Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Jul 4th, 2018 9:38 pm
Deal Addict
Jul 18, 2016
1987 posts
744 upvotes
verbob wrote:
Aug 4th, 2017 11:49 am
Thanks for the info Ace. Another quick question... I had an installment loan with MDG for a computer. When I first signed up for it, they said that they report to credit bureau, but now that I have finally paid that in full, they say they don't do that anymore... They said I would have to do that myself... so how would I go about doing that? They are going to send me some paper work apparently, but will the credit bureau accept it from an individual? I DO want this on there as it show a 5k+ loan paid in full and no missed payment, certainly would give a nice little boost.
MDG does not report. They never have. I was dealing with them back in 2010 and 2012.

That company is the worst of the worst of bad credit lenders for computer (etc.) products. Good luck getting a consistent price. Prices are basically constantly changing and will change every time you log in. You can commit to a price and if you get with the wrong agent, he'll modify the price before you realize it and after you've signed the contract. BE CAREFUL!!!!

Anyhow, given my experience, I am not surprised that they lied to you about reporting to the credit bureau. They check your credit only on Transunion, and NEVER open a trade on your credit report.
Newbie
Apr 5, 2010
40 posts
6 upvotes
New brunswick
bewiseman wrote:
Aug 4th, 2017 2:01 pm
MDG does not report. They never have. I was dealing with them back in 2010 and 2012.

That company is the worst of the worst of bad credit lenders for computer (etc.) products. Good luck getting a consistent price. Prices are basically constantly changing and will change every time you log in. You can commit to a price and if you get with the wrong agent, he'll modify the price before you realize it and after you've signed the contract. BE CAREFUL!!!!

Anyhow, given my experience, I am not surprised that they lied to you about reporting to the credit bureau. They check your credit only on Transunion, and NEVER open a trade on your credit report.
The actually said in the beginning that they only report AFTER it's paid off... Hopefully they at least send the info so I can report it myself. That's the ONLY reason I had got it in the first place. WAY over priced. Thankfully, it's all paid off now.
Deal Addict
Jul 18, 2016
1987 posts
744 upvotes
verbob wrote:
Aug 5th, 2017 2:43 am
The actually said in the beginning that they only report AFTER it's paid off... Hopefully they at least send the info so I can report it myself. That's the ONLY reason I had got it in the first place. WAY over priced. Thankfully, it's all paid off now.
Yes, sorry to disappoint, but you can forget that idea. I already tried it.
Deal Addict
User avatar
Aug 24, 2016
4111 posts
2783 upvotes
We’re all a little s…
verbob wrote:
Aug 5th, 2017 2:43 am
The actually said in the beginning that they only report AFTER it's paid off... Hopefully they at least send the info so I can report it myself. That's the ONLY reason I had got it in the first place. WAY over priced. Thankfully, it's all paid off now.
Why on earth would you go so far out of your way to try and get something added to your credit report, that screams "I've had past credit problems"?
Everyone and their dog knows MDG exists for one reason only, and that's to cater to credit challenged individuals. That's their business model.
I visited their website one time and almost had a stroke when I seen their prices!
Deal Addict
Jul 18, 2016
1987 posts
744 upvotes
coolintheshade wrote:
Aug 5th, 2017 11:02 am
Why on earth would you go so far out of your way to try and get something added to your credit report, that screams "I've had past credit problems"?
Everyone and their dog knows MDG exists for one reason only, and that's to cater to credit challenged individuals. That's their business model.
I visited their website one time and almost had a stroke when I seen their prices!
You're very right. However, if MDG truly did apply a new positive trade on your credit report, this would actually be helpful. ( unfortunately, they don't, and this is just salesman "speak". )

Truly, I see no difference between this and one of those bad credit car loans. Either way you're being royally ripped off. However, it's an instalment loan that allows you to build your credit again. In theory, this is a good thing, but ....

The absolute best thing to do is to simply be patient and save money for whatever you want to purchase. In the meantime, re-build your bad credit with revolving products. First seek a secured credit card like what Capital One offers, and then build from there.
Jr. Member
Feb 17, 2009
143 posts
3 upvotes
Just realized that RBC is offering free credit report and score similar to credit karma (you need to be RBC customer)
It's Transunion CreditVision Risk Score and can be updated every month.

Credit karma is based on Transunion TransRisk model and can be updated weekly.

I got the score from both and there was 120 points difference!!!. RBC's was 835 and credit karma 715.
The reports were identical (but you have more details with RBC)

It seems that there are countless number of scoring models and we will NEVER know what score a lender actually sees ...
Deal Addict
User avatar
Aug 24, 2016
4111 posts
2783 upvotes
We’re all a little s…
John_Hey wrote:
Aug 10th, 2017 11:20 am
It seems that there are countless number of scoring models and we will NEVER know what score a lender actually sees ...
Exactly what I've been saying for a long time.
That's what makes it hysterical when people stress over those free scores provided by the bureaus.
Newbie
Apr 5, 2010
40 posts
6 upvotes
New brunswick
coolintheshade wrote:
Aug 10th, 2017 11:32 am
Exactly what I've been saying for a long time.
That's what makes it hysterical when people stress over those free scores provided by the bureaus.
Just logged in to my Capitol One account... there's an option to get a free credit score (fine print says from transunion)
Deal Addict
User avatar
Aug 24, 2016
4111 posts
2783 upvotes
We’re all a little s…
verbob wrote:
Aug 10th, 2017 11:39 am
Just logged in to my Capitol One account... there's an option to get a free credit score (fine print says from transunion)
And it will probably be a different score than you would get from TransUnion directly, Credit Karma (also TransUnion score) and RBC
Deal Addict
Jul 18, 2016
1987 posts
744 upvotes
coolintheshade wrote:
Aug 10th, 2017 12:39 pm
And it will probably be a different score than you would get from TransUnion directly, Credit Karma (also TransUnion score) and RBC
It is quite different. I don't have a Capital One card, but my wife does. 80 point difference.

Sick of these silly numbers!
Deal Addict
User avatar
Aug 24, 2016
4111 posts
2783 upvotes
We’re all a little s…
bewiseman wrote:
Aug 10th, 2017 2:57 pm
It is quite different. I don't have a Capital One card, but my wife does. 80 point difference.

Sick of these silly numbers!
Curious, do you know what that score is called?
Deal Addict
Jul 18, 2016
1987 posts
744 upvotes
coolintheshade wrote:
Aug 10th, 2017 3:03 pm
Curious, do you know what that score is called?
Unfortunately, it doesn't name the score.
Newbie
Apr 5, 2010
40 posts
6 upvotes
New brunswick
I didn't try directly from Trunsunion, but a 20 point difference between the Capitol One score and the one from Credit Karma. Curious... is this the number that Capitol One uses? Or just more crap to confuse?
Deal Addict
User avatar
Aug 24, 2016
4111 posts
2783 upvotes
We’re all a little s…
verbob wrote:
Aug 11th, 2017 12:48 pm
I didn't try directly from Trunsunion, but a 20 point difference between the Capitol One score and the one from Credit Karma. Curious... is this the number that Capitol One uses? Or just more crap to confuse?
More than likely the latter
Newbie
Apr 5, 2010
40 posts
6 upvotes
New brunswick
Ok... so looking for advice:

I have ONE collections on my report. It's for Rogers, I had moved and switched phone/internet to Bell and didn't get the equipment returned to Rogers for quite a while, had completely forgotten about them until I unpacked all the boxes many many months later... so they charged my rental and equipment lose fees and sent it to collections... even after returning the equipment, they couldn't do anything because it had already been in collections. So basically I was stuck with a 1100 collection on my credit report for the last nearly 6 years...

But now it about to drop off. EQ no longer reports Rogers account(dropped off in July as thats when date of last activity was) BUT still shows the collections, with dola being oct 8. TU shows both rogers and collections with dola on oct 8.

I have a Capitol one secured (300.00) with no lates and low utilization... since dec 2016

Thats everything on my report.

Scores:
EQ (directly from EQ): 658 (aug 2 - up from 635 on july 12)
MOGO: 619
Borrowel: 619
CreditKarma: 597
ratehub: 619
CreditKeeper(Capitol One): 639

Am I better off waiting the 2 months until the collections drops off, or can I apply for another card now? What would be the best card to go for?
Last edited by verbob on Aug 11th, 2017 4:25 pm, edited 2 times in total.

Top