Excellent (720+): Consumers with excellent credit will likely have no late payments in their credit report, will regularly pay off their balances in full, and will have a low credit utilization across all their lines of credit.

Good (650-720): This credit score level reflects borrowers who are financially responsible: Canadians who have a score in this range rarely make late payments and keep their credit utilization low.

Fair (580-650): Those on the lower end of the average range have probably made a few late payments to more than one lender and may have defaulted on a loan at some point.

Poor (580 or below): Borrowers in this credit score range may have defaulted on multiple loans, have combined debt very close to their overall credit limit (a high credit utilization ratio), or may have declared bankruptcy, which stays on your credit report for at least seven years.