Scotiabank customers can check theirs by using the CreditView from TransUnion® – accessible through the Scotiabank mobile app and through ScotiaOnline. Through this service, Scotiabank customers can check their score, learn tips to improve it and sign up for monthly updates from TransUnion®.
The Scotiabank Value Visa card is a low-interest card available to anyone with a credit score of 650 or higher.
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)
Scotiabank is pleased to offer the convenience of links to Equifax Canada, a recognized leader in the consumer and commercial credit reporting and information services industry.
The score that most Canadian lenders use is called a FICO score, previously known as the Beacon score. FICO, which is a U.S. company, sells its score to both Equifax and TransUnion. FICO says 90 per cent of Canadian lenders use it, including major banks.
PenFed Credit Union is the only loan company that uses only your Equifax credit data. In most cases, you won't be able to determine beforehand which credit bureaus your lender will use. In some cases, lenders will pull your credit report from two or even all three major credit bureaus.
In Canada, credit scores range from 300 (very poor) to 900 (excellent) with the average Canadian credit score sitting at 650. According to TransUnion, a score above 650 will likely qualify you for a standard loan, while a score under 650 will likely make it difficult for you to receive new credit.
The middle credit score is most significant when buying a house because mortgage companies ignore the highest and lowest number provided by Equifax, Experian, and TransUnion.
If you have bad credit, it can be difficult to get approved for a line of credit. When you need money, looking at lenders that offer “bad-credit” lines of credit may not be your only financing option — or even the best one. It may be worth considering other types of credit.
Tap View Transaction Limits
If your debit card was declined, you may have reached your daily transaction limit on your ScotiaCard. To view your limit: From your Accounts page, select Manage My Accounts. Go to Profile and select Manage ScotiaCard & Account Access.
Scotiabank does not currently offer a secured credit card. If you're looking for a good alternative, the Scotiabank Value No-fee Visa Card is an excellent option. The card has no annual fee, as the name implies, and a low interest rate of 17%.
Many consumers are more familiar with FICO scores, as VantageScore is a more recent development, so you may be wondering if a TransUnion credit score is accurate. TransUnion VantageScore is, in fact, accurate — based on that credit score model.
WHAT CREDIT SCORE DO YOU NEED TO GET A PERSONAL LINE OF CREDIT? Personal lines of credit are reserved for those with good and excellent credit. You'll need a score of around 670 or higher to qualify.
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.
Is TransUnion more important than Equifax? The short answer is no. Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.
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.
The credit report that Chase is most likely to pull for your credit card application is your Experian credit report. We reviewed 293 consumer-reported credit inquiries from the past 24 months and found that Chase pulls credit reports from all three major U.S. credit bureaus, but it seems to favor Experian.
The Major Credit Bureaus in Canada
In Canada, there are two major credit reporting agencies for consumers: Equifax and TransUnion. For businesses, the most popular credit reporting agency is Dun & Bradstreet.
TransUnion uses most of the same personal information that Equifax does in scoring your credit; however, TransUnion may find certain aspects of your credit history more important than Equifax does. For example, TransUnion credit reports feature a more extensive employment history section.
The scores and credit report information on Credit Karma come from TransUnion and Equifax, two of the three major credit bureaus. Credit Karma compiles its own VantageScore based on that information.