What credit bureau does BMO use?

What credit score is needed for BMO Mastercard?

#4 BMO Preferred Rate Mastercard®*

You do need a credit score of at least 650 to apply, but the low interest rate is extremely competitive for a card that is available to those with ‘only’ average credit. The card’s key features are: $20 annual fee (waived the first year)*

Do banks use Equifax or TransUnion?

While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)

Can I get a BMO credit card with bad credit?

The BMO Preferred Rate Mastercard®* is an excellent credit card to consider if you’ve bruised your credit score and are looking to repair it. … Plus, you only need a fair credit score to qualify (in the 575-649 range). However, if you’ve declared bankruptcy within the last seven years, your application will be denied.

What credit card can you get with a 640 score?

The best credit card for a 640 credit score is the Capital One Platinum Credit Card because it has a $0 annual fee and reports monthly to the three major credit bureaus. A 640 credit score is fair credit, and people with fair credit usually have high approval odds for starter credit cards such as Capital One Platinum.

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Does checking your credit lower it BMO?

Using CreditView to look at your score is a ‘soft inquiry’ and doesn’t affect your score.

Is 725 a good credit score in Canada?

Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent. … Those with credit scores below 660 may be less likely to qualify for better loan terms.

Does pre approved credit limit increase affect credit score?

However, when being pre-approved for a credit increase, your lender doesn’t perform a hard credit check, thus not affecting your credit score. This is because it’s unnecessary, as banks see your favorable behavior and already know you’re responsible enough for an increase.

Why is TransUnion higher than Equifax?

The reason that your Equifax score is lower than your TransUnion score is based on the fact that TransUnion adds personal information and employment data that is weighted into their model. The other two only report the name of your employer and do not add any weight to that fact.

Which credit bureau is most important?

In the U.S. there are several different credit bureaus, but only three that are of major national significance: Equifax, Experian, and TransUnion. This trio dominates the market for collecting, analyzing, and disbursing information about consumers in the credit markets.

Which credit bureau is the most reliable?

FICO scores are used in over 90% of lending decisions making the FICO® Basic, Advanced and Premier services the most accurate for credit score updates. All plans offer access to 28 versions of your FICO score, including scores for credit cards, mortgages and auto loans.

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