I have a rating of R1 from a major credit card.....is this good? and if so, how can I check other ratings?

Question

I just want to know what R1 and other credit ratings mean for free.

Please keep in mind that I'm canadian!

Thanks!!!

Answer 1

you can pull up your credit report on line, several services offer this. R 1 is a revolving account paid as agreed. R = revolving,
the 1 = on time or as agreed.

Answer 2

The "R" in credit rating indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates "on time", "one month late", "two months late", etc., into two-digit codes. The most common ratings are "R" ratings. These are known as North American Standard Account Ratings.

Many lenders also use credit scores to help them make lending decisions.

Not all credit reports are the same. Find out more Score Power from Equifax Canada is the only online service that provides you access to your complete credit history including your FICO credit score also known as your BEACON score with a full explanation of your credit score along with tips and tools to take an active role in understanding and improving your credit over time.

If you are involved in the rental management industry you can obtain your prospective tenant's credit report here.

R 0 - Too new to rate, approved but not used.

R 1 - Pays (or paid) within 30 days of payment due date or not over one payment past due.

R 2 - Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due.

R 3 - Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due.

R 4 - Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due.

R 5 - Account is at least 120 days overdue, but is not yet rated "9"

R 7 - Making regular payments through a special arrangement to settle debts.

R 8 - Repossession (voluntary or involuntary return of merchandise)

R 9 - Bad debt; placed for collection; moved without giving a new address.

Answer 3

"progolf" is correct. If you want to see your credit history / report call [phone] or 1-800-465-7166 (they are in Montreal). It is an automated phone service. They will send you a form to fill-in and send back. They will in-turn, send you a report (it is a free service). Have a close look at it, as they do make errors (mine had one).

Their web link is also below.