Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Sep 14th, 2017 2:07 pm
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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.
coolintheshade wrote:
Jul 31st, 2017 1:54 pm
This is exactly what he's claiming.
Huh? No. He's talking about a company checking a customer's score ... not an individual trying to check their neighbour's score.
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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 [mogo] only need your correct name and address.
I think krs misunderstood this as you only need to get your name and address part "correct" for mogo to get your score and show it to "you".

You need to pass the actual verification questions correctly for them to even try to get your score. The mortgage/loan stuff if separate from verification is pure marketing that you can fudge.

Someone else can't get your mogo score knowing only your name/address.

I think he read this as:
I know for fact that someone did a [mogo] credit check on me just with my name and address. they did not even know my date of birth.
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MyCatsNameIsJeff wrote:
Jul 28th, 2017 1:09 pm
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.
Cancelling a card will negatively affect your credit score because:
1) if the basic credit card from TD is your only cc apart from this Rewards Infinite card - it lowers the amount of credit you have available to use, which affects your Utilization ratio
2) your Average Age of Accounts will no longer increase (so long term, this would make a difference)

I would suggest keeping the basic card if there's no annual fee, and use it at least once a year to keep it 'active' then leave it in the drawer (or as a back up card). It doesn't matter who initiates the card where it concerns your credit score - whether they do it or whether you do, your score will be likely (negatively) affected.

Now, if you had other credit cards, then closing the basic one wouldn't have as much an impact since scenario 2 would be less impacted. Credit score is all mathematically based... so the average age of all your cards would be less affected the more cards you have (closing your oldest card generally isn't advised though, since it's got the most history on it).
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ace604 wrote:
Jul 31st, 2017 2:28 pm
Someone else can't get your mogo score knowing only your name/address.
Good point.

You may be able to use name/address to identify yourself initially, but you're still subjected to additional verification process.

Often you'll be asked key questions about your credit report ( who your car loan is with, most recent credit card etc. )
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ace604 wrote:
Jul 31st, 2017 2:17 pm
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.
completely true, a person cannot check other person's credit.
a company can check a person's credit with their permission (consent) otherwise it is illegal
ONLY a company can perform a hard credit check not a person.
so no you cannot check your neighbor's credit.
if a person check's another person's credit, it is identity theft and again illegal.
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Pearlster wrote:
Jul 31st, 2017 2:31 pm
Cancelling a card will negatively affect your credit score because:
1) if the basic credit card from TD is your only cc apart from this Rewards Infinite card - it lowers the amount of credit you have available to use, which affects your Utilization ratio
2) your Average Age of Accounts will no longer increase (so long term, this would make a difference)

I would suggest keeping the basic card if there's no annual fee, and use it at least once a year to keep it 'active' then leave it in the drawer (or as a back up card). It doesn't matter who initiates the card where it concerns your credit score - whether they do it or whether you do, your score will be likely (negatively) affected.

Now, if you had other credit cards, then closing the basic one wouldn't have as much an impact since scenario 2 would be less impacted. Credit score is all mathematically based... so the average age of all your cards would be less affected the more cards you have (closing your oldest card generally isn't advised though, since it's got the most history on it).
This is close, but not quite.

Your average age WILL continue to increase for the 6, 7, 10 (forever? TU??) years that the closed account stays on your report and the original open date is used in the AAoA calculation.

After it gets removed (if it does years later) then your AAoA will drop.

I've verified this personally with at least one AAoA calculation from Equifax.

They just do "today minus open date" for every account divided by # of accounts.

They do NOT ignore the closed accounts.
POLL: How frequent is your RRSP-matching?
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Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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ace604 wrote:
Jul 31st, 2017 2:47 pm
This is close, but not quite.

Your average age WILL continue to increase for the 6, 7, 10 (forever? TU??) years that the closed account stays on your report and the original open date is used in the AAoA calculation.

After it gets removed (if it does years later) then your AAoA will drop.

I've verified this personally with at least one AAoA calculation from Equifax.

They just do "today minus open date" for every account divided by # of accounts.

They do NOT ignore the closed accounts.
Correct. They DO however ignore closed accounts when calculating utilization.
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bewiseman wrote:
Jul 31st, 2017 2:54 pm
Correct. They DO however ignore closed accounts when calculating utilization.
Of course. I didn't intend to imply otherwise.
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ace604 wrote:
Jul 31st, 2017 3:01 pm
Of course. I didn't intend to imply otherwise.
Sorry, not really trying to correct you. Just trying to clarify. Certain things in our score is treated differently.

1) Total age is a longer term issue that ignores shorter term changes, however average age depends on newer accounts.
2) Utilization is a shorter term issue. Therefore available credit considers only your immediately available credit ( only open accounts. )
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ace604 wrote:
Jul 31st, 2017 2:21 pm
Huh? No. He's talking about a company checking a customer's score ... not an individual trying to check their neighbour's score.
I know what he's saying, but it's basically the same idea. Pulling ones credit without DOB. I personally doubt it's possible.
DOB is the only thing (besides SIN which is optional) to positively identify a person on the bureau systems.
I don't think name and address is enough.
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ace604 wrote:
Jul 31st, 2017 2:21 pm
Huh? No. He's talking about a company checking a customer's score ... not an individual trying to check their neighbour's score.
That is not how this started.

Go back to post 4410 where this original comment was made:

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.


That was in reply to my comment about me getting the credit score via mogo - and I'm a private person not a company.

The fact that this was a credit check by a company was only just mentioned a few posts back
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ace604 wrote:
Jul 31st, 2017 2:28 pm
I think krs misunderstood this as you only need to get your name and address part "correct" for mogo to get your score and show it to "you".

You need to pass the actual verification questions correctly for them to even try to get your score. The mortgage/loan stuff if separate from verification is pure marketing that you can fudge.

Someone else can't get your mogo score knowing only your name/address.

I think he read this as:
Well yeah - we were talking about individuals getting their credit score via mogo - no discussion at the time about companies getting credit scores.
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coolintheshade wrote:
Jul 31st, 2017 3:52 pm
I know what he's saying, but it's basically the same idea. Pulling ones credit without DOB. I personally doubt it's possible.
DOB is the only thing (besides SIN which is optional) to positively identify a person on the bureau systems.
I don't think name and address is enough.
How many "Cool inthe Shade"s have lived at your current or prior addresses? I'd say name + address is pretty unique.

They aren't trying to vet the trustworthiness of a company that's pulling your credit ... they assume the company is trustworthy and has consent to pull the info.

If they can find you in their system with no collisions then they can return the credit report/score to the company requesting it.

If two "John Smiths" have lived at the same address then they'd not be able to find you and report it.
If only one "Jonny Smithersson" has lived at 126 Uniqua Drive, then they know it's you even if the DOB is wrong/missing.
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...)
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krs wrote:
Jul 31st, 2017 5:35 pm
That is not how this started.

Go back to post 4410 where this original comment was made:

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.


That was in reply to my comment about me getting the credit score via mogo - and I'm a private person not a company.

The fact that this was a credit check by a company was only just mentioned a few posts back
Ya, I already quoted the relevant posts.
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...)
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ace604 wrote:
Jul 31st, 2017 6:27 pm
How many "Cool inthe Shade"s have lived at your current or prior addresses? I'd say name + address is pretty unique.

They aren't trying to vet the trustworthiness of a company that's pulling your credit ... they assume the company is trustworthy and has consent to pull the info.

If they can find you in their system with no collisions then they can return the credit report/score to the company requesting it.

If two "John Smiths" have lived at the same address then they'd not be able to find you and report it.
If only one "Jonny Smithersson" has lived at 126 Uniqua Drive, then they know it's you even if the DOB is wrong/missing.
How many of me have lived at my address is not the question.
The real question is, how many times have the bureaus or the companies that supply the information to them, got the address wrong, spelled wrong etc...
Yes an address may aid in obtaining the correct credit file, and it certainly is very possible to have people with the same or similar names living in the same household, so verifying DOB eliminates any doubt that the correct credit file is being pulled.
Trying filling out your next credit card application without providing DOB and let us know how that goes for you.

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