Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • May 23rd, 2018 5:28 pm
Jr. Member
Oct 23, 2013
139 posts
68 upvotes
CNeufeld wrote:
Mar 17th, 2017 11:31 am
So do you still see a missed payment or anything when you drill into that account in CreditKarma?

C
Under Koodo, I see: Worst payment status 30-59 Days Late.
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Mar 23, 2008
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Edmonton
Nyaxite wrote:
Mar 17th, 2017 11:39 am
Under Koodo, I see: Worst payment status 30-59 Days Late.
Well, there's your problem. Koodo hasn't "fixed" anything. So they're still reporting your late payment. The only entity that can remove that is Koodo, so you'll have to get in touch with them. Try to get something in writing, that you can send to TransUnion if you need to. Speak to a manager if you need to escalate.

C
Member
Mar 30, 2009
356 posts
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Toronto
amitdi wrote:
Mar 6th, 2017 1:15 pm
I asked something in ask me anything, but got nothing...Face Screaming In Fear
Unless they've changed things post TD acquisition, no to both 1 and 2. But it's probably best to ask them before doing so.
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Mar 5, 2012
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Guelph
How will going from a regular pay job to self employed affect lenders offers as far as credit limits and such, if the switch has just been made, annual income won't yet be known...
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May 15, 2013
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Montreal
Let's say that I'm a Financial Institution. What information do I get doing a hard pull from a customer credit file that I don't get with a soft pull?
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Dec 12, 2006
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iamthebest wrote:
Mar 18th, 2017 9:38 pm
Let's say that I'm a Financial Institution. What information do I get doing a hard pull from a customer credit file that I don't get with a soft pull?
Soft pulls usually include name. addresses, and possibly a credit rating of poor, good, excellent.

hard pulls, shows all credit lines and balances owing as of last months reporting, credit scores as per there agreed terms with credit agency and model paid for.
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dtm252535 wrote:
Mar 17th, 2017 7:43 pm
How will going from a regular pay job to self employed affect lenders offers as far as credit limits and such, if the switch has just been made, annual income won't yet be known...
Reality unless a loan that checks employment, etc. like a car loan or mortgage they will ask for more paper work, proof of 3 months is usually sufficient.

Credit cards, don;t verify your income or spouses just what you put on paper, They pull credit scores and work on that.

Plus credit reporting agencies( equifax/transunion ) do not use income in any calculations of credit score.
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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?
usually a bump of 100+ means collections on report, even 30,60,90,120 late do not affect score that bad.

Any other possible people you owe money to? Or have you applied for credit numerous times since.
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Mar 5, 2012
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theguyz wrote:
Mar 18th, 2017 9:56 pm
Reality unless a loan that checks employment, etc. like a car loan or mortgage they will ask for more paper work, proof of 3 months is usually sufficient.

Credit cards, don;t verify your income or spouses just what you put on paper, They pull credit scores and work on that.

Plus credit reporting agencies( equifax/transunion ) do not use income in any calculations of credit score.
I've actually had cc company ask me to verify my income before when I received a significant increase one year. And they've also seemed reluctant other times to simply accept my word on my income.

So if an individual is recently self employed, how does the cc issuer deal with income or assessing credit limit?
Member
Feb 17, 2017
493 posts
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Calgary
dtm252535 wrote:
Mar 18th, 2017 10:33 pm
I've actually had cc company ask me to verify my income before when I received a significant increase one year. And they've also seemed reluctant other times to simply accept my word on my income.

So if an individual is recently self employed, how does the cc issuer deal with income or assessing credit limit?
If you've been self employed for more than a year, I know BMO would sometimes for last years income report from the revenue agency. If you haven't filled a return, probably last 3 months bank statements.
Newbie
Dec 25, 2012
2 posts
Toronto
Hello,

Basically my score has been pretty stable for the last year, it went up to 832 in February this year (I am checking via Mogo) and suddenly in March it dropped to 657!! I couldn't believe my eyes. I didn't take any loans, in fact I paid off OSAP last month. I did apply for a new Visa from Amazon 4 days ago, but would that cause a drop by 175 points?

This is pretty shocking. What should I do? Please help.

Thank you!
Jr. Member
Oct 23, 2013
139 posts
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theguyz wrote:
Mar 18th, 2017 10:02 pm
usually a bump of 100+ means collections on report, even 30,60,90,120 late do not affect score that bad.

Any other possible people you owe money to? Or have you applied for credit numerous times since.
No, I can't think of anything. I don't have any debt or outstanding payments that I can think of, other than the small amount coming from this event (which I've paid). I've emailed Koodo to resolve the matter. The only other thing I can think of is that I had someone take over my car lease a couple years ago. As far as I'm aware, it's in good standing. Nothing else is showing from the credit report.
Newbie
Nov 3, 2010
92 posts
I currently have about 7 credit cards that are currently open and of those credit cards I would like to close 4 of those which I had opened last year in May. My question is if I close all 4 of these cc would they negatively effect my credit score. I am not using any of these cards so there is no balance on them.

How should I proceed to ensure that I don't get hit hard on my credit scores.
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xGoodwillx wrote:
Mar 20th, 2017 9:46 am
I currently have about 7 credit cards that are currently open and of those credit cards I would like to close 4 of those which I had opened last year in May. My question is if I close all 4 of these cc would they negatively effect my credit score. I am not using any of these cards so there is no balance on them.

How should I proceed to ensure that I don't get hit hard on my credit scores.

Closing cards will have an effect on credit score in 2 ways.

Since you stated these 4 cards where opened last year, these will affect your average age of credit, by only giving you a year to your calculation.

As well now your utilization will be increased as your combined credit limit will be lowered if you hold any balances currently on any card. Example all 7 cards credit = 10k, you hold balance of 5k your utilization is 50%, if you close 4 cards that have limits combined of 4 k, your balance of 5k with 6 k limit would be utilization of 83%.

Now if you keep no or low balance balance I would not worry, as score will rebound from closed cards within 3-6 months.
Newbie
Oct 24, 2016
12 posts
1 upvote
My current situation: Want to improve credit score, at least in the 700's + range.

Income: 42,500k employment income.
Credit Score: Equifax Score 692 | TransUnion Score 678
Credit: Bruised, from a BMO Master that I've had in 2010 of November. My current status is 90-119 Days Late on my Transunion report. Paid off on Feb 7, 2013, and closed account.

3 credit cards:
TD Visa Card with $2500 limit opened Nov,2010. Balance$ 2300 ( recently did a balance transfer to pay my Amex off) ( I only missed 1 payment and that was in 2011)
Capital One Mastercard $1750 limit opened Sept, 2012 Balance$0
SCOTIABANK AMEX $4400 opened Nov, 2016 ( Pre-approved when opening a chequing account with Scotiabank) Balance: $0

Line of Credit:
TD $5000 with a $0 dollar balance ( Recently applied in Feb,2017, high interest) Credit Karma is showing no reported information. Account status says closed. Maybe I should use it?

Open Accounts:
- ROGERS COMMUNICATIONS (Cable, open in Nov,2013 & closed on May,2014)
- ROGERS COMMUNICATIONS ( Wireless account open in Aug,2011 & closed on Feb,2017)
* I've got rid of my Rogers Wireless account and went to a prepaid service ( Public mobile). Reducing Monthly cost. I'm not sure if this is impacting my score as well.

Debt:
Scotia Car Loan $24,555 ( Good status, never missed a payment) (opened, OCT,2015)
OSAP student loan $12,600 ( Good status, never missed a payment) (opened, Sept,2010)

No Collections, or Public records.

Long Story short, I was young and stupid when getting a BMO credit card, and did not know anything about credit and did not pay my minimum payment. Luckily, I was able to pay it off with a tax return at that time before it turning into collections. I made the biggest mistake I made was closing the account. However, I've since then, opened the Capital One Mastercard and never missed a payment. Coming up on 5 Years in September. In about 2 years, I went from a score of 580 to 692.

I have a few questions for you:

1) I want to close my Capital One Mastercard, however, I know it's one of the longest accounts opened. Will this lower my credit score if I do?
* I pay an annual fee of $75 dollars a year and I hate it. I don't use the card much at all. There are no rewards for me and I'm not able to switch credit cards unless I do another credit application.

2) I recently applied for a line of credit, thinking it would improve my credit score? Was this a good idea? I got a very high rate, however, I only plan on using this in emergences.

3) Will getting another Mastercard help with my credit, I assume this would boost my credit utilization? The plan would be is to cancel the Capital One card and use the new Mastercard. I feel like having three credit cards is enough tho.

4) For further reference, do you know what banks give better line of credit rates or / easier approval?

5) I just did a credit application in February of this year, how long should you wait to apply for credit again? According to TransUnion, I haven't had a credit check since last year. I wonder if TD uses Equifax. Is there a difference between companies on how long you should wait?

6) Most important question, How long does it take for the BMO credit card to be removed from my credit report? For TransUnion, one of the rep told me 6 Years from the date it was paid. Is this correct? Equifax as well?

I'm planning on purchasing a house in the next 4 years or so. So this information would be great to know.

Thanks for any advice!

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