All calculators
Credit
Credit score impact estimator
Rough effect of common actions on your Canadian credit score (Equifax / TransUnion scale 300-900). Individual results vary — illustrative only.
Your scenario
Result
Estimated new score
690
Point change
-30
Action
Credit utilization > 75%
Score models are non-public and individual results vary. Pull your free credit report at Equifax + TransUnion to see your actual score.
Canadian credit scores in plain English
Canadian credit scores run from 300 to 900 on the Equifax and TransUnion scales. Lenders care about it because it's the single fastest signal of how likely you are to repay a loan on time. A 720+ score gets you the best A-tier mortgage rates; below 680 lands you in B-lender territory; below 600 makes private-lender pricing likely.
What actually moves your score
- Payment history (~35% weight): one 30-day late payment can drop a 720 score by 80–100 points
- Credit utilization (~30%): aim to keep card balances under 30% of limits; under 10% is best for top scores
- Length of history (~15%): closing your oldest card can be a quiet 10–20 point hit
- Credit mix (~10%): having both revolving (cards) and installment (auto loans, mortgages) is mildly positive
- New credit / hard inquiries (~10%): each hard pull is 3–5 points temporarily; mortgage rate-shopping in a 14–45 day window typically counts as one inquiry
What gets you turned down for a mortgage
- Score under 600 — most A-lenders won't consider you; B-lenders charge meaningful premiums
- Recent bankruptcy — most lenders want 2 years of clean re-established credit post-discharge
- Consumer proposal in the last 2 years
- Collections showing on report, even small ones — pay before applying
- Heavy utilization (90%+) on any card — pay down before submitting
- Multiple recent hard inquiries outside a normal rate-shopping window — looks like distress
Fast ways to add points before applying
- Pay down maxed cards first — utilization drops fast, score recovers in 1 statement cycle
- Don't close cards — keep old cards open with small recurring charges
- Become an authorized user on a parent's long-history card with low utilization
- Dispute legitimate errors — duplicate accounts, paid collections still showing
- Set up auto-pay — eliminates the risk of one missed payment wiping out months of progress
Common myths debunked
- Checking your own score does NOT lower it — soft pulls don't count
- Carrying a balance does NOT help your score — pay in full every month; utilization is calculated on the statement balance regardless
- One missed payment matters more than three small balances — payment history is the largest factor
- Closing your oldest card hurts you — never close anything older than 5 years if you can avoid it