Like many large financial institutions, Desjardins now gives us access to our credit score with a simple click.
Credit score on the AccèsD portal interface
At the age of 6, I opened my first school bank account. Every Monday at school, we deposited our little loot at the “Caisse Pop”, as the Desjardins Group was once called.
Over the next sixty years or so, I used several services of this Quebec institution. Insurance, investments, credit cards, car loans and more. They appear when I open the AccèsD portal interface.
Where can I find my credit score?
Recently, it has also become possible to check our credit score. It’s easy (and convenient when you regularly sign up for the best credit card offers on the market).
The option opens on the right side of the screen on the computer and at the bottom on our cell phone.
What is the purpose of the credit score?
The credit score is used primarily by lending institutions, such as banks, but also by car manufacturers and telephone networks, for example. They want to ensure that we are trustworthy in our ability to return the money we ask them to lend us for the purchase of services or goods. Our solvency, you know. Thus, it is best for us to take care of it.
Institutions will therefore check our credit score before granting the amount requested. However, these lenders also have access to a much more accurate file. In addition, they rely on other factors before making a decision.
And what do we find on this credit report?
What does the credit score show?
A score and its factors
First, a number.
On a scale of 300 to 900, the report tells us where we stand in the eyes of lenders. The higher, the better. Let’s just say that below 700, it’s best to work on getting it back up before applying for credit.
Also, on the same chart, we are told what factors are affecting our low score. And which we can sometimes work on to see it increase. For example, late payments, multiple recently opened accounts or inquiries from lending companies.
Then there is a graph. The history of our monthly score. If, for example, a new bank account is opened, the score will fall and then rise again the following month. Unless, of course, something else happens to prevent it.
If you want to know how credit scores are calculated in Canada, this article is for you. At the same time, it should be noted that the criteria do not have the same impact on the fluctuations of our credit score. Defaulting on a payment does more damage than an inquiry about a new account.
Inquiries and accounts
Lenders can see:
- all the institutions that have gone to check our credit report over time to make a decision before granting us a loan or not. This is what causes a “hit” on the score and brings it down, at least momentarily.
- all accounts opened and closed in our credit history. Credit cards, charge cards, car loans, mortgage, etc. They can also find out if there have been any defaults through this history and if the account has been closed at the request of the customer… or the institution.
Then we find on our file a credit score simulator. By varying the options, we can see the impact on the score.
In the example shown, adding a new credit card with a $5,000 limit would lower the score from 814 to 805. But it would only be temporary.
Our information and archives
Let’s take the time to check out what is written in this chapter. Good address, date of birth and real job history? A mistake on the person could cause us problems, or even cause us to be denied credit. We will have to deal directly with Transunion if there is an error in the file.
Finally, if in the past we have gone bankrupt or needed debt consolidation, we will find it here in the archives. The fact will interest the lender.
Desjardins has recently done like other financial institutions so that customers can access their credit file and score on their portal.
This increases the member’s financial literacy on the one hand.
Then, it encourages the customer to take responsibility and to better understand the favourable behaviours that underlie the acceptance of his credit applications. These are necessary to achieve its objectives and projects.