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The short answer
No official body publishes a timeline, and Equifax and TransUnion do not disclose their formulas, so nobody can promise you 700 by a set date. Canadian scores usually run from 300 to 900. A newcomer who opens a card early, pays every bill on time and keeps balances below 30% of the limit can usually see steady progress within the first year, but how far depends on file length, credit mix and inquiries.
Nigerians who have just arrived often hear that 700 is the score you need for a good mortgage or car loan. That number is useful as a marker, but chasing it with a fixed deadline leads to bad choices, such as opening several cards at once. This guide explains what actually moves a Canadian score and how long each factor takes to mature.
What a score is made of
The FCAC says scores usually range from 300 to 900, higher is better, and that bureaus and lenders use different formulas without sharing exact details. It lists the factors in two groups.
- Credit history
- How long you have had credit, how long each account has been reported, the types of credit used, collections and any bankruptcy.
- Credit habits
- Whether you carry balances, missed payments, total debt, how close you are to your limits, and how often you apply for new credit.
Notice that several of these need time to build. Length of history cannot be rushed; it only grows month by month. That is why a newcomer with a perfect record can still sit below people with longer files for a while.
The habits that move it
- Pay on time, every time. The FCAC calls payment history the most important part of your score. Set up at least the minimum payment by pre-authorised debit so a busy month never becomes a late mark.
- Keep use low. The FCAC suggests using less than 30% of your total limit, and keeping it low each month even if you pay in full. On a $1,000 limit that means a statement balance under $300.
- Keep your first account open. Closing an older account can shorten your history and cut available credit, the FCAC says.
- Add a second type of credit later. Having only one type may lower a score. An instalment product alongside a card helps, once you can afford it.
- Space out applications. Hard inquiries can affect your score. For car loans and mortgages, quotes within a 2-week window count as one inquiry.
A realistic first two years
The table below is an example of a careful path, not a forecast. Your score will depend on the bureau, the lender's model and your own record.
| Period (example) | What you do | What builds |
|---|---|---|
| Month 1-2 | Open a bank account, get a secured or starter card | Your file is created |
| Month 3-6 | Use the card lightly, pay in full | First months of payment history |
| Month 6-12 | Keep use under 30%, no new applications | History lengthens, low utilisation |
| Year 2 | Ask for a higher limit or an unsecured card; consider a second product | Wider credit mix, longer history |
Steps that set you back are just as predictable. The FCAC says late or unpaid accounts can stay for up to 6 years, and Equifax keeps lender inquiries for 3 years and TransUnion for 6. One missed payment or a burst of applications can undo months of progress.
Common mistakes
- Opening several cards in the first month to "build faster". Each application is an inquiry and lowers the average age of your accounts.
- Paying the card in full but letting the statement balance run near the limit. Utilisation is read from what is reported, usually the statement balance.
- Ignoring a final phone or utility bill after moving. It can go to collections; see whether phone bills build credit.
- Assuming your Nigerian record transfers. The Canadian bureaus do not import it; see using a Nigerian credit history in Canada.
Checking your progress the right way
Order your reports from both bureaus at least once a year and after any big change, such as a new card or a move. Look first for errors: an account that is not yours, a late payment you did not make, or an address you never lived at. The FCAC says a report includes personal details as well as accounts, so a mistake there can be a sign of a mixed-up file.
Then compare the factors rather than the number. Ask yourself four questions each time:
- Is every account showing on-time payments?
- Is my reported balance below 30% of my limits?
- Have I applied for anything in the last few months?
- Is my oldest account still open?
If the answers are yes, yes, no and yes, you are doing what moves a score, and time will do the rest. If your score drops after a good month, check whether a balance was reported on a high day or a new inquiry was added.
For the first steps in order, read building a credit score from zero and, when the time comes, moving from a secured to an unsecured card.
Where Pryme fits
Missed payments often start with money pulled in two directions. Planning family support in Nigeria with the rate and fee shown before you approve, through Pryme Send, makes your Canadian card payments easier to protect.
Questions people ask
How long does it take to get a 700 credit score in Canada?
There is no fixed timeline. With on-time payments and low card use, newcomers usually see steady gains in the first year, but length of history takes time.
What is a good credit score in Canada?
Scores usually range from 300 to 900, with higher being better, according to the FCAC. Each lender sets its own threshold.
How can I raise my credit score fast in Canada?
Pay on time, keep card use under 30% of the limit and avoid new applications. There is no shortcut for length of history.
Does my Nigerian credit score count in Canada?
No. Canadian lenders rely on Equifax and TransUnion Canada files, which start empty when you arrive.
Sources
- FCAC: Credit report and score basics (modified 1 Jul 2026) · accessed Oct 2026
- FCAC: Improving your credit score (modified 1 Jul 2026) · accessed Oct 2026
- FCAC: How long information stays on your credit report (modified 1 Jul 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.