Credit scores
How Long Does It Take to Build Credit in Canada?
You need at least one account reported to a credit bureau before you have a score, and a strong score takes longer. Typical timelines, and what speeds things up or sets you back.
How long until I have a credit score?
Usually a few months after your first credit account starts being reported to Equifax or TransUnion. The bureaus need some payment history before they can calculate a score, and the exact time varies by bureau and scoring model.
How long does it take to get a good credit score?
Often a year or more. Scores reward a long, steady record: payments made on time every month, balances kept low compared with your limits, and accounts kept open over time.
Keeping accounts open and active for a long time may help, so your first no-fee card can be worth keeping even after you get a better one.
What helps build credit faster?
Paying on time every time, the most important factor; using less than 30% of your limits; and applying only for credit you need. A secured card or a newcomer card is a common first step when you have no history.
What sets my credit back, and for how long?
Late or missed payments can stay on your report for up to six years. Credit inquiries stay three years at Equifax and six at TransUnion, though their effect on your score fades sooner.
| Event | How long it can stay on your report |
|---|---|
| Late or unpaid payments | Up to 6 years |
| Lender credit inquiries | 3 years (Equifax), 6 years (TransUnion) |
| Consumer proposal | 3 years after it is completed (or 6 years after signing at TransUnion, if sooner) |
| First bankruptcy | 6 or 7 years after discharge, depending on the bureau and province |
How do I track my progress?
Get your free credit reports from Equifax and TransUnion every few months. Checking your own report or score does not lower it.
Keep reading
Credit scoresHow to Build Credit as a Newcomer to CanadaYour credit history from another country usually doesn’t follow you to Canada, so you start from zero. The steps that build a Canadian credit history fastest, from a bank account to a first card.
Credit scoresHow to Improve Your Credit Score in CanadaNine steps that raise a Canadian credit score, in order of impact, with how long each takes to show up.
Credit scoresBest Credit Cards to Build or Rebuild Credit in CanadaThe easiest Canadian credit cards to get approved for, secured and guaranteed cards, and the habits that raise your score fastest.- Credit scoresWhat Is a Good Credit Score in Canada?Canadian credit score ranges explained (300 to 900), what lenders consider good, and how long information stays on your Equifax and TransUnion reports.
Official sources and further reading
- FCAC: improving your credit score ↗
- FCAC: how long information stays on your credit report ↗
- Equifax Canada: how to build credit ↗
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