Average Credit Score in Canada: National Data, Age & Province Breakdown

The average credit score in Canada is 760, based on FICO Score 10 data from November 2024 — a two-point drop from 762 in 2023. On the standard 300–900 scale used by Canadian bureaus, 760 sits at the entry point of the "excellent" range.

Why Two Different Averages Exist

If you have searched this topic before, you may have seen two very different numbers floating around — 760 and 672. Both get cited as the "average." Neither is wrong. They just measure different things.

FICO's 760 figure comes from a broad analysis of Canadian consumer credit bureau data using the FICO Score 10 model. It reflects a wide, representative cross-section of Canadians with active credit files.

Borrowell's 672 figure, reported in a 2022 survey, comes from roughly 2 million of its own platform members — a self-selected group that skews toward people actively monitoring or trying to build their credit. That population is not the same as the general Canadian public.

Add to that the fact that different scoring models can produce different numbers from the same underlying bureau data, and the gap makes sense.

What's often overlooked is the lender side of this. Around 90% of top Canadian lenders and credit unions rely on FICO Scores when making credit decisions — not the scores most consumers see on free platforms.

So even if your bank app shows you one number, the lender pulling your file during a mortgage application may be looking at something slightly different.

Credit Score Ranges in Canada

Canada uses a credit score scale of 300 to 900. Here is how lenders generally interpret the ranges, based on Equifax and TransUnion classifications:

Score Range	Rating	What It Means for Borrowers
300–559	Poor	Approval is difficult; high interest rates if approved
560–659	Fair	Limited product options; above-average rates typical
660–724	Good	Considered a reliable borrower; most standard products accessible
725–759	Very Good	Competitive rates; strong approval odds
760–900	Excellent	Best available rates and lending terms

Worth noting: Equifax and TransUnion use slightly different range boundaries, so the exact cutoffs can vary depending on which bureau a lender consults. The general tiers, though, are consistent across most lenders.

The national average of 760 sits at the floor of the excellent range. That is actually a meaningful data point — it suggests most Canadians with established credit files are in a reasonably strong position, even if the trend has been slowly declining since 2022.

How Your Score Compares to the Canadian Average

Knowing the national average is only useful if you can place yourself relative to it.

• At or above 760: You are at or above the national average. Most credit products — including competitive mortgage rates — are accessible to you.

• 660–759: Below the national average, but still in good-to-very-good territory. The majority of credit products remain within reach, though you may not qualify for the sharpest rates.

• Below 660: Meaningfully below average. Options narrow here. Some lenders will decline applications outright; others will approve with higher rates and stricter conditions.

Is 760 hard to reach? Not unusually so. The fact that it is the national average suggests it is an achievable threshold for most Canadians who have held credit accounts for several years and managed them consistently. Getting there from a low starting point, however, takes time — credit history length alone accounts for 15% of a FICO Score, and that cannot be rushed.

Average Credit Score in Canada by Age

Scores tend to rise with age. That is not surprising — older Canadians have had more time to build a credit history, repay debt, and establish a track record that scoring models reward.

Age Group	Average Credit Score	Source
18–25	692	Equifax, 2018
26–35	697	Equifax, 2018
36–45	710	Equifax, 2018
46–65	718	Equifax, 2018
65+	750	Equifax, 2018

Note: These figures are from 2018 Equifax data. Exact numbers will have shifted since then, but the directional pattern — scores rising with age — remains consistent with how credit scoring models work.

Why Scores Rise With Age

The pattern reflects how scoring models are built. Payment history (35% of a FICO Score) accumulates over time. Length of credit history (15%) literally requires years to develop. Older borrowers also tend to have a more varied mix of credit products, which contributes another 10%.

Young Adults and Thin Credit Files

A low score at 22 is not the same problem as a low score at 45. Younger Canadians and newcomers to the country often have low scores simply because they have not had time to build a file — not because of poor financial behaviour.

In practice, a secured credit card or a credit-builder product is the most common starting point. A short but clean credit history starts moving the needle faster than most people expect, typically within six to twelve months of consistent use.

Average Credit Score in Canada by Province

Regional differences in credit scores are real, though the reasons behind them are layered — local economic conditions, income levels relative to cost of living, and housing market dynamics all play a role.

Province / City	Average Credit Score	Source
Ontario	686	Borrowell, 2022
Toronto	696	Borrowell, 2022
British Columbia	694	Borrowell, 2022
Vancouver	705	Borrowell, 2022
Alberta	658	Borrowell, 2022
Calgary	667	Borrowell, 2022
Quebec	678	Borrowell, 2022
Montreal	687	Borrowell, 2022
New Brunswick	649	Borrowell, 2022
Nova Scotia	664	Borrowell, 2022
Saskatchewan	658	Borrowell, 2022
Manitoba	661	Borrowell, 2022

Note: This data comes from Borrowell's 2022 member survey. Treat these as directional benchmarks rather than precise current figures.

What Drives Differences Between Provinces

Provinces with higher average incomes and more stable labour markets — Ontario and British Columbia in particular — tend to show higher average scores. Areas with greater economic volatility, resource-sector dependence, or higher household debt relative to income tend to track lower.

It is also worth remembering that the Borrowell dataset reflects its user base, not a randomised provincial sample. Urban centres within each province consistently score higher than the provincial average, likely reflecting the concentration of higher-income earners and longer-tenured credit users in major cities.

How the Average Canadian Credit Score Has Changed Over Time

The pandemic years produced an unusual spike in average credit scores across Canada — driven by government stimulus payments, reduced consumer spending, and lender payment deferral programs. As those supports wound down, scores gradually normalised.

Period	Average FICO Score 10
April 2020	753
April 2021	761
April 2022	762
April 2023	762
November 2024	760

What Is Behind the Recent Decline

The two-point drop between 2023 and 2024 is modest, but the underlying trends are worth paying attention to.

The share of Canadians 90 or more days past due on credit obligations rose 9.6% year-over-year as of 2024. Auto loan delinquencies climbed 12.5% over the same period; real estate loan delinquencies rose 14.2%.

As reported by Bloomberg, Canadian credit card balances reached their highest level on record in mid-2024, with the average cardholder carrying over C$4,300 in balances — the highest figure since Equifax began collecting the data in 2007. Personal insolvencies reached a four-year high in Q2 2024.

None of this signals a credit crisis in isolation. But it does reflect the real pressure that high housing costs, elevated interest rates on renewing mortgages, and the lingering cost-of-living squeeze have placed on Canadian household finances over the past two years.

What Determines Your Credit Score in Canada

FICO Scores — and most other scoring models used in Canada — weigh five categories of credit behaviour. As outlined in Wikipedia's overview of credit scoring, these factors follow a consistent structure across major markets, with payment history and amounts owed carrying the most weight. Understanding the weighting helps you prioritise where to focus.

Factor	Weight	What It Reflects
Payment history	35%	Whether you pay on time, every time
Amounts owed	30%	How much of your available credit you are using
Length of credit history	15%	How long your accounts have been open
New credit	10%	Recent applications and hard inquiries
Credit mix	10%	The variety of credit types you hold

Payment History

This is the single biggest factor — and the most binary. You either paid on time or you did not. One missed payment can cause a meaningful drop. Two or three missed payments in a short window can push a score from good to fair territory faster than most people realise.

Credit Utilization

Keeping your usage below 30% of your total available credit limit is the general guideline. Below 10% is stronger. Maxing out a card — even if you pay it off in full each month — can temporarily spike your utilization ratio if the balance is reported to the bureau before you pay.

Hard vs. Soft Inquiries

Checking your own score is a soft inquiry. It has no effect on your score at all. When a lender checks your credit as part of an application, that is a hard inquiry — it causes a small, temporary dip. One or two hard inquiries a year is normal. Several in a short period can compound and signal credit-seeking behaviour to lenders.

How to Check Your Credit Score in Canada

Several free options exist:

• Equifax Canada — free credit score with an online account
• TransUnion Canada — free for Quebec residents; paid subscription for other provinces
• Borrowell and ClearScore — free access to Equifax-based scores; account registration required
• Some banks — RBC, Scotiabank, and others offer free credit scores as a customer benefit

One point of clarification that trips people up: a credit report and a credit score are not the same thing. Your credit report is a detailed record of your credit history. Your credit score is the three-digit number derived from it. Under Canadian law, you are entitled to request a free copy of your credit report from both bureaus at least once per year.

How to Improve a Below-Average Credit Score

Pay Every Bill on Time

Given that payment history drives 35% of your score, this is the highest-leverage habit. Set up automatic payments for at least the minimum amount due on every account. Missing a payment because you forgot is an entirely avoidable hit.

Lower Your Credit Utilization

If you are consistently using more than 30% of your available credit, paying down balances — even modestly — will have a visible impact. Requesting a credit limit increase (without increasing spending) also lowers the ratio.

Limit New Applications

Each hard inquiry from a new credit application causes a small dip. Clustering multiple applications in a short period compounds this. If you are planning to apply for a mortgage, avoid opening new credit accounts in the months beforehand.

Keep Older Accounts Open

Closing an old credit card shortens your average account age and reduces your available credit — both of which can lower your score. Unless there is a compelling cost reason to close an account, leaving it open and occasionally using it is generally better for your score.

Check Your Credit Report for Errors

Errors on credit reports are more common than most people expect. A misreported missed payment or an account that does not belong to you can suppress your score without your knowledge. Both Equifax and TransUnion have dispute processes — if you find an error, filing a correction is straightforward and free.

Consider Credit Counselling

If high debt levels are making it difficult to stay current on payments, a non-profit credit counselling service can help structure a debt management plan. This is not the same as a consumer proposal or bankruptcy — it is a practical tool for getting ahead of a debt spiral before it causes lasting credit damage.

Conclusion

The average credit score in Canada is 760 as of late 2024 — slightly down from its post-pandemic peak but still in the excellent range. Scores vary meaningfully by age and province, and the figure you see on a free platform may differ from what your lender actually pulls. Knowing where you stand is the practical first step toward any credit-related financial decision.

Frequently Asked Questions

What is the average credit score in Canada in 2024?

The average credit score in Canada was 760 as of November 2024, according to FICO Score 10 data. This is two points lower than the 762 average reported in 2023.

What is the average credit score in Canada by age?

Based on 2018 Equifax data, scores range from around 692 for adults aged 18–25 to 750 for those 65 and older. Scores rise with age because older Canadians have longer credit histories and more repayment experience.

Is 700 a good credit score in Canada?

Yes. A score of 700 falls in the good-to-very-good range. It is below the national average of 760 but still sufficient for most standard credit products, though you may not qualify for the most competitive interest rates.

Why does my credit score look different on different platforms?

Different platforms use different scoring models and draw from different bureaus. The score shown on a free app is often an Equifax or TransUnion score — not the FICO Score most lenders use, which is why discrepancies are common.

How long does it take to improve a credit score in Canada?

It depends on what is dragging the score down. Correcting an error can show results within weeks. Building a payment history or recovering from missed payments typically takes six months to two years of consistent behaviour.