Royal Bank of Canada Credit Score and How It Works
By Arthur Dubois | Published on 24 Jul 2023
Royal Bank of Canada (RBC) is the largest bank in Canada and the most-trusted by Canadians for investment. The bank has over 70,000 employees serving over 15 million clients globally. The bank’s focus is to ensure that clients achieve their financial goals.
You cannot really focus on your financial goals unless you have quality information, like your credit score. When it comes to credit scores, RBC wants to put the information in clients’ hands. It has easy to navigate websites and financial apps. In fact, RBC developed an online app called ‘CreditView Dashboard.’ This helps Canadians understand how their credit score works.
How Does RBC Credit Score Work?
RBC’s credit score is easy to understand and use. It is convenient for both Canadians and foreigners that want to settle in Canada. RBC’s CreditView dashboard provides an online banking platform for clients to check their credit scores for free. They also get their report which contains a summary of all their transactions.
The RBC TransUnion CreditView Dashboard is an accurate score system that calculates the client’s credit score. When using the online banking platform, clients can view their ranks and see where they fit, compared to other Canadians.
You can also track your score improvement by using the ‘Myscore History’ feature. Also, the RBC mobile app does not allow clients to check their credit reports for free. To get free credit score reports, you must make use of the online banking platform.
Your RBC credit score information
Your credit score is a number that qualifies you to borrow and get a loan. It contains your payment history, credit utilization, account history, credit variety, and new credit application. These last things are standard credit score information and you can learn more about it on financial blogs like Hardbacon.
RBC has a grading system that determines your credit score. Your RBC Credit Score is considered a failing score if it ranges from 300-559. This implies that you are not eligible for a credit loan and might have to get one through alternative lenders.
If your credit score is between 560 and 659, you have a poor credit score, which will also hinder you from getting loans and other financial services. You also might have to visit alternative lenders. You are considered a high risk client, and that can impact everything in your financial life, including insurance premiums.
A good credit score is one that ranges from 660-742. It comes with great benefits, but as amazing as an excellent credit score. An excellent credit score is one that falls between 725 and 900. Having such scores gives you a high chance of getting lower interest rates and better insurance premiums.
How to Check Your RBC Credit Score
To check your RBC credit score is free and easy to check online. Using the following steps below, you can check your credit score and know its effect on your finances;
- Sign in to RBC online banking
- Click on My Services on the right-hand side of your dashboard
- Select View Your Credit Score.
- A legal disclaimer pops up, read it and click on, continue.
- Next is the agreement policy, review and select, accept and continue to the next page
- Your credit score then displays on your dashboard, including other information about your credit cards, mortgages, and credit report.
If you’re new to online banking, then you need to sign up. But, before you enroll, you must provide one of the following;
- RBC Client Card
- RBC Royal Bank Account Number
- RBC Credit Card
How to Build Your RBC Credit Score
Building a good credit score is very important. In fact, it is essential to your financial literacy. It guarantees a lower interest rate whenever you borrow. It’s also easy to get a mortgage or car loan with a high score: the higher your credit score, the higher your chances of getting loans. Hardbacon has an entire category on its blog about building, checking, and maintaining your credit score.
Building your RBC credit score takes time, so you have to be patient and intentional about it. Here are a few points to bear in mind when building your credit score:
- Pay your bills early
- Correct any error on your credit report
- Reduce debts at all costs
- Only request for credit when necessary.
An average credit score is from 660 and above. You should ensure that your credit score does not go below the average.
RBC credit score: final thoughts
Royal Bank of Canada’s credit score system is one of the best in Canada. As an online banking client, you can check your RBC credit score for free. Your financial score is important for your financial well being, so check it regularly.
Consider it your financial health monitor. It is important to monitor and know your credit score from time to time, as building a good credit score qualifies you for lots of credit benefits. If you don’t have an RBC online banking account yet, you can enroll and get one today.
