How to Check Your Credit Score on the RBC App

Monitoring your credit score is essential to understanding your financial health and planning for major purchases like homes, cars, or new credit cards. For Royal Bank of Canada (RBC) customers, checking your credit score has become more convenient, as it can be done right from the RBC app. In this comprehensive guide, we’ll walk you through everything you need to know about using the RBC app to check your credit score, from step-by-step instructions to common questions and helpful tips.

Why Your Credit Score Matters

Your credit score is a numerical representation of your creditworthiness, indicating how reliable you are as a borrower. This three-digit score, which ranges from 300 to 900 in Canada, is used by lenders to evaluate your financial responsibility. A higher credit score can qualify you for better interest rates, while a lower score may restrict your borrowing options or result in higher interest rates.

Checking your credit score regularly helps you stay on top of your financial standing and take action if necessary to improve it. RBC makes this process easy by offering a free, built-in feature on their mobile app. Let’s dive into how you can access this feature and what insights it provides.

Step-by-Step Guide to Checking Your Credit Score on the RBC App

If you’re new to using the RBC app for this purpose, follow these straightforward steps to check your credit score:

Step 1: Download and Open the RBC App

If you don’t already have it, download the RBC Mobile App from the Apple App Store or Google Play Store. Once installed, open the app and sign in using your RBC online banking credentials.

Step 2: Locate the Credit Score Feature

Once you’re logged in, navigate to the app's main menu. You should see an option labeled “Credit Score” in the menu or under Account Insights. RBC typically places this feature where users can easily find it, but the exact location may vary depending on app updates.

Step 3: Verify Your Identity

For security purposes, RBC may ask you to verify your identity before accessing your credit score. This could involve answering a few security questions or confirming some of your account details. This step ensures that only you have access to this sensitive information.

Step 4: View Your Credit Score

Once you’ve verified your identity, your current credit score will be displayed on the screen, along with some additional insights. The RBC app provides a snapshot of your credit score, and in some cases, may offer tips on improving or maintaining your score.

Step 5: Explore Credit Insights (If Available)

RBC’s credit score feature may offer more than just a score. Some users have access to insights, such as factors influencing their score and recent changes. These insights help you understand the key elements impacting your score, such as payment history, credit utilization, or the age of your credit accounts.

Understanding the Credit Score Information in the RBC App

Now that you know how to access your credit score, it’s essential to understand the information presented. The RBC app typically provides the following key details:

• Your Current Credit Score: This is your main score, and it typically ranges between 300 and 900. A score above 700 is generally considered good, while scores above 800 are excellent.
• Factors Impacting Your Score: The app may highlight factors that positively or negatively influence your score. For example, on-time payments and low credit utilization boost your score, while missed payments or high balances can lower it.
• Credit Score Trend: Some users might see a trend line or graph that shows changes in their credit score over time. This helps you track whether your score is improving, staying stable, or declining.

Frequently Asked Questions About Checking Your Credit Score on the RBC App

If you’re new to using the RBC app for credit monitoring, here are answers to some common questions:

Does Checking My Score on the RBC App Affect My Credit?

No, checking your score on the RBC app does not impact your credit. The app performs a soft inquiry, which does not affect your score or appear on your credit report. You can check your score as often as you like without any negative consequences.

How Often Is My Credit Score Updated on the RBC App?

RBC updates your credit score periodically, typically once a month. Regular updates allow you to track changes over time, providing a fairly accurate view of your financial health without needing to check too frequently.

Is My Credit Score on the RBC App Accurate?

The credit score displayed in the RBC app is based on data from one of Canada’s major credit bureaus, either Equifax or TransUnion. While it provides a reliable indication of your credit standing, keep in mind that your score may vary slightly between bureaus due to different scoring models.

What Should I Do if My Credit Score Drops?

If you notice a drop in your credit score, consider reviewing your recent financial activities. Missed payments, increased credit utilization, or recent hard inquiries can all impact your score. The RBC app may provide insights into what specifically influenced the change, enabling you to address any issues.

Can I Access My Full Credit Report Through the RBC App?

Currently, the RBC app allows you to check your credit score but does not provide access to your full credit report. If you want a detailed report that includes your account history, payment records, and hard inquiries, you’ll need to request it directly from Equifax or TransUnion.

Tips for Improving Your Credit Score Using the RBC App’s Insights

Using the RBC app to monitor your credit score is just one step in managing your credit health. Here are strategies to improve your score over time:

Make On-Time Payments

Payment history accounts for a significant portion of your credit score. Set up automatic payments or reminders to ensure you never miss a due date on credit cards, loans, or other bills.

Keep Your Credit Utilization Low

Your credit utilization rate, or the percentage of your available credit that you’re using, should ideally be below 30%. For instance, if you have a $5,000 credit limit, try to keep the balance below $1,500. High utilization can lower your score, even if you’re making timely payments.

Avoid Multiple Credit Applications

When applying for new credit, keep applications to a minimum. Each new application results in a hard inquiry, which can lower your score. Consider waiting a few months between applications to allow your score to recover.

Monitor Your Credit Score Regularly

Regularly checking your score helps you stay informed about changes and can alert you to any unexpected dips. This is especially useful for detecting potential fraud or errors on your credit report, which you can address promptly.

Keep Old Credit Accounts Open

The length of your credit history affects your score, so keeping older accounts open can help. Even if you’re not using a card regularly, keeping it active can positively impact your score by extending your average credit history length.

Common Myths About Checking Credit Scores

Let’s clarify some misconceptions that could impact your credit score management:

• Myth: Checking my own credit score lowers it. Checking your score on the RBC app is a soft inquiry and doesn’t affect your score. It’s a good habit to monitor your score regularly.
• Myth: Carrying a balance improves my credit. Contrary to this belief, you don’t need to carry a balance to build credit. Paying off your balance each month shows that you manage credit responsibly.
• Myth: Closing old accounts boosts my score. In reality, closing old accounts can reduce your average credit history length, potentially lowering your score. Keep old accounts open to maintain your history length.

Why Regularly Checking Your Credit Score Matters

Checking your credit score through the RBC app offers a convenient, risk-free way to monitor your financial health. By understanding your score and the factors that impact it, you gain the power to make informed decisions that benefit your financial future. Whether your goal is to qualify for a mortgage, secure a lower interest rate, or simply maintain strong credit, the RBC app provides a valuable tool for keeping your credit on track.

Regular monitoring allows you to spot changes early, respond to potential issues, and track your progress over time. By leveraging the insights and tools provided by the RBC app, you can build a solid foundation for a healthy financial future.