Canadian credit scores work differently than American ones. Here's what Equifax Beacon and TransUnion CreditVision scores mean and what lenders actually look at.
Canadian credit scores range from 300 to 900. Both Equifax Canada (Beacon Score) and TransUnion Canada (CreditVision) use this range.
• Poor: 300–579 — Most applications denied. Secured credit only.
• Fair: 580–659 — Limited options. High interest rates.
• Good: 660–724 — Most approvals at standard rates.
• Very Good: 725–759 — Good rates. Mortgage-ready zone.
• Excellent: 760–900 — Best rates. All products available.
The mortgage-ready threshold most major Canadian lenders want is 680+ for conventional mortgages and 620+ for CMHC-insured.
Equifax Canada uses the Beacon Score. TransUnion Canada uses CreditVision. Both range 300–900 but are calculated slightly differently and may show different scores for the same person.
Most Canadian mortgage lenders pull both. Your lower score is typically used for qualification purposes — which is why improving both matters.
Payment history: ~35% — Late payments have the biggest impact
Credit utilization: ~30% — Keep balances below 30% of limits
Credit history length: ~15% — Older accounts help
Credit mix: ~10% — Having different types of credit
New inquiries: ~10% — Hard pulls from applications
The fastest way to improve your score is to remove negative items (collections, late payments) and reduce utilization.
FICO is an American scoring model. While some Canadian lenders reference FICO for internal purposes, the scores on your Canadian credit file from Equifax Canada and TransUnion Canada are Beacon and CreditVision respectively — not FICO.
Do not pay for FICO score monitoring if you're focused on Canadian mortgage qualification. Pull your free Equifax Canada and TransUnion Canada reports instead.