What a 550-599 Score Means for Your Loan
A 550-599 credit score sits within the boundary between Equifax's Poor (300-559) and Fair (560-659) bands. 550-599 sits right on the line between Poor and Fair credit, per Equifax's Canadian scoring bands. This is often the range where borrowers see the most noticeable jump in loan options, since crossing above 560 shifts how many lenders are willing to consider an application at all. See our full credit score ranges guide to compare against other tiers.
What Lenders See at This Score
- A small number of points can move you from the Poor to the Fair classification
- Lenders increasingly weigh recent, not historic, payment behaviour
- Existing revolving debt and utilization ratio are closely reviewed
- More lenders become available once you're clearly inside the Fair range
Typical Rates & Approval Odds
If your score is in the low end of this band (550-559), expect similar terms to the Poor tier. Once you're at 560 or above, you'll typically start seeing offers from a broader set of lenders at somewhat better rates.
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
- Even a 10-15 point improvement can be enough to cross into Fair — check what's specifically holding your score back via your credit report.
- Keep older accounts open; length of credit history matters more than it might seem.
- Avoid closing a credit card even after paying it off, since it lowers your available credit and can raise your utilization ratio.
How to Apply at This Credit Level
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