Reviewing this report allows you to spot errors or fraudulent activity early. This score, typically ranging from 300 to 900 in Canada, is calculated by credit bureaus based on the information in your credit report.
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The calculation is not arbitrary; it is based on specific elements weighted by their importance. What Factors Influence Your Score Understanding the components of your RBC credit score helps you take control of your financial health.
Keep your credit card balances low relative to your limits. Maintain older credit accounts to lengthen your credit history.
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A high score indicates financial discipline and reduces the perceived risk for the bank or credit union. Payment History The most significant factor is your payment history, accounting for roughly 35% of your score.
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