Personal Finance

Ask me about Credit Scores

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Deal Guru
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Aug 8, 2012
10106 posts
3713 upvotes
BC
13inches wrote:
Nov 28th, 2016 1:41 pm
Any ideas why I can't get a TransUnion credit disclosure report online? It keeps telling me there is an authentication error, I have tried my current address (been here for 9 years) and previous one.
Because these guys (TU, Equifax) make their systems horribly inconsistent on purpose because the government just mandates they provide a free way to do it, not that it doesn't suck so bad it makes people fork over $16/mo to pay for what you can get free :)

If you call in it usually works (after 2 or 5 tries).

If not, they may have some of your data wrong, like a typo in your birthday or something.
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Newbie
User avatar
Apr 24, 2016
96 posts
26 upvotes
13inches wrote:
Nov 28th, 2016 1:41 pm
Any ideas why I can't get a TransUnion credit disclosure report online? It keeps telling me there is an authentication error, I have tried my current address (been here for 9 years) and previous one.
In my case I was using a city name after an amalgamation. TU had the old city name on file so it would not authenticate me.
Jr. Member
User avatar
Nov 13, 2016
101 posts
22 upvotes
Montreal
Thanks for this great thread.

My timeline till now

-Landed in Canada - End of Aug 2016
-Applied for a Amex PRG through Global transfer from UK, it got delayed as I never had any Canadian ID's for verification. But the transunion report shows a credit check by Amex on Sept 4th (I thought Global transfer never involved a credit check)
- First credit card - TD Aeroplan platinum (2000 $ limit) - had applied for Infinite but got rejected - Sept 20th, 2016
- Second CC - Tangerine MC - 8000 $ limit (mid Oct, 2016)
- Amex PRG got approved (1st week of Nov, 2016) - spend limit checker hints of 15K purchase power.

Salary - 75K, but my employment is not listed on my TU credit file. - can someone help me understand why it's never listed ?
No debts / other line of credit / mortgage / loans.
Current credit score - 605 (TU) , 647 (EQ) - checked yesterday

Also my Tangerine CC is not listed in my credit file despite one statement cycle is over, I called up Tangerine and they told it may take around 3+ month's for Credit Unions to update the info - Is this true ?

I would like to apply for Chase Marriot Visa and PC Financial MC World Elite immediately to avail the promotions and Scotia Amex Gold in Jan - is it a very aggressive idea ? Also prefer to upgrade my TD Aeroplan to Infinite - i believe it will not have a credit hit as its an internal upgrade.

Any suggestions on how to plan the applications to have them approved ? Also to maintain a stable Credit score.
I spent and earn with Public Mobile, Koodo, Fido, AmEx etc | Sharing is Caring ;)
Sr. Member
User avatar
Mar 9, 2012
559 posts
179 upvotes
rfdjugaad wrote:
Dec 1st, 2016 12:27 am
Thanks for this great thread.

My timeline till now

-Landed in Canada - End of Aug 2016
-Applied for a Amex PRG through Global transfer from UK, it got delayed as I never had any Canadian ID's for verification. But the transunion report shows a credit check by Amex on Sept 4th (I thought Global transfer never involved a credit check)
- First credit card - TD Aeroplan platinum (2000 $ limit) - had applied for Infinite but got rejected - Sept 20th, 2016
- Second CC - Tangerine MC - 8000 $ limit (mid Oct, 2016)
- Amex PRG got approved (1st week of Nov, 2016) - spend limit checker hints of 15K purchase power.

Salary - 75K, but my employment is not listed on my TU credit file. - can someone help me understand why it's never listed ?
No debts / other line of credit / mortgage / loans.
Current credit score - 605 (TU) , 647 (EQ) - checked yesterday

Also my Tangerine CC is not listed in my credit file despite one statement cycle is over, I called up Tangerine and they told it may take around 3+ month's for Credit Unions to update the info - Is this true ?

I would like to apply for Chase Marriot Visa and PC Financial MC World Elite immediately to avail the promotions and Scotia Amex Gold in Jan - is it a very aggressive idea ? Also prefer to upgrade my TD Aeroplan to Infinite - i believe it will not have a credit hit as its an internal upgrade.

Any suggestions on how to plan the applications to have them approved ? Also to maintain a stable Credit score.

Try to limit your amount of credit check to a maximum 3-4 per year. You already did 3 checks this year, the credit history is weak, it's only been a few months....
I would probably recommend you to wait about 18 months before anymore credit application so that lenders can see a full 24 months of payment history each of your trade lines.
Jr. Member
Apr 29, 2016
167 posts
42 upvotes
I have 2 credit cards I opened in 2014. One with a $1000 limit and the second with $1500. If I cancel the $1000 limit card, is my credit score going to tank?
Deal Addict
Dec 12, 2009
2203 posts
675 upvotes
Toronto
I'm looking at signing up for a wireless data plan.
fido-3gb-lte-data-plan-15-mo-back-flami ... t-2061446/
I don't have any wireless on my reports to date. I understand I will take a temporary hit for the credit check. Will getting wireless add to the diversity of my credit products and ultimately raise my score?
Penalty Box
Aug 2, 2010
10797 posts
2098 upvotes
I have $110K CAD total credit on 8 Canadian credit cards, the oldest of which is has a $40K limit and 25 year history. However, when the 0%-interest 1% fee balance transfer offers are available I take advantage of them to invest in inventory for my e-commerce business as it's much cheaper than borrowing on my HELOC so I might get be anywhere from and additional $20K-$40K utilization (but once was at $73K more) for 9 months to a year. I have noticed my credit score going down ever since I starting using these 0%-interest credit card loans but I guess that makes sense because it's much higher utilization, right?

1 is a grandfathered no-fee for 12-1/2 years ($20/yr after that) Capital One Aspire Travel 2% cash back card that I use for all CAD purchases.

2 are no-fee Amazon VISA & Rogers MC. I make a lot of foreign purchases so I got the Amazon VISA because there is no 2.5% forex fee on US purchases yet 1% cash back (2% on Amazon purchases). But then I got the Rogers card because it was initially no 2.5% forex but now they do charge it but it is still better than the Amazon VISA as you get 4% cash back on foreign purchases so the net is 1.5%.

3 are no-fee MBNA Platinum Plus MC, CIBC Dividend VISA and AMEX Simply Cash. I keep them alive because they are always showering me with 0% interest offers.

1 of the card is a grandfathered no-fee Capital One Aspire Cash card but it is only 1.5% cash back so I never use it but keep it alive as it has a $15K limit and the 1.5% is no longer offered so it's good to keep alive in case one of the other cards is changed to go below 1.5%.

The last card is a Commercial Home Depot Card that I use for my contracting/interior design business that gives me 5% off at Home Depot (3% better than using my Capital One Aspire Travel).

However, I recently got an AMEX card issued by AMEX US with an $8K USD limit and a VISA card issued by RBC US with a $15K USD limit as I want to build a US credit rating with my ultimate goal to get the no-fee Citi Bank Double Cash MC which provide 2% cash back plus many other travel and insurance benefits.

I pay all my credit cards off when due and have never made a late payment. I typically charge about $10K to my Canadian credit cards each month so I have a low utilization when I am not taking advantage of these 0% interest offers. I churn other cards for the sign-up bonuses if they are free for the first year and then cancel them after 6 months, rinse and repeat.

So my question is, should I close my Amazon VISA now that I have the Rogers MC which gives me more cash back on foreign purchases and then should I close the Rogers MC when I get the Citi Bank Double Cash MC which will give me more cash back on foreign purchases than the Rogers MC? Or, should I keep the Amazon VISA and Rogers MC alive as that will make my utilization lower?
Newbie
Dec 5, 2016
8 posts
3 upvotes
I signed up for Credit Karma and just took a good look through my TransUnion credit report. Everything looks good except for a few items:

1. A super low limit BMO M/C that I had as a university student back in the late 90s still appears to be open AND appears to still be reporting a $0 monthly balance since 1999. Should I attempt to close this account or leave it be as it will help my credit score with regards to the average age of accounts?

2. A super low limit CIBC VISA that I had a university student back in the late 90s still appears to be open BUT LAST REPORTED IN DECEMBER OF 2002. Should I close this account or is there any benefit of having it still open (but not reporting)?

3. A $3500-limit Future Shop credit card I opened in the early 2000s still appears to be open BUT LAST REPORTED IN DECEMBER OF 2001. Should I close this account or is there any benefit of having it still open (but not reporting)? I am not sure how I would even go about getting this account closed (if I should) since Future Shop no longer exists (would I contact TransUnion about this one?)

Any input you could give would be greatly appreciated...thanks in advance!!! :-)
Newbie
Jun 14, 2016
42 posts
32 upvotes
How long does an instalment loan need to be open before it will help my credit score?

My credit is recovering from a consumer proposal.

Four months ago I borrowed $5,500 from TD Auto Finance at 21.5% Interest. The loan was for 18 months, so there are 14 months remaining. The balance is $4,578. Payments are $175.94 biweekly. I have the ability to pay some of it off early. If I put down a lump sum of $1500 now, it will reduce the remaining term to 9 months and reduce the remaining total interest payable from $583 to $254.

Is 1 year really the optimal amount of time for the loan to help my credit score? When I got the loan, the finance manager at the car lot told me I should wait at least one year to pay it off. Is there any basis to his advice?
Newbie
Dec 17, 2016
3 posts
Hi there - I'm hoping to have any guidance on a troubling credit situation.

At the start of the month, I had a TU score of 805. At that time, I made the decision to open a Chase Visa card. I was approved for this card at the low limit of $2000. Upon arroval, I noticed that my score dropped to 775. A week later, it dropped to 750 (important to note that I didn't make any further changes to my credit situation during this time.)

I made charges on the card equalling $1900 - very high considering the card's low limit. These charges were paid off the same week they were placed on the card.

I received a notice today that my credit score at TU had changed once again. To my dismay, it has dropped to 730.

Dropping from 805 ----> 730 in a month over a single visa card seems quite drastic. It had taken me years to get to 805, and I fear more drops. Is this to be expected? Will things settle back out and rise, or have I made a grave mistake? I have a total of 4 credit cards (including the chase card), and also hold a cell phone account that shows up on my profile. None have balances reporting.

Thank you to anyone who can provide guidance.
Jr. Member
Jul 20, 2014
110 posts
17 upvotes
Scarborough, ON
hello credit gurus
on my equifax someone with a similar name or i might even be a victim of identity fraud opened up a fido and rogers account and those two things are now in collections, i called equifax and they said they will open an investigation that will take 10-15 days

the name on my equifax is 'aka' they swap my middle and first name around with XX ending and they used 2 addresses i've never lived in.
Regarding the fido account i have been with fido for 9 years and i've never received a call from fido regarding the charge because it doesn't belong to me yet it shows up on my equifax
and regarding the rogers i've had the same account number from rogers for 10 years and also never received a call from them because it doesn't belong to me

my question is how do i go on if equifax doesn't do anything to clear this for me, i have a mortgage coming up in june and i had no idea this was on my credit reports i have these cbv collections harassing me everyday and thats how i ended up paying for a equifax account
it's been close to 15 days and nothing has changed on my credit report on equifax
any help is appreciated and if you are a lawyer and can help i would pay you for your time and help, posting here and giving me a private message is ok

thanks guys
Jr. Member
User avatar
Feb 28, 2005
170 posts
10 upvotes
Etobicoke
I had the Citi Gold Plus card that became CIBC Dividend One since the 1990s.
I received the new Visa version several months ago but never activated it. as the new benefits are inferior to my other mostly MC cards
I got a statement last week which in the small print stated that due to lack of use they were going to reduce my credit limit from around $10k to $500 in a couple of weeks.
Now I am interested in suggestions as to what to do to limit any credit score implications. This was by far my oldest card and highest limit. (My sears card ended recently which was the second oldest). Including this one I now have 5 cards. TU score last was 800+
Is letting them reduce the credit limit more negative than cancelling the card?
Or should I just activate the card, use it a few times & try to get them to keep the current limits?
Any advice greatly appreciated. Thx.
Member
Nov 1, 2010
389 posts
49 upvotes
Regarding usage ratio and irrespective of rates, would there be a difference between a balance on a LOC rather than a balance transfer to a MBNA credit card?

Thanks
Sr. Member
User avatar
Sep 19, 2013
791 posts
194 upvotes
Winnipeg
If I call MBNA (or any other company) and get my credit card converted from one type to another -

note that - i have excellent credit history with this card, so much that they have increased my limit several times by themselves.

1) will i get a hard inquiry on my file?
2) will the start date get reset? this is my oldest card and i would like to keep the start date intact.

OR just applying for the new card is a better way to go about it?

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