The Well

Rachel Surman | Studies

Average Credit Score By Canadian City: Borrowell Study

August 15, 2018

What city has the highest Canadian credit score? It’s a question we were wondering at Borrowell, so we decided to dive into the data to find out.

What city has the highest Canadian credit score?

We’ve helped over 600,000 Canadians access their credit scores (for free!) and have given them the tools to improve it. We dug deep into our data to find the average credit score of each capital city in Canada (in both the provinces and territories) and a few other major cities. 

See how your city’s average credit score compares with other Canadian cities.

Note: the data used in this study to find the average credit score of each city is from Borrowell’s member base and may not reflect the actual average credit score of the following cities. This data is a sample of 20 selected Canadian cities.     

The Canadian city with the highest credit score (according to Borrowell’s data) is…

1. Vancouver, B.C
Average Credit Score: 679

2. Toronto, ON
Average Credit Score: 673

3. Victoria, B.C
Average Credit Score: 668

4. Iqaluit, NU
Average Credit Score: 667

5. Mississauga, ON
Average Credit Score: 663

6. Ottawa, ON
Average Credit Score: 659

7. Quebec City, QC
Average Credit Score: 652

8. Montreal, QC
Average Credit Score: 647

9. Yellowknife, NWT
Average Credit Score: 647

10. Regina, SK
Average Credit Score: 647

11. Calgary, AB
Average Credit Score: 646

12. Brampton, ON
Average Credit Score: 642

13. Charlottetown, PEI
Average Credit Score: 636

14. Winnipeg, MB
Average Credit Score: 631

15. Halifax, NS
Average Credit Score: 630

16. Fredericton, NB
Average Credit Score: 625

17. Edmonton, AB
Average Credit Score: 624

18. Hamilton, ON
Average Credit Score: 624

19. St John’s, NL
Average Credit Score: 591

20. Whitehorse, YK
Average Credit Score: 584

Check your free credit score with Borrowell to see how you compare to your city’s average. 

What’s the average credit score in Canada?

According to our data, 644 is the average credit score of a Borrowell member. Click To Tweet Depending on where you live, the average credit score of your city may skew lower or higher than this average.

But there’s no need to worry – because it means there’s plenty of room to grow.

Note: the data in this chart highlights the top 10 highest average credit scores of 20 cities included in this study, according to Borrowell data. The purple line is the national average credit score of Borrowell members. The Equifax Risk Score 2.0 (ERS) ranges from 300-900, but this chart only reaches 700 for readability purposes.

Check your free credit score with Borrowell to see how you compare to your city’s average. 

What is my credit score and why is my credit score important?

New to your Canadian credit score? Don’t worry! We’ve got you covered. Credit education and financial literacy are just another one of our passions. Your credit score is a number that typically ranges between 300-900, depending on the scoring model. Click To Tweet At Borrowell, we use the Equifax Risk Score 2.0 (ERS). This is a popular and legitimate score, used by many banks and lenders, including Borrowell’s personal loan business.

Having a good credit score is important for many reasons – but mainly because of how much your credit score affects your overall financial well-being. Put simply, having a good credit score just makes life easier! It can help you:

  • Access better financial products, such as the best credit cards and low-interest personal loans.
  • Save money: a good credit score means lower insurance and mortgage rates.
  • Protect yourself against identity theft (Borrowell also offers full credit reports so you can check your inquiries and make sure you know about all of them!).
  • Snag your dream house or apartment rental. More and more, landlords want to know your credit score.

How does Borrowell help Canadians improve their credit score?

A Borrowell study found a correlation between frequency of credit monitoring (checking your credit score) and score improvement, compared to customers that didn’t monitor their score. The study also found that customers who consistently log in upon receiving their monthly score refresh saw an average increase of 20 points, relative to individuals who did not log in consistently.

How can I improve my credit score? 3 tips to improve your Canadian credit score

1. Credit utilization

Creditors look at the amount of credit you have available and the amount you have used. Keeping the balance on your card low looks good on your credit report and to anyone checking your credit.

Try to keep your credit utilization below 30%.  This means if you have a credit card with a limit of $3,000, then you should keep the balance below $1,000.

Bonus tip: raising your credit limit (while may seem counterintuitive) can help you keep utilization low since you’re increasing your available credit, creating a more favourable ratio.

2. Pay your bills on time!

Paying your bills on time – every time –  is one of the best things you can do to improve your credit score. This shows any potential lender that you’re financially responsible. Creditors have different grace periods, so it’s important to make sure you pay all bills by their due date.

Delinquent accounts can have a negative impact on your Canadian credit score. If you have any past due accounts, try to pay off the oldest ones first.

Bonus tip: add your household bill due dates to your calendar on your phone or try setting up monthly automatic billing so you can’t miss them.

3. Pay off your credit cards

According to the latest Equifax figures, Canadian consumers owe more than $1.8 billion in debt, with much of it being carried on credit cards at a whopping 19.9% interest rate! You can prevent your account from being charged this interest if you pay it off each month, which will save you money.

Unexpected events can happen, and you might not be able to pay your credit card bill in full each month. However, whenever possible you should try to pay it off as quickly as you can.

Bonus tip: products like low-interest credit cards and low-interest personal loans may save you money and help get you out of debt faster.  

Using Borrowell’s study, you can compare your credit score to your city’s average score (or a city near you). A good credit score can make achieving your financial goals a lot easier and monitoring your credit score may help you improve your score over time! Checking your Canadian credit score with Borrowell is the first step to improving your financial well-being.

Check your free credit score with Borrowell to see how you compare to your city’s average! This won’t affect your credit score.

Borrowell uses the same level of encryption as the big banks. Checking your Canadian credit score is a soft credit inquiry that won’t affect your score.

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