Minimum credit score by lender type

Credit score (Beacon score)

Numerical score between 300 and 900 summarizing borrower risk. Calculated by Equifax (Beacon) and TransUnion. Threshold 680 for standard A, 720+ for best rates.

Beacon (Equifax score model)

Equifax proprietary model for calculating credit scores. Several versions coexist (Beacon 9, Beacon 10). It is the score most Canadian lenders see.

B lender mortgage (alternative lender)

Mortgage granted by a non-bank lender to borrowers whose file does not pass A-lender criteria (atypical income, imperfect credit). Higher rates, origination fees.

Private lender

Individual or company lending against mortgage security outside the banking system. High rates and fees; used for files refused at A and B levels.

Co-borrower

Person who shares legal responsibility for a mortgage with the primary borrower. Their income is included in ratio calculations and their credit score is also analyzed.