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BeginnerCredit5 min read
Credit Scores in Canada: What They Are and How to Build Yours
Your credit score follows you for decades. Understanding how it works in Canada puts you ahead of most people your age.
- 1Canada uses two bureaus: Equifax and TransUnion. Your score may differ slightly between them.
- 2Score ranges: 300–559 (poor), 560–659 (fair), 660–724 (good), 725–759 (very good), 760–900 (excellent).
- 3Payment history (~35%) is the biggest factor. Pay on time, every time.
- 4Credit utilization (~30%) — keep your balance well below your limit.
- 5Length of credit history (~15%) — keep old accounts open even if you don't use them much.
- 6Credit mix (~10%) — having both a credit card and a loan helps, over time.
- 7New inquiries (~10%) — limit applications for new credit.
- 8It typically takes 6–12 months of responsible credit use to establish a score.