The person who wants to check their score, has applied for a mortgage and got an awful rate of over 4% for a 2 yr fixed. He wants to know whether his score is that bad and if the broker is trying to screw him or not. He himself told the broker about a debt regarding a rental place he lived in prior to getting his mortgage and when he ordered equifax report he did not see that debt or collections agency on the report.mikeymike1 wrote: ↑Which product should you buy?? none of them!
The worst thing the industry ever did was to make bureau reporting available to the public which has turned many people into score obsessed zombies.
Service your credit products on time and all else takes care of itself.
analogy:
A drivers abstract is a reported tool used to measure risk when evaluating and determining premiums. People are not obsessed with obtaining their own drivers abstracts or knowing how they score in regards to their auto insurance.
Drive carefully and all else takes care of itself.
Ask me about Credit Scores
- Last Updated:
- Mar 26th, 2024 1:13 pm
Tags:
- SCORE+45
- masoud100
- Deal Addict
- Nov 26, 2011
- 2184 posts
- 252 upvotes
- Ottawa
- mmikeman
- Deal Addict
- Feb 17, 2015
- 1143 posts
- 454 upvotes
- Windsor, ON
Here is my situation, my equifax score is 685, my TU is only 590 (there is a bankruptcy from 6 1/2 years ago on this one), I have 3 1/2 years of solid credit history with 3-4 credit cards constantly open no missed payments/late payments and my utilization is always around 30-40% the very most, I got approved for a mortgage 6 months ago within days as well when they thankfully only checked my equifax... I have been monitoring both my credit reports for the last 2 years eager to build up my score to get one of those *premium CC's w/high cashback since my income sits around 46K with very little expenses, noticed my EQ has pretty much remained 680-710 even w/the bankruptcy on it before even after it purged my score still didn't go up or down really.....there is also 15 inquiries on my equifax last 3 years and only 9 on my TU, will the TU score go up likely once the BK purges soon? I checked the TU report in detail and they seem to still show some accounts from the BK that say "secured closed at consumer request" but it seems the credit bureau must be more strict than equifax maybe? What I am fearing is maybe even after the BK purges from TU the score will basically remain the same as like I mentioned I watched the equifax report from the day the BK purged for 3 months after that and saw no increase in score despite the bankruptcy not showing on there
- radumus
- Newbie
- Apr 17, 2013
- 20 posts
- 1 upvote
Hi @dealwhere
I've run into some issues getting denied for credit cards or having them call and confirm my identity or place of employment this year.
AMEX told me it's due to your credit report having a note about potential stolen ID. Which was to my recollection maybe 7 years ago, I don't remember if I actually reported it to the credit agencies though. I lost my wallet over 10 years ago however is it possible it's related to that. I called Equifax and Trans Union and they were unhelpful unable to give me any info. Maybe I didn't speak to the right person or ask the right questions.
My credit score should be really high as far as I remember last time I checked around 750. However, I did close out very old credit cards which I shouldn't have as they affect my longevity.
Just looking for some advice. Cheers!
I've run into some issues getting denied for credit cards or having them call and confirm my identity or place of employment this year.
AMEX told me it's due to your credit report having a note about potential stolen ID. Which was to my recollection maybe 7 years ago, I don't remember if I actually reported it to the credit agencies though. I lost my wallet over 10 years ago however is it possible it's related to that. I called Equifax and Trans Union and they were unhelpful unable to give me any info. Maybe I didn't speak to the right person or ask the right questions.
My credit score should be really high as far as I remember last time I checked around 750. However, I did close out very old credit cards which I shouldn't have as they affect my longevity.
Just looking for some advice. Cheers!
- ahato
- Deal Addict
- Sep 24, 2010
- 1921 posts
- 214 upvotes
I asked my cc company to send cc at my office address, so they reported the change in address to Equifax. Now it's the office address on my credit report. Even though I fixed it with the credit card company, it is still the same at credit report. Who should I call to get it fixed ? Are they able to remove the change from the system at all?
- mikeymike1
- Deal Fanatic
- Apr 16, 2007
- 8134 posts
- 3485 upvotes
- Financial District B…
Did you actually advise your card issuer that the address change was your place of employment or just give them a new address to change?ahato wrote: ↑I asked my cc company to send cc at my office address, so they reported the change in address to Equifax. Now it's the office address on my credit report. Even though I fixed it with the credit card company, it is still the same at credit report. Who should I call to get it fixed ? Are they able to remove the change from the system at all?
If you did advise it was your employment address they should not have agreed to change it. Of course policy from one card issuer to another varies but in general almost all won't.(internal skip policy)
Some employers(larger corps) won't even allow employed personnel to use their business address for personal use such as a mailing junction point.
FYI, any address other than place of residence may and can cause lender alerts, probable suspicions, denile for credit actions in the future.
The reason why I'm stating all this is because individuals who attempt to commit fraud by app submission almost always submit an address that is at a business location and/or a P.O box location. Many P.O.boxes will display as normal looking addresses vs notating "P.O."
The address may change post next reporting cycle update by that card issuer. Even though the card issuer changed it at billing and customer service division the reporting division is totally different and requires other procedure to process. The change is not instant so wait and watch.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP
forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
- originalnutta
- Deal Guru
- Jan 2, 2006
- 12227 posts
- 157 upvotes
I just had to pull my credit score with Equifax for a rental property and it's currently at 679. I know it was higher a few months ago. But I closed my amex card and have been living off my lone Visa CC while travelling in Asia.
Would getting another CC help raise my score?
I am paying off the debt I accumulated while travelling. So there's no missed payments.
Would getting another CC help raise my score?
I am paying off the debt I accumulated while travelling. So there's no missed payments.
WTB: A Dance With Dragons from A Song of Ice and Fire
- rsang39
- Deal Addict
- Feb 24, 2014
- 1188 posts
- 528 upvotes
Getting a new card would result in a hard pull and lower your score, albeit temporarily, but the increased debt to credit ratio would help raise it. Sometimes the banks call you telling you that you pre-qualify for an increase credit limit or LOC with no credit check. Those can also be ways of increasing it. Ultimately it's all about time and good payments.originalnutta wrote: ↑I just had to pull my credit score with Equifax for a rental property and it's currently at 679. I know it was higher a few months ago. But I closed my amex card and have been living off my lone Visa CC while travelling in Asia.
Would getting another CC help raise my score?
I am paying off the debt I accumulated while travelling. So there's no missed payments.
- Leasiderin
- Member
- May 8, 2015
- 460 posts
- 259 upvotes
- East York, ON
How often do the credit card companies report to Equifax on the secured cards utilization?
- headabovewater
- Newbie
- Oct 28, 2004
- 82 posts
- 11 upvotes
- Ontario
Same as a regular cards. Monthly a few days after your statement has been issued.Leasiderin wrote: ↑How often do the credit card companies report to Equifax on the secured cards utilization?
- rj2wells
- Deal Addict
- Jan 24, 2015
- 1021 posts
- 310 upvotes
- Canadian in USA
People these days want transparency. The clock hands won't be dialed back to the days when people trusted banks to make sound decisions. We expect to be able to audit those decisions now.mikeymike1 wrote: ↑ The worst thing the industry ever did was to make bureau reporting available to the public
The financial industry has a history of predatory practices, from insurance, to investing, to lending--in the days when terms were secret and financial products were opaque it was NEVER done in a way that benefited the customer.
Credit reports help people understand where they stand and that helps them make better decisions when comparing the offers they get. It is in the consumer interest knowing "If I wait another year that derogatory information will be gone and I will save a ton of money", and in the banks interest to hide that fact to get a sale today at a *****ty rate.
It would be like asking you to go shopping for car insurance without being allowed to see your own driving record.
"Just trust us" - hell no.
- McMannis
- Newbie
- Feb 24, 2016
- 6 posts
Hi,
I'm not clear the impact to future lenders ( if I want to get a mortgage) of having PIF vs SIF?
I assume PIF is better than SIF ?
Can you ever negotiate with a creditor to reflect the trade line as PIF even if you negotiate for a lower amount than they're asking?
I also read Mark Silverthorn's book and he suggest if the debt is old, ie statue barred, and falls of your report, for all intents and purposes it doesn't exist to future lenders who can't see it on your report, therefore he suggests "waiting it out".
I have several unpaid unsecured debts that are 4-8 years old. I have one coming up on the 6 year mark, for a significant amount of money. Better to wait this one out? I'm concerned bout practical considerations not moral obligations.
Thanks
I'm not clear the impact to future lenders ( if I want to get a mortgage) of having PIF vs SIF?
I assume PIF is better than SIF ?
Can you ever negotiate with a creditor to reflect the trade line as PIF even if you negotiate for a lower amount than they're asking?
I also read Mark Silverthorn's book and he suggest if the debt is old, ie statue barred, and falls of your report, for all intents and purposes it doesn't exist to future lenders who can't see it on your report, therefore he suggests "waiting it out".
I have several unpaid unsecured debts that are 4-8 years old. I have one coming up on the 6 year mark, for a significant amount of money. Better to wait this one out? I'm concerned bout practical considerations not moral obligations.
Thanks
- headabovewater
- Newbie
- Oct 28, 2004
- 82 posts
- 11 upvotes
- Ontario
Whatever damage was going to be done by the almost 6 year old debt has been done. If you are waiting until after this one falls off before seeking new types of credit than paying it off won't really help your credit score today. Paying it off may help you secure credit before the falling off date.McMannis wrote: ↑Hi,
I'm not clear the impact to future lenders ( if I want to get a mortgage) of having PIF vs SIF?
I assume PIF is better than SIF ?
Can you ever negotiate with a creditor to reflect the trade line as PIF even if you negotiate for a lower amount than they're asking?
I also read Mark Silverthorn's book and he suggest if the debt is old, ie statue barred, and falls of your report, for all intents and purposes it doesn't exist to future lenders who can't see it on your report, therefore he suggests "waiting it out".
I have several unpaid unsecured debts that are 4-8 years old. I have one coming up on the 6 year mark, for a significant amount of money. Better to wait this one out? I'm concerned bout practical considerations not moral obligations.
Thanks
- Seks
- Deal Addict
- Oct 19, 2007
- 2568 posts
- 1094 upvotes
My credit score dropped from 804 (Feb 1) to 773 (today Mar 1)
The only things I can think of that impacted my score were:
1.
Other
# of Open Accounts 2
Balance $874
Total Credit Limit $941
Utilization 93%
2.
Credit Inquiries to the File
The following inquiries were generated because the listed company requested a copy of your credit report. An Inquiry made by a Creditor will automatically purge three (3) years from the date of the inquiry. The system will keep a minimum of five (5) inquiries.
2016-02-08 CIBC CLIENT ASSESSME (800)465-2422
Thoughts?
The only things I can think of that impacted my score were:
1.
Other
# of Open Accounts 2
Balance $874
Total Credit Limit $941
Utilization 93%
2.
Credit Inquiries to the File
The following inquiries were generated because the listed company requested a copy of your credit report. An Inquiry made by a Creditor will automatically purge three (3) years from the date of the inquiry. The system will keep a minimum of five (5) inquiries.
2016-02-08 CIBC CLIENT ASSESSME (800)465-2422
Thoughts?
- headabovewater
- Newbie
- Oct 28, 2004
- 82 posts
- 11 upvotes
- Ontario
Whatever type of accounts are these. 941 total credit limit is an odd #Seks wrote: ↑My credit score dropped from 804 (Feb 1) to 773 (today Mar 1)
The only things I can think of that impacted my score were:
1.
Other
# of Open Accounts 2
Balance $874
Total Credit Limit $941
Utilization 93%
2.
Credit Inquiries to the File
The following inquiries were generated because the listed company requested a copy of your credit report. An Inquiry made by a Creditor will automatically purge three (3) years from the date of the inquiry. The system will keep a minimum of five (5) inquiries.
2016-02-08 CIBC CLIENT ASSESSME (800)465-2422
Thoughts?
- Seks
- Deal Addict
- Oct 19, 2007
- 2568 posts
- 1094 upvotes
These are them:headabovewater wrote: ↑Whatever type of accounts are these. 941 total credit limit is an odd #
AMERICAN EXPRESS
Phone Number: (800)668-6500
High Credit/Credit Limit: $782.00
Account Number:
Payment Amount: Not Available
Association to Account:
Individual Balance: $779.00
Type of Account: Open
Past Due: $0.00
Date Opened: 2016-01
Date of Last Activity:
Status: Paid as agreed and up to date
Date Reported: 2016-02
Months Reviewed: 01
Payment History:
No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Monthly payments
TELUS MOBILITY
Phone Number: (800)777-1888
High Credit/Credit Limit: $159.00
Account Number:
Payment Amount: Not Available
Association to Account:
Individual Balance: $95.00
Type of Account: Open
Past Due: $0.00
Date Opened: 2004-12
Date of Last Activity: 2016-01
Status: Paid as agreed and up to date
Date Reported: 2016-01
Months Reviewed: 40
Payment History:
No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Monthly payments
- headabovewater
- Newbie
- Oct 28, 2004
- 82 posts
- 11 upvotes
- Ontario
Someone else may have a more up to date response. It may be because the Amex is not reporting your credit card limit. Therefore it will show what your balance was as a high credit amount basically give Ingram you a 100% utilization. The cellphone company gave you a high credit amount larger than what your bill was for the month lowering overall utilization.Seks wrote: ↑My credit score dropped from 804 (Feb 1) to 773 (today Mar 1)
The only things I can think of that impacted my score were:
1.
Other
# of Open Accounts 2
Balance $874
Total Credit Limit $941
Utilization 93%
2.
Credit Inquiries to the File
The following inquiries were generated because the listed company requested a copy of your credit report. An Inquiry made by a Creditor will automatically purge three (3) years from the date of the inquiry. The system will keep a minimum of five (5) inquiries.
2016-02-08 CIBC CLIENT ASSESSME (800)465-2422
Thoughts?
I am not an expert on Amex cards. Someone else may know.
Or it could be a combination of a credit check and a 93% utilization.
- headabovewater
- Newbie
- Oct 28, 2004
- 82 posts
- 11 upvotes
- Ontario
Telus should not be having any impact.
- Troydabes
- Deal Addict
- Aug 9, 2013
- 3352 posts
- 874 upvotes
- Toronto
I had the same thing happened to me last year when I closed my account to Bell and went to another one. I was around 780 score and just suddenly went down to 720 after I closed my account with Bell. I never had any late payment with them. F*cking Bell
- justme999
- Newbie
- Jul 29, 2015
- 48 posts
- 24 upvotes
- Toronto, ON
I have a 605 EQ score, I have been working on increasing it and have made significant improvements over the last few months. I have on secured CC and one unsecured. I am applying for a mortgage soon and have approx 25% down, what are my chances of qualifying? TIA
- Altera
- Deal Addict
- Jan 16, 2016
- 1477 posts
- 1139 upvotes
- Hamilton, ON
TD Canada Trust made a credit inquiry on my file (not a credit pull) about 20 days after I opened a checking account with them for the $300 promo they had going on.
I specifically told the agent opening my account I strictly decline any and all credit checks, and decline overdraft. She complied.
Why is there now an inquiry on my file? Any explanations/reasoning before I go and get an explanation at the bank from a sr. bank manager? Been with RBC for years and never have they checked, not even at opening.
I specifically told the agent opening my account I strictly decline any and all credit checks, and decline overdraft. She complied.
Why is there now an inquiry on my file? Any explanations/reasoning before I go and get an explanation at the bank from a sr. bank manager? Been with RBC for years and never have they checked, not even at opening.