Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Aug 17th, 2017 1:37 am
Deal Addict
Dec 12, 2009
2206 posts
675 upvotes
Toronto
krs wrote:
Jul 27th, 2017 4:44 pm
The way I see it - if I close it my ratio of credit used would go up a fair bit which would affect my score negatively
But if I leave it active it would affect the maximum mortgagr I could get.
You could take the middle road. Lower the limit on the card which keeps the length of activity the same.
You will have to figure out the amount if your mortgage is that close. Try some of the mortgage calculators to see how the numbers play out. And tinker with the numbers to calculate your debt ratios.
Deal Addict
Aug 24, 2016
1577 posts
758 upvotes
krs wrote:
Jul 27th, 2017 4:44 pm
Another question:

One of my Visa cards I opened years ago when I needed a separate cc for business has a credit limit of $29500.
The balance on that card is now $0 and I kept it basically just to use it for a 0% balance trasnfer.

I don't really need it or plan to use it so I wonder if it makes sense to just close that account.

The way I see it - if I close it my ratio of credit used would go up a fair bit which would affect my score negatively
But if I leave it active it would affect the maximum mortgagr I could get.

So one is caught one way or the other
I would leave it as it is, and close it or lower it's limit ONLY if requested you do so in order to obtain additional credit.
Newbie
Jul 27, 2017
2 posts
I've had a really basic rewards credit card from TD for as long as I remember. Today when I visited the branch I asked if they could offer me something better in terms of rewards. I got approved for the Rewards Infinite white is a lot better than my current card, Now to my question, will canceling a credit card that I had for over 5 years affect my credit in a negative way? I heard that creditors looks for things like how long you had your credit cards and such. The rep selling me the credit card assured me this wouldn't change me credit score since it was me shutting down the card and not the institution.
Deal Addict
User avatar
Mar 28, 2005
2865 posts
141 upvotes
Ontario / Quebec
John_Hey wrote:
Jul 27th, 2017 4:50 pm
for mogo, they ask salary and mortgage to give you some promo offers based on these numbers.
just answer with some dummy numbers.

To get your score, they only need your correct name and address.

I know for fact that someone did a credit check on me just with my name and address. they did not even know my date of birth.
But for final verifiction they ask you three questions relatrd to specifics in your credit file.

In any case, I made up some numbers and the scores from Mogo and Borrowell are the same.
Deal Addict
User avatar
Mar 28, 2005
2865 posts
141 upvotes
Ontario / Quebec
coolintheshade wrote:
Jul 27th, 2017 5:55 pm
I would leave it as it is, and close it or lower it's limit ONLY if requested you do so in order to obtain additional credit.
Sounds like a plan - thanks
Deal Addict
Aug 24, 2016
1577 posts
758 upvotes
John_Hey wrote:
Jul 27th, 2017 4:50 pm
for mogo, they ask salary and mortgage to give you some promo offers based on these numbers.
just answer with some dummy numbers.

To get your score, they only need your correct name and address.

I know for fact that someone did a credit check on me just with my name and address. they did not even know my date of birth.
The bolded I can tell you 100% is incorrect.
No way a credit report can be pulled without minimum DOB, the credit check will fail.
I'm sorry, but you are mistaken without a doubt.
Newbie
Feb 17, 2017
89 posts
32 upvotes
coolintheshade wrote:
Jul 29th, 2017 2:17 am
The bolded I can tell you 100% is incorrect.
No way a credit report can be pulled without minimum DOB, the credit check will fail.
I'm sorry, but you are mistaken without a doubt.
While true, at least in the past (no idea if its the case anymore) you could just put any random DOB and it would still pull it.
Deal Addict
Aug 24, 2016
1577 posts
758 upvotes
CanadianSpruce wrote:
Jul 29th, 2017 9:02 pm
While true, at least in the past (no idea if its the case anymore) you could just put any random DOB and it would still pull it.
DOB is a vital piece of information needed to match a person to the correct credit file.
That would be like saying you can make up a random last name, and the pull would still go through.
That makes no sense to me.
Newbie
Feb 17, 2017
89 posts
32 upvotes
coolintheshade wrote:
Jul 29th, 2017 9:07 pm
DOB is a vital piece of information needed to match a person to the correct credit file.
That would be like saying you can make up a random last name, and the pull would still go through.
That makes no sense to me.
As long as the address and name were correct, it was good enough to pull someones credit report. Generally you don't have someone with the same name at the same address (And if you did, it wouldn't work). The only reason you had to put any DOB at all was that it was a required field, it didn't actually matter if it was right. This was many years ago now though, so it may well have changed.

I know one of the big reasons it was allowed was because in the days of people applying for things like credit cards over the phone, there would be typos all of the time (operator mis-hearing.
Jr. Member
Feb 17, 2009
133 posts
1 upvote
coolintheshade wrote:
Jul 29th, 2017 2:17 am
The bolded I can tell you 100% is incorrect.
No way a credit report can be pulled without minimum DOB, the credit check will fail.
I'm sorry, but you are mistaken without a doubt.
I am speaking for a fact and actually what happened.
It was with Telus, the rep screwed up some paper work and credit checked me instead of my relative.
He had my name and our address were the same. He did not have my DOB.
Few days later there was a hard credit check on my report.
I complained but it was too late. they TOLD me that all they need to do credit check is name and address.

So I am %100 correct. This actually happened.
Deal Addict
Aug 24, 2016
1577 posts
758 upvotes
John_Hey wrote:
Jul 31st, 2017 11:00 am
I am speaking for a fact and actually what happened.
It was with Telus, the rep screwed up some paper work and credit checked me instead of my relative.
He had my name and our address were the same. He did not have my DOB.
Few days later there was a hard credit check on my report.
I complained but it was too late. they TOLD me that all they need to do credit check is name and address.

So I am %100 correct. This actually happened.
If you say so. I have my doubts
Jr. Member
Feb 17, 2009
133 posts
1 upvote
coolintheshade wrote:
Jul 31st, 2017 11:14 am
If you say so. I have my doubts
I am not here to prove something to someone.
If you have doubts, it is up to you but that does not change the fact that I was credit checked without DOB.
Other readers may find my experience beneficial.
Deal Addict
User avatar
Mar 28, 2005
2865 posts
141 upvotes
Ontario / Quebec
John_Hey wrote:
Jul 31st, 2017 11:00 am
I am speaking for a fact and actually what happened.
It was with Telus, the rep screwed up some paper work and credit checked me instead of my relative.
He had my name and our address were the same. He did not have my DOB.
Few days later there was a hard credit check on my report.
I complained but it was too late. they TOLD me that all they need to do credit check is name and address.

So I am %100 correct. This actually happened.
This makers me feel a lot better!

The way it came across initially was that I could check my neighbour's credit score since I know his name and address and he could check mine.
Deal Addict
Aug 24, 2016
1577 posts
758 upvotes
krs wrote:
Jul 31st, 2017 12:52 pm
The way it came across initially was that I could check my neighbour's credit score since I know his name and address and he could check mine.
This is exactly what he's claiming.
Deal Guru
User avatar
Aug 8, 2012
10135 posts
3722 upvotes
BC
krs wrote:
Jul 31st, 2017 12:52 pm
This makers me feel a lot better!

The way it came across initially was that I could check my neighbour's credit score since I know his name and address and he could check mine.
A credit issuing company can check a customer's credit score. And it will show on their report it was checked.

How will you check your neighbour's score? Using Credit Karma?

As a consumer, you need to verify "yourself", so you would need to know a LOT of personal credit-related details to try to pull that off.

As a company, you don't need much, but if you just willy nilly pull your neighbour's score with "krs Inc." credentials then your neighbour will see that unauthorized hard pull and inquire/dispute it with the bureau and you will potentially be in legal trouble.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)

Top