Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Dec 13th, 2017 1:25 pm
Deal Addict
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Dec 12, 2006
4094 posts
418 upvotes
Barrys Bay
Which is used for last date on equifax

Date of last activity
Date reported

I have some closed accounts from 2012 that have zero balance, that show last activity 01-12( when closed ), and some where still reported year 2015.

So will these purge on jan 18 or 2021?, months reviewed has not increased since closed.

I am assuming these trades still show and used as average age of accounts. But the date reported is telling me the companies are still reporting card activity on a closed account for some reason?
Deal Addict
Mar 5, 2012
1854 posts
127 upvotes
Guelph
This is a more general credit card question, if someone has become recently unemployed, and they update their employment status with the cc company, will they/do they ever/can they - decrease credit limit, cancel the card, make any other significant changes? Thanks!
Deal Addict
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Dec 12, 2006
4094 posts
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Barrys Bay
dtm252535 wrote:
Mar 6th, 2017 12:35 pm
This is a more general credit card question, if someone has become recently unemployed, and they update their employment status with the cc company, will they/do they ever/can they - decrease credit limit, cancel the card, make any other significant changes? Thanks!
At any time, a cc company can decrease or cancel cards if they choose to, its in there fine print.

But if you keep payments up/etc.... they will usually not touch anything unless they have reason to believe you can't make payments or are late on payments.
Deal Addict
Mar 5, 2012
1854 posts
127 upvotes
Guelph
theguyz wrote:
Mar 6th, 2017 12:48 pm
At any time, a cc company can decrease or cancel cards if they choose to, its in there fine print.

But if you keep payments up/etc.... they will usually not touch anything unless they have reason to believe you can't make payments or are late on payments.
That's what I figured. Do you speak from experience? I'm sure someone here must have been through something similar before.
Deal Addict
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Sep 19, 2013
1019 posts
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Winnipeg
amitdi wrote:
Feb 21st, 2017 10:29 pm
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?
I asked something in ask me anything, but got nothing...Face Screaming In Fear
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Mar 23, 2008
4977 posts
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Edmonton
Anyone else getting "System delay, please check back in 24 hours" from Equifax? It's been going on for a few weeks now. When I phoned in (since they have no online service options, apparently) I was told they could start a ticket for me, but it would be 3 to 5 business days to hear back. So I just cancelled.

Just wondering if I'm the only lucky winner...

C
Deal Addict
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Dec 12, 2006
4094 posts
418 upvotes
Barrys Bay
dtm252535 wrote:
Mar 6th, 2017 1:06 pm
That's what I figured. Do you speak from experience? I'm sure someone here must have been through something similar before.
I have never heard of anyone telling a cc company they are unemployed now......unless they are trying to renegotiate debt or a payment plan.
Remember cc's have minimum income to qualify, people usual call to say they got a dif job and more pay to get better cc's.

Check the forums out, usually every 1-2 weeks some posts my card limit was lowered due to not using.
Deal Addict
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Feb 19, 2014
1321 posts
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Toronto
I have had a TD First Class Credit Card for 15 years now. I barely use it because I'm using the BMO WE 2% card now. I only use the TD card when I book on Expedia for the extra points.

If I cancel my TD credit card, will that affect my credit score?

I can't afford to keep a minimum $5k in my TD All Inclusive account anymore, so that's why I will be cancelling my TD First Class card. If I move my TD First Class card to a no fee credit card, will that preserve my credit history?
Member
Sep 24, 2013
425 posts
211 upvotes
Ontario
jellytime wrote:
Mar 7th, 2017 7:25 pm
I have had a TD First Class Credit Card for 15 years now. I barely use it because I'm using the BMO WE 2% card now. I only use the TD card when I book on Expedia for the extra points.

If I cancel my TD credit card, will that affect my credit score?

I can't afford to keep a minimum $5k in my TD All Inclusive account anymore, so that's why I will be cancelling my TD First Class card. If I move my TD First Class card to a no fee credit card, will that preserve my credit history?
If you change to a different card with TD the original date that it was opened will not change, just the card number.
Newbie
Dec 31, 2013
32 posts
5 upvotes
Westchester Station
I have an account I've disputed for years that does not belong to me- it goes off my credit report for a few months after I dispute- then pops back up- according to the equifax report the date of last activity was March 2011- so it's still on the equifax report I pulled last week- so shouldn't it have purged- as it's now 6 years (I'm in Nova Scotia)??
Deal Fanatic
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Jun 22, 2004
6328 posts
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Vancouver
Ever since i signed up for Mogo several months ago and they've been sending me monthly credit score updates, my credit score has been declining. Nothing has changed. My credit card payments are set up monthly and everything is being paid on time. The only anomaly is the fact that I am using these services.

Has anyone else experienced what I have?

Edit: I just checked Borrowell and it indicates no change in my credit score. They both supposedly use Equifax.
Jr. Member
Oct 23, 2013
123 posts
61 upvotes
I had Koodo as a phone plan provider for several years and always paid on time. I moved to another company in November last year. I had a small amount to pay (~$5, that I wasn't notified about) from Koodo after the transfer and paid it off.

In February this year, Koodo calls to tell me that I still had a tab owing that I haven't paid off (~$60). I thought this had already been paid. I never received any notifications about this amount owing, unlike previous bills from Koodo. I paid it off immediately, then checked my credit score to see it went from 750 to 620. I called them to complain and they assured me that the matter would be resolved in a month. It's been well over a month now and it's still nowhere near where it should be.

Is there anything I can do, or should I even be concerned?
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Mar 23, 2008
4977 posts
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Edmonton
Nyaxite wrote:
Mar 17th, 2017 10:14 am
I had Koodo as a phone plan provider for several years and always paid on time. I moved to another company in November last year. I had a small amount to pay (~$5, that I wasn't notified about) from Koodo after the transfer and paid it off.

In February this year, Koodo calls to tell me that I still had a tab owing that I haven't paid off (~$60). I thought this had already been paid. I never received any notifications about this amount owing, unlike previous bills from Koodo. I paid it off immediately, then checked my credit score to see it went from 750 to 620. I called them to complain and they assured me that the matter would be resolved in a month. It's been well over a month now and it's still nowhere near where it should be.

Is there anything I can do, or should I even be concerned?
Did you do another check of your credit report to see if it's been taken off? Or of what else might be affecting you?

At 620, you may be adversely affected if you apply for new credit, like a mortgage, credit card, car loan, etc.

C
Jr. Member
Oct 23, 2013
123 posts
61 upvotes
CNeufeld wrote:
Mar 17th, 2017 10:52 am
Did you do another check of your credit report to see if it's been taken off? Or of what else might be affecting you?

At 620, you may be adversely affected if you apply for new credit, like a mortgage, credit card, car loan, etc.

C
I've been checking Credit Karma almost weekly since it happened. It's at 690 now, but I'd really rather it be back to where it was as I could be applying for a mortgage soon. Nothing else should be affecting it as I don't have any debts currently; though I did close a credit card a couple weeks ago that I'd been holding for several years but hasn't been used in years either.

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