If you want to apply for a loan or credit, it’s a good idea to stay up to date with your personal finances. When looking to make a large purchase or financial investment, such as a house or vehicle, your credit score will significantly impact whether or not your credit or loan will be approved.
Therefore, before applying for credit or a loan, you’ll want to check your credit score to ensure that you’ll be able to qualify for the purchase you’re looking to make.
If you have an account with the Bank of Montreal, you may wonder how to check your credit score at BMO. Read below for a simple 3-step process to view your credit score, along with some related FAQs!
It’s a good idea to examine your credit score regularly for a number of reasons. For instance, there’s always a possibility that your personal and credit information may be inaccurate. While this could be a mistake on account of the credit bureau, it could also be a case of fraudulent activity.
Therefore, if you notice any discrepancies, report them to the credit bureau that processed the score (BMO goes through TransUnion) to ensure your credit is properly secured.
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Another good reason to check your credit score is to have an idea of what lenders will be looking for when you apply for credit to make a large purchase (e.g., a new house or car).
Overall, checking your credit is a big part of staying on top of your personal finances. By understanding the information present in your credit score, you will be more prepared to take the next step when making a large purchase.
When checking your credit score, you’ll also gain access to your credit history. Your credit history will include the following information:
Now that you know why checking your credit score is important, you can follow the steps we’ve outlined below. Every bank has its own method for checking credit scores; Fortunately, BMO’s method is quite simple.
Account holders at BMO can check their credit scores online, either through the bank’s website or the mobile banking app. Both methods are slightly different and only take three steps each, and are accessed through TransUnion. Let’s examine how to check your BMO credit score below:
Follow the steps below to check your credit score at BMO online:
To check your BMO credit score on the mobile banking app, follow the steps below:
Checking your credit score is an important part of staying up to date on your finances, and as simple as clicking a few buttons! However, now that you know how to check your credit score via BMO, you may have other questions related to your personal credit.
We’ve compiled a list of related questions many customers often ask:
BMO processes its account holder’s credit scores through the TransUnion credit bureau, which currently provides credit scores for free online.
Not sure how to check your credit score at BMO online? Simply download the BMO mobile banking app or log in to your bank account via desktop and follow the above steps to access the results.
They may sound similar but your credit score and credit report aren’t the same thing. A credit score is a three-digit number that provides a basic sum of your credit report.
However, when you view the report itself, you’ll see a more detailed account of your credit. Reports will include inquiries, outstanding balances, personal accounts, and credit history.
At BMO, a credit score of 725 or higher is considered a good score and increases your eligibility for receiving a BMO credit card.
If your credit score is still too low for you to qualify for a line of credit or loan, note that your credit score updates on a monthly basis. Therefore, it’s a good idea to check up on your score regularly, as you may qualify for credit at a later date.
Also, note that doing a credit check does not lower your credit score. Using BMO’s TransUnion CreditView is considered a soft inquiry, and won’t affect your credit.
However, it’s important to note that a hard credit check, usually done by a third party, such as a telephone company, can have an impact on your score.
Currently, BMO processes its credit checks through TransUnion. This company is headquartered in the United States but still processes credit checks for many Canadian banks. These institutions include the Royal Bank of Canada, Scotiabank, National Bank, Laurentian Bank, Bridgewater Bank, Tangerine, and Vancity.
At this time, TransUnion provides credit checks to BMO customers completely free of charge for soft inquiries.
There are several things that consumers can do to build up their BMO credit score. For instance, once you’re aware of your maximum credit limit, start building your credit up by making small purchases.
By not maxing out your credit limit and only having a low balance to pay off, your credit score will improve over time.
Another important way to maintain a good credit score is not to borrow more than you currently owe. If you have a balance owing, you’ll want to ensure you still have room within your credit limit, as this shows lenders that you’re responsible with your funds.
Learning how to check your credit score at BMO is very simple and only takes a few minutes to complete. To check your score, simply log in to your BMO account online or through the mobile banking app, and follow the steps outlined above for each method.
BMO currently offers credit checks through TransUnion, which are completely free of charge. Checking your credit through TransUnion will not impact your score, as this is considered a soft inquiry. However, note that any hard inquiries on your credit score may lower it for a short period of time.
After you’ve checked your credit score, if you want to transfer money or purchase property in the US, choose Knightsbridge FX. We’ve helped thousands of businesses save money in exchange rate fees. Get started today.
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