Credit

Credit Score

A 3-digit summary of your credit history, usually between 300 and 900. CMHC-insured mortgages need at least one borrower at 600 or higher. Other lenders set their own minimums.

Credit scores in Canada usually range from 300 to 900. CMHC requires at least one borrower or guarantor to have a score of 600 or higher for its insured mortgages. Lenders set their own requirements and can refuse or ask for a co-signer if your credit is weak. A mortgage agent can explain your options.

Source: CMHC — Purchase mortgage loan insurance; FCAC — Credit report and score basics

Related terms

Credit Bureau
An organisation that compiles your credit history and produces your credit report. In Canada: Equifax and TransUnion.
Pre-approval
A lender's conditional commitment to lend you up to a specific amount at a specific rate, typically valid for 90–120 days.
OSFI Stress Test
A federal qualification rule: borrowers must qualify at the higher of the contract rate plus 2% or the federal benchmark.