When consumers are looking to make large financial investments, such as taking out a loan or putting a down payment on a house, there are a few things they need to do to ensure they can reasonably afford their impending purchase. One of the first things that consumers should check out is their current credit standing to improve their chances of being approved by their bank for such investments.
If you’re a Bank of Montreal customer and have never had to check your credit score before now, you likely wonder how to check your credit score on BMO. To discover the answer to this and other related questions, keep reading below!
Many banks and financial advisors recommend that consumers check their credit scores regularly, as doing so can be beneficial in a number of ways.
For instance, knowing your current credit score will help you get a better idea of your credit status, aka whether the bank considers you to be a good financial risk.
If you pay your credit card bills on time, don’t miss any payments, and use your credit card responsibly, the bank will generally consider you trustworthy when dealing with finances. This will make them more willing to approve investments that have higher risk factors, such as loan and mortgage applications.
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On the flip side, if your credit score is quite low, viewing it will show you areas where you can improve your credit standing, which you’ll want to work on before attempting to make any major financial investments.
Furthermore, checking your credit score can help you detect any possible errors that were made in your recent credit report. By getting such errors corrected in a timely manner, you will gain a better chance of your potential lenders getting a more accurate view of your credit standing and ultimately improve the chance of you qualifying for your potential investment.
If you’d like to view your credit score on BMO, you can do so easily by following a few simple steps. You can check your score in one of two ways – via the BMO Mobile banking app or by using the BMO online banking portal. Below, we’ll go over the steps for each method in detail to ensure you can complete this task effortlessly!
To check your score via the mobile app, follow these steps:
1. From your phone or mobile device, open the BMO Mobile banking app and log in to your personal banking account
2. On the home screen, tap the More button from the Navigation Bar
3. Click on Your Settings and select the My Credit Score option from the drop-down menu
For how to check your credit score on BMO via the online banking portal, follow the steps outlined below:
If you want to know how to check your credit score on BMO, you may also be curious about how this score is calculated.
There are several factors that go into how your credit history is determined. This includes the length of your credit history (how long you’ve been banking), the way you use your credit (i.e., maxing out credit cards, using a large amount of your available credit regularly, etc.), as well as the different types of debt you’ve accumulated within your history as a bank account holder.
Other factors like your payment history and the number of hard credit checks present on your personal banking account also play a big part in how your credit score is determined.
The Bank of Montreal conducts its credit checks through TransUnion, which is processed through a program called CreditView. While BMO customers can check their personal credit score and history with other services, CreditView is a reputable service that BMO customers can take advantage of.
Unlike other services, CreditView is completely free to BMO customers, as they can simply link their account to the service via the BMO online banking portal. Bank of Montreal customers aren’t required to sign up for the service either since the two companies have a partnership activated through the BMO website.
Another benefit to using CreditView is that viewing your score won’t affect it negatively. Some credit checks, such as hard checks, can impact your credit score, but CreditView operates using a soft check, which will leave virtually no impact on your score, good or bad.
Now that you know how to check your credit score on BMO, along with what goes into determining your score, you may have a few other questions related to this subject.
For instance, how can you improve a low BMO credit score? Is your BMO credit score accurate? To learn the answers to these questions, keep reading below:
In most cases, the credit score you receive from BMO will accurately reflect how your credit stands. BMO’s credit check service is provided through TransUnion, one of the leading credit bureaus in Canada and is considered to be reputable.
However, there are cases where a consumer’s credit score may be inaccurate, perhaps due to differing information TransUnion has in comparison to another credit bureau you’ve used in the past. If you believe this may be the case, you can contact TransUnion directly and they will correct the situation.
If your current credit score is relatively low, there are a number of things you can do to improve its standing. For instance, make sure to meet all future credit card payments on time, or pay them ahead of time.
It’s also vital to ensure you don’t miss any payments, as this can severely affect the standing of your personal credit. Further, try to refrain from maxing out your credit cards when making large payments.
Checking your credit score on BMO is very easy and can be completed within minutes. BMO customers can check their personal credit score using the BMO Mobile banking app or the online banking portal.
This service is completely free of charge and doesn’t require users to sign up for any third-party websites or make a new account through the credit bureau.
Once your credit is in good standing and you plan to make a purchase, perhaps you’re looking to buy or invest outside of Canada. If so, you may need to transfer your funds into foreign currency, which you can do quickly and efficiently with Knightsbridge FX. To learn more about how to use this service, check out our Get Started page and start transferring your funds today.
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