Personal Finance

Is it worth it to request credit score from equifax regularly?

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  • Nov 3rd, 2014 1:18 pm
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Jr. Member
Dec 4, 2013
194 posts
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Vancouver, BC

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?
59 replies
Deal Fanatic
Mar 24, 2008
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Toronto
No, check it 6-8 months before you need to apply for credit.
Deal Expert
Aug 22, 2011
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Poor4Life wrote: 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?
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!
If you want to be proactive, ordering a report once a year is not overly expensive!
Deal Addict
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Jan 2, 2012
4596 posts
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Poor4Life wrote: even if i have never shopped at Home Depot?
Doesn't matter, anyone can call and request a code. They don't even ask if you've shopped there.
Deal Expert
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Nov 15, 2004
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Report yes, score no. You're legally entitled to a free report (without score) every year, and that will show any anomalies you may not be aware of. It's a good way to watch for identity theft, so no reason not to do it.
Jr. Member
Dec 4, 2013
194 posts
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Vancouver, BC
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?
Deal Fanatic
Mar 24, 2008
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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?
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?
Deal Fanatic
Mar 24, 2008
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Poor4Life wrote: Well I am 24 years old
Get different types of credit products and let time do it's thing. No one had a 810 score at 24 years of age.
Jr. Member
Dec 4, 2013
194 posts
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Vancouver, BC
do banks charge fee for line of credit?
Deal Fanatic
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Jun 3, 2006
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ksgill wrote: 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?
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).
Deal Fanatic
Jan 21, 2014
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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).
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?
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Mar 24, 2008
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mkl38s wrote: 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?
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.
Banned
Sep 10, 2014
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Poor4Life wrote: Well I am 24 years old
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.
Deal Fanatic
Mar 24, 2008
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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.
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!
Banned
Sep 10, 2014
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ksgill wrote: 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!
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.
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Apr 16, 2007
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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.
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.
With this said it is highly unlikely any late teens can achieve high 800 score range because there just isn't enough time to build an adequate credit product profile portfolio.(aged and matured trades including both key qualifying credit products, revolving and instalment)
This has nothing to do with age-of-majority as ago-of-majority can and may pertain to different and various protocols and directives(ie: age specific permissions).
The age of 18 is specifically dictated by Canada's contractual law which states one must be at least 18 years old to sign contracts or legal documents.
Our app systems both auto and manual inputs will not permit any DOB input to be entered that is less than 18.

On a side note, we have seen plenty of new immigrants as first time credit applicants. They can range from early 20's as student to 40-50's+, as parents of students or whatever. They too will have to put in the years of credit experience to obtain high 800 score values.
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