Is it worth it to request credit score from equifax regularly?
I don't plan on buying a house until like 3 more years, I always pay my credit card on time. Is it really worth it to request credit score from Equifax like on an annual basis?
Oct 23rd, 2014 2:04 pm
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Oct 23rd, 2014 2:18 pm
A credit report not only shows your credit score, but also provides info on credit utilization, soft/hard checks being performed by FI and also a way to identify ID theft!
Oct 23rd, 2014 2:23 pm
even if i have never shopped at Home Depot?rob444 wrote: ↑In the meantime, just sign up for 1 year of free credit access with Equifax using the promo code from Home Depot: free-equifax-monitoring-1-yr-result-hom ... h-1550489/
Oct 23rd, 2014 2:29 pm
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Oct 23rd, 2014 2:58 pm
Length of credit history matters as well as types of credit. Perhaps you should get rid of a couple of cards that you don't use and get a Line of credit from one of the banks in addition to the 3 cards you use the most?Poor4Life wrote: ↑I just signed up through the Home Depot promo code... My credit score is only 722... I dont get it, I always pay bills on time, and I currently have 5 credit cards. But I only use 1, the other 4 credit cards are inactive. I think that sometimes I use my credit card up until the credit limit (but not over!)... What should I do to improve it now?
Oct 23rd, 2014 3:04 pm
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Basically what I did, my score went from 702 to 725. Cancelled those cards with zero balance except the oldest one, and got an LOC which I will never use (as an LOC).
Oct 23rd, 2014 3:25 pm
Oct 23rd, 2014 3:32 pm
I am confused, I thought LOC will increase your liability and hence decrease your ability to borrow. You will get a high score (better rate) but won't be able to borrow as much?ToniCipriani wrote: ↑Basically what I did, my score went from 702 to 725. Cancelled those cards with zero balance except the oldest one, and got an LOC which I will never use (as an LOC).
Oct 23rd, 2014 3:36 pm
He also cancelled credit cards with $0 balance. Let's say you have two cards that you hardly use ($0 balance) with credit limit of $5000. If you cancel those and open a line of credit with $5000 limit, your liability is unchanged.
Oct 23rd, 2014 3:37 pm
Oct 23rd, 2014 3:42 pm
How so? Can you expect a 19 year old to have 850 credit score? Your age is directly correlated to how long you've potentially used credit for, which directly affects your credit score!lovefreemoney wrote: ↑Your age is irrelevant when it comes to your credit profile. How long have you had credit in your name? The LOC is a good idea, but you may also want to consider perhaps an RRSP loan, or other type of installment loan, like an auto loan.
Oct 23rd, 2014 4:09 pm
For all we know, he could have got his first credit product 2 years ago, or 6 years ago when he turned age of majority. Big difference in the two scenerios.
Oct 23rd, 2014 5:26 pm
18 years of age is the minimum age to apply for, obtain, qualify and be granted most if not all forms of credit that will be and is mandatory to be reported to either one of our national credit bureaus.lovefreemoney wrote: ↑For all we know, he could have got his first credit product 2 years ago, or 6 years ago when he turned age of majority. Big difference in the two scenerios.
On another note, one could be just starting out with credit at 30 years old, and have a very low score because of it. So yes, age is totally irrelevant when it comes to your credit profile. As is your income.