 800 and above is considered excellent.
What is the highest credit score in the world?
In most cases, the highest credit score possible is 850. You can achieve the highest credit score by taking a variety of essential steps.
What is a good credit score to buy a car?
A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 6.7% or better, or a used-car loan around 9.63% or lower. Superprime: 781-850.
How much can I borrow with a 700 credit score?
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Can I buy a house with a 705 credit score?
Home loans
Your credit score might be only one piece of your home mortgage application, but it's among the most critical. With a 705 credit score, you're well above the 620 baseline score needed to qualify for most home loans, but borrowers with a 740 score or higher will typically get a better interest rate.
What is the most widely accepted credit score?
- FICO scores are the most widely used credit scores in the U.S. for consumer lending decisions.
- There are multiple FICO credit scoring models, each of which uses slightly different criteria.