In today’s financial landscape, having a good understanding of RBC credit score is crucial for making informed financial decisions. Royal Bank of Canada, one of the country’s leading financial institutions, offers its customers the ability to view their credit scores.
In this comprehensive guide, we will walk you through the steps to view your RBC credit score and shedding light on the significance of credit scores and how to interpret the information they provide.
RBC Credit Score
Before delving into the specifics of how to view your credit score with RBC, it’s essential to understand what a RBC credit score is and why it matters.
- A credit score is a 3 digit number that summarizes your credit history and behavior.
- It ranges typically from 300 to 900, with higher scores indicating better creditworthiness.
- Lenders use this score to assess the risk of lending you money.
- Factors such as payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries influence your credit score.
Importance of Credit Score for RBC Customer
A credit score serves as a crucial indicator of an individual’s financial health and creditworthiness. RBC, like other financial institutions, relies on credit scores to assess the risk associated with lending money to customers,
Your credit score is important for RBC because it can affect your ability to:
- Get a loan or line of credit
- Get a credit card
- Get a mortgage
- Rent an apartment
- Get a job
- Get insurance
A good credit score can help you qualify for lower interest rates on loans and credit cards, which can save you money in the long run. It can also help you get approved for loans and credit cards that you might not be able to get with a bad credit score.
How to Check Credit Score RBC
Your RBC credit score is based on TransUnion’s CreditVision Risk Score. This score is a number between 300 and 900, with a higher score indicating a lower risk of default. You can get your credit score for free through RBC Online Banking or the RBC Mobile app as below
RBC Credit Score Check in Online Banking
- Sign in to your RBC Online Banking account.
- Scroll down to the “My Services” section on the right-hand side of the page.
- Click on “View Your Credit Score.”
- Review the legal disclaimer and click “Continue.”
- Review the Credit View Dashboard agreement
- Click I Accept & Continue
- Your credit score will be displayed on the next page.
How to Check Credit Score on RBC App
- Download the RBC Mobile app on your smartphone or tablet.
- Sign in to your RBC Mobile Banking account.
- Tap on the “Menu” icon (three horizontal lines) in the top left corner of the screen.
- Tap on “My Accounts.”
- Tap on the account that you want to view your credit score for.
- Tap on “View Credit Score.”
- Review the legal disclaimer and tap “Continue.”
- Review the Credit View Dashboard agreement and tap “I Accept & Continue.”
- Your credit score will be displayed on the next screen.
Also read: RBC Void Cheque
Helpline for RBC Credit score
If you have any questions about your RBC credit score, you can contact RBC’s credit score helpline at 18007692511. The helpline is available 24 hours a day, 7 days a week.
When you call the helpline, you will be asked to provide your name, date of birth, and RBC account number. The representative will then be able to access your credit score and answer any questions you have.
Features of RBC Credit View Dashboard
The RBC CreditView Dashboard is a free service that provides RBC Online Banking clients with access to their TransUnion credit score, credit report, and other credit-related information. Some of the features of the RBC Credit View Dashboard include:
- Credit score: You can view your current TransUnion credit score, as well as your credit score trend over time.
- Credit report: You can view a copy of your TransUnion credit report, which includes information about your credit history, such as your payment history, credit inquiries, and debt levels.
- Credit score simulator: You can use the credit simulator to see how different factors, such as opening a new credit card or paying down debt, could impact your credit score.
- Credit education: You can access educational resources about credit, such as articles, videos, and quizzes.
The RBC Credit View Dashboard is a valuable tool for anyone who wants to understand their credit and make informed financial decisions. It is completely free to use and available to all RBC Online Banking clients.
How to Improve RBC Credit Score
There are many ways to improve your credit score. Here are a few tips:
- Pay your bills on time, this is the most important factor in your credit score.
- Keep your credit utilization low, your credit utilization is the amount of credit you are using compared to the amount of credit you have available.
- Aim to keep your credit utilization below 30%.
- Don’t apply for too much credit in a short period of time, when you apply for new credit, it can cause a hard inquiry to be made on your credit report.
- Too many hard inquiries in a short period of time can hurt your credit score.
- Dispute any inaccurate information on your credit report.
- Consider using a credit-building product.
- Pay down your debt, this will lower your credit utilization and improve your credit score.
By following these tips, you can improve your credit score and qualify for lower interest rates on loans and credit cards.
What is the Credit Score Range used by RBC?
RBC uses a credit score range of 300 to 900, with 750 being the average score. A score of 750 or higher is considered to be good, while a score of 600 or lower is considered to be fair or poor.
What is the difference between a credit score and a credit report?
Your credit score is a number that lenders use to assess your credit risk. Your credit report is a document that contains a history of your credit activity. It includes information about your loans, credit cards, and other forms of credit, as well as your payment history, credit inquiries, and debt levels.
What are the eligibility requirements for the RBC Credit View Dashboard?
To be eligible for the RBC Credit View Dashboard, you must:
- Be an RBC Online Banking client.
- Be at least 18 years old.
- Have a valid credit report from TransUnion.
Can joint accounts of RBC affect my credit score?
Yes, joint accounts can affect your credit score. If you are a co-signer on a joint account, you are equally responsible for the debt. This means that if the other co-signer does not make their payments, you will be responsible for making them. This can negatively impact your credit score if you do not make the payments on time.
Will closing a RBC credit card account affect my score?
Whether closing a credit card account will affect your credit score depends on a number of factors, including the following:
- How long you have had the account
- Your credit utilization ratio
- The number of accounts you have open
- The type of account you are closing
Can a good income guarantee a high credit score?
No, a good income does not guarantee a high credit score. While income is one factor that lenders consider when evaluating a borrower’s creditworthiness, it is not the only factor.