What Credit Score Do You Need for a Mortgage? US, UK, Canada, Australia Compared
Credit score requirements for mortgages across the US (FICO 300–850), UK (Experian 0–999), Canada (Equifax 300–900), and Australia (Equifax 0–1200). Covers minimum thresholds by loan type, how scores affect your rate, and how to improve your score before applying.
TL;DR: Every country uses a different credit scoring system with different minimum thresholds for mortgage approval. US: 620 FICO minimum (Conventional), 580 (FHA). UK: typically 650+ on the Experian 0–999 scale. Canada: 600+ on the Equifax 300–900 scale. Australia: 600+ on the Equifax 0–1200 scale. Your score directly affects both your approval odds and the interest rate you are offered.
Your credit score is the gatekeeper to mortgage approval in every major housing market. But the systems are completely different, a "good" score in one country might be "average" in another, and the minimum thresholds for different loan types vary dramatically.
A US borrower with a 620 FICO score can get a Conventional mortgage with 3% down. A Canadian borrower with a 620 Equifax score (roughly equivalent on a different scale) would be denied by most major banks. Understanding your country's scoring system is the first step to knowing whether you are ready to apply, and how much work you need to do before you do.
This guide covers the four credit scoring systems, minimum requirements for each loan type in each country, how your score affects your interest rate, how long it takes to improve your score before applying, and country-specific quirks that can trip you up.
The Four Credit Scoring Systems
Each country uses a different scoring scale, different credit bureaus, and different factors to calculate your score. Comparing scores across countries is essentially comparing apples to oranges, but understanding your local system is essential.
United States: FICO (300 to 850)
Credit score needed for mortgage US is based on the FICO scoring model, developed by the Fair Isaac Corporation. The three major US credit bureaus (Experian, Equifax, TransUnion) each produce their own FICO score, and mortgage lenders typically use the middle score of the three.
US credit score scale mortgage, FICO scores range from 300 to 850. The breakdown:
| Score Range | Category | Mortgage Impact |
|---|---|---|
| 760–850 | Excellent | Best rates available |
| 700–759 | Good | Competitive rates |
| 660–699 | Fair | Approved but higher rates |
| 620–659 | Subprime | Limited options, higher rates |
| Below 620 | Poor | Conventional not available |
United Kingdom: Experian (0 to 999)
Credit score needed for mortgage UK uses a different scale entirely. The UK has three credit reference agencies, Experian (0–999), Equifax (0–700), and TransUnion (0–710). Experian's 0–999 scale is the most commonly referenced.
UK credit score scale mortgage differs from the US in an important way: UK lenders do not use a single credit score as a hard cutoff. They evaluate your credit file holistically, considering the full picture of your borrowing history, not just a number. However, the score gives a general indicator:
| Score Range | Category | Mortgage Impact |
|---|---|---|
| 881–999 | Excellent | Best rates, wide approval |
| 721–880 | Good | Most lenders available |
| 561–720 | Fair | Limited options, higher rates |
| 0–560 | Poor | Specialist lenders only |
Canada: Equifax (300 to 900)
Credit score needed for mortgage Canada uses Equifax (300–900) and TransUnion (300–900) as the two major bureaus. Canadian lenders are score-conscious and many major banks have hard minimums.
Canada credit score scale mortgage:
| Score Range | Category | Mortgage Impact |
|---|---|---|
| 760–900 | Excellent | Best rates, any lender |
| 700–759 | Good | Approved by most lenders |
| 660–699 | Fair | Some lenders decline |
| 600–659 | Subprime | B-lenders only, higher rates |
| Below 600 | Poor | Private lending, very high rates |
The critical threshold in Canada is 620 mortgage approval Canada, borrowers below 620 are largely shut out of major banks and must use alternative lenders or private mortgages at significantly higher rates.
Australia: Equifax (0 to 1200)
Credit score needed for home loan Australia uses Equifax (0–1200) as the primary system, with Experian (0–1000) and Illion (0–1000) also used. The Australian system has the widest range.
Australia credit score scale mortgage:
| Score Range | Category | Mortgage Impact |
|---|---|---|
| 800–1200 | Excellent | Best rates, all lenders |
| 700–799 | Very good | Most lenders available |
| 500–699 | Good | Likely approved, competitive rates |
| 300–499 | Average | Stricter assessment, higher rates |
| 0–299 | Below average | Limited to specialist lenders |
What credit score for home loan Australia, the benchmark is 600+ for major banks, though 700+ gives you the broadest access to products and best rates.
Minimum Credit Scores by Loan Type
Minimum credit score for mortgage varies significantly by loan type within each country.
United States Minimums
| Loan Type | Minimum Score | Down Payment |
|---|---|---|
| Conventional | 620 | 3% |
| FHA | 580 (500 with 10% down) | 3.5% |
| VA | No minimum (lender sets) | 0% |
| USDA | 640 (lender-dependent) | 0% |
| Jumbo | 680–720 | 10–20% |
What credit score to buy a house US, 620 opens the door to Conventional loans. 580 opens FHA. 760+ gets you the best rate on any loan type.
United Kingdom Minimums
UK lenders do not publish hard minimum scores, but the practical thresholds are:
- High street banks: Typically want a clean credit file with no recent defaults, CCJs, or missed payments. Score equivalent: roughly 700+ on Experian.
- Specialist lenders: Accept borrowers with adverse credit (missed payments, CCJs up to £5,000, IVAs discharged 2+ years).
- Credit score 600 mortgage UK, you will likely need a specialist lender and a larger deposit (25%+).
Minimum credit score for mortgage UK 2026, there is no statutory minimum, but most mainstream lenders expect a clean credit history for the last 2–3 years. A single missed payment in the last 12 months can be more damaging than a low score.
Canada Minimums
| Lender Type | Minimum Score | Notes |
|---|---|---|
| Major banks | 620–680 | 680+ preferred |
| Credit unions | 600–650 | More flexible |
| B-lenders | 550–600 | Higher rates |
| Private lenders | Any | Very high rates |
Minimum credit score for mortgage Canada 2026, 600 is the practical floor for any mainstream lending. Below 600, you enter the private lending market where rates can exceed 10%.
Australia Minimums
| Loan Type | Minimum Score | Down Payment |
|---|---|---|
| Major bank standard | 600–650 | 5–20% |
| Low-doc / alt-doc | 600+ | 20%+ |
| Specialist / credit-impaired | Any | 30%+ |
What credit score needed for first home loan Australia, aim for 600 at minimum. Borrowers with scores under 500 face significantly higher rates and stricter LVR limits. For more on the Australian first-time buyer journey including credit score preparation, see our first home buyer guide Australia 2026.
How Credit Score Affects Your Interest Rate
Your credit score does not just determine approval, it determines your rate. The same loan with different credit scores costs dramatically different amounts.
US Rate Impact by Score
On a $300,000 30-year Conventional loan:
| Credit Score | Estimated Rate | Monthly Payment | Extra Interest Over 30 Years |
|---|---|---|---|
| 760+ | 6.25% | $1,847 | , |
| 700–759 | 6.50% | $1,896 | $17,640 |
| 660–699 | 7.00% | $1,996 | $53,640 |
| 620–659 | 7.75% | $2,149 | $108,720 |
Credit score impact mortgage rate US, the difference between a 760 and a 620 score on a $300,000 loan is roughly $300 per month and over $100,000 in interest over the loan term. Improving your score before you apply is the highest-return activity in mortgage preparation.
UK Rate Impact
Credit score affect mortgage rate UK, the impact is less transparent than in the US because UK lenders do not publish score-to-rate tables. However, the difference between a "good" and "excellent" credit file typically translates to 0.25–0.50% in rate, or roughly £30–£60 per month on a £200,000 mortgage.
Canada Rate Impact
Credit score mortgage rate Canada, Canadian lenders use a tiered system. A borrower with 760+ gets the best available rate from each lender. Each 20–30 point drop below 700 typically adds 0.10–0.20% to your rate. Below 660, the rate increase accelerates sharply.
Australia Rate Impact
Credit score impact home loan rate Australia, the gap between excellent (800+) and average (500–600) credit is typically 0.50–1.00% in rate. On a $500,000 loan, that is $2,500–$5,000 per year in extra interest.
How Long Does It Take to Improve Your Score?
How long to improve credit score before mortgage depends on what is dragging it down.
| Issue | Time to Fix | Strategy |
|---|---|---|
| High credit utilization | 1–3 months | Pay down balances below 30% of limit |
| Late payments | 6–24 months | Set up auto-pay, no further late payments |
| Collections / defaults | 2–6 years after resolution | Pay or settle, then wait for aging |
| Thin credit file | 6–12 months | Open a secured card, make small monthly purchases |
| Too many inquiries | 6–12 months | Stop applying for new credit |
How to improve credit score before buying a house, the single most impactful change is reducing credit card utilization. If your cards are maxed out and you pay them down to 30% of the limit, you can see a 50–100 point improvement in 1–2 months (US and Canada). In the UK, paying down existing credit and ensuring you are on the electoral roll at your current address are the two fastest improvements. In Australia, correcting errors on your credit file and reducing credit card limits are the fastest levers.
Country-Specific Quirks
Each country has unique credit rules that can trip up mortgage applicants.
US: Rate Shopping Window
Mortgage inquiries credit score US, when you apply for a mortgage, the lender pulls your credit, which creates a hard inquiry. However, FICO treats multiple mortgage inquiries within a 45-day window as a single inquiry. This means you can shop around with multiple lenders without damaging your score further.
UK: Electoral Roll Impact
Credit score electoral roll UK, being registered on the electoral roll at your current address is one of the most important factors in your UK credit score. Not being registered can make you invisible to lenders, regardless of your income. Check your electoral roll status before applying.
Canada: No Rate Shopping Protection
Credit score mortgage shopping Canada, unlike the US, Canada does not have a rate-shopping window that treats multiple inquiries as one. Each hard pull can lower your score by 5–15 points. Do your rate comparison research first, then apply to only one or two lenders. Our Canadian mortgage rate comparison page can help narrow your search before the credit pulls.
Australia: Credit Repair Rules
Credit score Australia mortgage repair, Australia has strict rules around credit reporting. Negative listings (late payments, defaults) generally stay on your file for 5 years. However, Australia also has a comprehensive credit reporting system that includes positive data (on-time payments), so building a track record of good behavior helps. You can request a free credit report from each bureau once every 3 months.
The Bottom Line
What credit score do you need to buy a house, the answer depends entirely on which country you are buying in. A 620 FICO is fine for a US Conventional loan. A 620 Equifax in Canada gets you rejected by most banks. A 621 Experian in the UK tells you almost nothing without the full credit file context. A 620 Equifax in Australia is the floor for major bank approval.
The universal truth across all four countries: your credit score directly affects your interest rate, and the best time to improve it is 6–12 months before you apply. Pay down credit cards, correct errors on your credit reports, make all payments on time, and do not apply for new credit in the months leading up to your mortgage application.
Use the country-specific calculators, US, UK, Canada, Australia, to model how different interest rates (based on your credit profile) affect your monthly payment and total interest. Understanding your credit standing before you walk into a lender's office puts you in a position to negotiate the best rate available to you.
Frequently Asked Questions
What is the minimum credit score for a mortgage in the US?
What credit score is needed for a mortgage in the UK?
What credit score do I need for a mortgage in Canada?
What credit score is needed for a home loan in Australia?
How much does credit score affect mortgage interest rates?
This article is for educational and informational purposes only and does not constitute financial, legal, or mortgage advice. Credit score requirements, interest rate impacts, and lending criteria vary by lender, product, and country. Always verify current requirements with a licensed mortgage professional. Score ranges and rate estimates are based on typical market data and may not reflect your specific credit profile or lender pricing.