Credit Score 500-549

What a 500-549 Score Means for Your Loan

A 500-549 credit score sits within the lower-middle of Equifax's Poor band (300-559). At 500-549, you're still within Equifax's Poor range, but a bit above the very bottom. Lenders in this range typically see some credit history — just one marked by past missed payments or high balances. Approval is still possible through subprime-focused lenders, though options remain limited compared to scores above 560. See our full credit score ranges guide to compare against other tiers.

What Lenders See at This Score

• Some established credit history, though likely with past delinquencies
• Higher reported credit utilization across existing accounts
• Recent hard inquiries or new credit accounts
• Income verification carries more weight than at higher scores

Typical Rates & Approval Odds

Rates at this level are still on the higher side of our network's range. A slightly improved score even into the mid-500s can open up more lenders and better terms, so it's worth checking your report before applying.

Eligibility Requirements

• 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
• Canadian citizen or permanent resident
• Valid Social Insurance Number (SIN)
• Active bank account in your name
• A regular source of income

Tips to Improve Your Score

• Pay down credit card balances below 30% of their limit — utilization is one of the fastest levers to move a score in this range.
• Avoid applying for multiple new credit products at once; each hard inquiry has a small, temporary impact.
• Set up autopay for at least the minimum payment on every account to stop new delinquencies from accumulating.

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