Credit guide · Updated October 5, 2026
Your credit score decides your mortgage rate, card approvals and even rentals. Here's how it works in Canada, how to build it, and which cards are worth carrying.
Score range
300 to 900
higher is better
Credit bureaus
2
Equifax and TransUnion
Your credit report
Free
from both bureaus, any time
Best no-fee cash back
Earning cash back on the categories you spend most on, with no annual fee
Welcome offer: Earn 10% cash back for 2 months (Up to $100). Offer ends November 30, 2026.
Checked on the issuer's site October 5, 2026.
Best cash back on groceries and bills
Households with big grocery and recurring-bill spending
Welcome offer: 15% cash back on all purchases for the first 3 months up to $2,000. Offer ends November 1, 2026.
Checked on the issuer's site October 5, 2026.
Best for travel abroad
Travellers who spend in foreign currencies
Checked on the issuer's site October 5, 2026.
Canada has two credit bureaus, Equifax and TransUnion. Each keeps a credit report on you and turns it into a score from 300 to 900. Lenders see the report and the score when you apply for a card, loan or mortgage.
Your score mostly depends on whether you pay on time, how much of your available credit you use, how long you've had credit, how many new applications you've made and the mix of credit you hold.
New to Canada or to credit? Start with one no-fee card, use it for a small regular bill, and pay the full balance every month. If you can't get approved, a secured card (backed by a deposit) builds the same history. After 6 to 12 months of on-time payments you'll usually qualify for regular cards.
You can get your credit report from Equifax and TransUnion free of charge. Checking your own report or score is a soft check and never lowers your score.
Scores run from 300 to 900. Lenders generally treat scores in the high 600s and above as good, and the best mortgage and card offers usually go to scores in the mid-700s and up.
No. Checking your own report or score is a soft inquiry. Only applications for new credit (hard inquiries) can lower it slightly.
Most negative information, including late payments, stays on your Canadian credit report for about six years.
Get one no-fee or secured card, put a small recurring bill on it and pay the full balance every month. Most people qualify for regular cards within a year.
Sources
Figures checked against these official sources on October 5, 2026. We re-check them every week; see what changed.
Advertisement
