Monitoring your credit score is an essential part of managing your financial well-being and we often do.
It provides valuable insight into your credit status and helps you make informed decisions when it comes to loans, mortgages and other financial opportunities.
With the convenience of modern banking apps, many people wonder if they can access their credit score through their favourite banking applications, such as the TD Bank app and other banking applications.
In this article, we’ll explore whether you can check your credit score in the TD Bank app, and if not, how to check it in Canada.
Understanding Credit Scores
Before getting into the specifics, let us quickly understand what a credit score is. A credit score is a three-digit number that reflects your creditworthiness. If you don’t fail the conditions in any case, then you are lucky.
It is calculated on the basis of several factors including your payment history, credit utilization, credit history, type of credit, loans, recent credit inquiries etc.
Higher credit scores indicate lower credit risk, making it easier to get loans, fair interest rates and other financing opportunities from the bank.
How to check your Credit Score through TD Bank App?
TD Bank App is a mobile banking app that provides a wide range of services to its customers. In addition, the app provides convenient access to your bank accounts, bank statements, transactions, etc. But, unfortunately, this app does not provide a facility to check credit scores.
Can I check my credit score with TD Bank Online Banking?
TD Bank Online Banking: It does not show credit score, you can only monitor your credit card activity like account balance, transaction details, credit utilization, payment history, etc.
Other ways to check your credit score for free
There are several methods you can use to check your credit score in Canada. There are two main credit reporting agencies- Equifax and TransUnion. You can request a free credit report from these agencies.
1: Credit Bureaus:
- Equifax: Call- 1 800 465 7166
- TransUnion: Call 1 844 580 9978
Note: Phone numbers may change over time, so please check before calling. You can order your credit report by phone, email and online.
2: Borrowell:
Many online platforms provide credit monitoring services and updates on your credit score report, and Borowell is one of them.
What is a good credit score?
In Canada, according to Equifax, a good credit score is between 660 and 724, and if you have a credit score of 725 to 759, it is considered a very good credit score. But, a credit score of 760 and above is considered an excellent credit score.
How to Improve Your Credit Score?
If you have a bad credit score, here are some tips to help you maintain a healthy credit profile in a few months:
- Establish credit history: You can do this by making purchases.
- Pay your bills on time: Pay your bills consistently by their due dates.
- Avoid minimum payments: Don’t try to make minimum payments again and again.
- Credit inquiries & Change credit cards: Do not apply for credit or change credit cards frequently.
FAQs
It is suggested to keep your balance below 30% of your overall credit limit.
Yes, always try to pay in full.
There are two credit bureaus in Canada where you can request to get a credit score by phone call, mail id or online.
Unfortunately, the TD Bank app does not provide credit score access to its customers.
Conclusion
The TD Bank app does not provide a credit score feature, and you may use alternative methods available. Request your credit report from the main two credit bureaus- Equifax or TransUnion, or consider signing up for online credit monitoring services.
