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A credit score is a three-digit number summarizing the risk in a borrower’s credit report; in Canada, scores from Equifax generally range from 300 to 900, with a higher number indicating a stronger credit history.
The score itself doesn’t approve or decline a mortgage — it’s one input underwriters weigh alongside income, debt load, and down payment as part of the Five Cs of Credit. Different lenders set their own internal minimum thresholds, and those thresholds vary by lender and by program rather than being fixed by a single national rule.
In general, borrowers with stronger scores have access to a wider range of lenders, including prime A lenders, while borrowers with lower scores or a limited credit history may need to work with a B lender or private lender, often at a higher rate. The score can also influence pricing, not just approval, since some lenders adjust the rate offered based on risk.
Equifax range: Canadian credit scores from Equifax, including the legacy Beacon score, generally run from 300 to 900.
No single national minimum: lenders each set their own qualifying score thresholds; there is no one fixed number that applies across every Canadian lender or program.
Two bureaus, two scores: TransUnion calculates its own score using a different model, so a borrower’s Equifax and TransUnion scores can differ.
One factor among several: underwriters weigh the score alongside income, debt service ratios, and down payment — it is not evaluated in isolation.
Definitions reflect Canadian federal and provincial rules as of the “Updated” date above. Not advice for any specific file.
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