CreditView– The no-fee, instant way to get your credit score

Your credit score is updated on a monthly basis.

Pulling your credit report is an example of a soft credit check that doesn’t impact your score.

A soft credit check (also called “soft inquiry”) does not impact your credit score in any way.

A telephone company you’ve signed up with might do a hard credit check (also called “hard inquiry”) to see if you’re able to keep up with bill payments. A hard credit check will have an impact to your credit score, but if you aren’t continually applying for new credit or loans, the impact will lessen over time.

A credit score is a three-digit number which provides a snapshot of your credit report.

Your credit report is a detailed report that shows any inquiries, outstanding balances, credit history as well as accounts that are in collections. Banks sometimes check your credit report to check your eligibility for new credit or a new loan.

No, checking your own credit score does not lower your credit score.

Checking CreditView^® is a soft credit inquiry. Checking your credit score with CreditView^® will not affect your score. You can check your credit as many times as you’d like.

Explore more sources that contribute to your credit score here.

Here are four more ways to improve your credit score: 

1. Build your credit slowly: Don’t apply for different credit types all at once, this could hurt your credit score as you will have a lot of hard credit checks on your account. Start with credit you can manage for a while to build your payment history, before applying for new credit.
2. Don’t cancel all your cards at once: This may lead to a drop in your credit score, especially if it’s multiple cards. How long your accounts have been open affects your credit score.
3. Don’t borrow more than what you owe: This can hurt your credit score, always make sure you have borrowing room within your credit limit. It also shows future potential credit lenders that you’re responsible with your credit.
4. Avoid maxing out your credit: When you start building credit, start with making light purchases. Maintaining a low balance that can be paid off can help improve your credit score.

Creditor insurance is an optional type of coverage that can help pay down your balance or cover your monthly payments on your BMO mortgage/loan/line of credit if you lose your job or are recovering from a covered critical illness or disability. The payments made from an eligible claim may help in managing your BMO debt obligations and maintaining them in good standing. 

When a BMO creditor insurance claim is approved for a covered event, this optional coverage may help to ensure timely payments on your BMO debt obligations (up to the maximum amount insured). This may help in maintaining a consistent payment history and reduce any negative impact on the credit history associated with these debts.