Recently, in late 2017, Petro-Canada came out with an offer to reduce the price of gasoline and to award extra Petro-Points is you buy their gasoline using a credit card issued by RBC. We signed up our RBC card for this promotion and that included setting up the RBC card for online access. While snooping around the RBC credit card website, I discovered we can check our credit score for free.
What’s a Credit Score and Why Did I Check Ours?
There are two major credit monitoring agencies in Canada: Equifax Canada and TransUnion Canada. They both collect financial information on you which they use to create a ranking called a credit score. Financial institutions may use some generic or customized form of this credit score as part of their decision on whether to offer you loans or credit and at what interest rate.
We don’t actually need to borrow any money as our mortgage is paid off and we don’t do renovations until we’ve saved the money to pay for them. Our emergency fund can tide us over when the unexpected happens like getting a car totaled on the 401 or having the roof leak a few years before we planned to replace it.
Nevertheless, like many people, I’m very curious. I wanted to know what our credit score was but I did not want to pay to see it. (You can check your credit record free once per year by asking the bureaus to mail you the info. That won’t include your actual credit score, though, just the facts on which it is based.) So I clicked on the RBC link.
Checking Your TransUnion Credit Score for Free for RBC Credit Card holders
You’ll need to have online access to your RBC credit card. NOTE: You don’t need to have a bank account with RBC to set up your credit card online. At this time, we don’t have an RBC bank account.
- Sign on to your RBC account.
- Midway down the right side of the screen is the My Services section.
- Look for and click on the link: View Your Credit Score
- Read through the terms and conditions. If you can live with them, click on the link to accept the terms.
- Wait for the CreditView Dashboard to appear.
- Your TransUnion Credit Score will be displayed.
That’s it! You now know one version of your credit score.
Ours is not 900 but it’s high enough that we find it acceptable.
Playing with the RBC CreditView Dashboard Score Simulator
Further down the same page is a group of text boxes under the heading Score Simulator.
For some weird reason, it is encouraging you to see what the impact is of various actions on your credit score. For example, you can check what might happen to your score if you added 2 Credit Cards with limits of $2500, Raise the Credit Limit of one card by $10000 and Added a Personal Loan for $30 000.
- Type your scenario in the applicable text boxes.
- Click on the Simulate button.
Interestingly enough, it made almost no difference to our credit score. Your mileage may vary!
I’ve probably agreed to receiving all sorts of targeting marking from RBC by using this free credit score check, but it was still a fun exercise. I can’t say that it will change my money management plans much though.
- How We Used Our Petro-Points to Get a Smart TV for Free
- Using Petro-Points for CAA Membership Payments Can Be a Good Choice
Have you ever checked your Credit Score? Were you pleased with the result? Please share your views with a comment.