Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Sep 14th, 2017 2:07 pm
Newbie
Apr 5, 2010
21 posts
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.
Newbie
May 4, 2017
15 posts
2 upvotes
verbob wrote:
Aug 11th, 2017 4:25 pm
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
MOGO: 619
Borrowel: 619
CreditKarma: 597
ratehub: 619

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?
You've waited this long, what's another 2 months?
When the collections drops off, your score will increase slightly as well (increasing your chances of being approved)
With the scores where they are for you, it's better to see that slight bump as it can potentially mean approve or reject.
Newbie
Apr 5, 2010
21 posts
New brunswick
CreditCamel wrote:
Aug 11th, 2017 4:27 pm
You've waited this long, what's another 2 months?
When the collections drops off, your score will increase slightly as well (increasing your chances of being approved)
With the scores where they are for you, it's better to see that slight bump as it can potentially mean approve or reject.
I'm expecting a half decent bump to near 700 range which should be enough to get most credit, but I guess I'm just impatient ... want it now lol. I'm also expecting within a month of it dropping off that cap one will bump me up to 2-3k limit as well.
Member
Jul 27, 2017
444 posts
107 upvotes
GTA
for someone that newly arrives in Canada with zero credit score, how quickly & what is the best way to get a 700+ credit score....tips, pointers?
Sr. Member
Jan 31, 2007
628 posts
336 upvotes
Richmond Hill
I have great credit score for many year. Always made full payment to all my credit card, have line of credit but have $0 balance. mortgage complete paid off 2 years ago.
However, last year, I make some changes, basically switching all my credit card by applying new card, than cancel old card.
I done like 6 of them.
only after that I notice my credit score drop by about 150 points. any idea how long would it take to recover?
Newbie
Jan 8, 2017
94 posts
50 upvotes
My Credit Karma score shot up 101 points to 783. There's nothing obviously different about my profile. I checked on RateHub and it's like 700 or something. I get that neither score is used by anyone who extends credit, but they are at least internally consistent and presumably have some positive correlation with the "real" scores. Is there something magic that happened between last week and this week that affects TU but not EQ scores?:| some date thresholds or something?
Deal Addict
Jul 18, 2016
1723 posts
622 upvotes
Djb990 wrote:
Aug 12th, 2017 2:29 am
My Credit Karma score shot up 101 points to 783. There's nothing obviously different about my profile. I checked on RateHub and it's like 700 or something. I get that neither score is used by anyone who extends credit, but they are at least internally consistent and presumably have some positive correlation with the "real" scores. Is there something magic that happened between last week and this week that affects TU but not EQ scores?:| some date thresholds or something?
If nothing else changed, the other key components of score are age and recent enquiries. Perhaps, you did cross some thresholds. Impossible for RFD members to answer that.
Newbie
Aug 11, 2017
1 posts
hi everyone
I am new here.
I got a question about credit score.
2 years ago I got a 4 month late payment on one of my credit cards. it was an inconsequential amount something like $20. The bank close the card. when I got the notice about the closure I payed down the card. I know I know it was dumb but just missed this...
I recently tried to apply for a tangerine credit card and I got rejected. I have a credit score according these free sources anywhere between 695-745 depending where i look.

I am already mortgage free, good income, savings etc.. not in need of credit but it bugs me that they rejected me for a free credit card...

experts: is there anyway to repair this? or just have to wait for 4-5 years to get a silly tangerine credit card??

would be grateful for any suggestion
thank you!!
Last edited by zulubulu on Aug 12th, 2017 7:03 pm, edited 2 times in total.
Newbie
Feb 10, 2017
13 posts
1 upvote
My wife score seems to be quite low (650), despite the fact that she always paid her credit cards in full and never carry over a balance. The only thing we did wrong was this one time her credit card debt($500) got sent off to correction last year, due to some issue where even canceled the card, there were auto-payments still going through without us realizing itCrying Face). Before this incident, her score was 700+. During this last year, she been using her cards with spending around $2000 + $200(cell, internet) every month, which of course all paid off full every month, but her credit score only went up like 2-3 points for the last 6 months! Are we missing something here? or does this number look about right? is there any way we can improve my credit score faster?

Another thing that I can think is the # of inquiries (5 inquiries this year), probably because her credit score is low. One thing that really bothers us, those vendors told us that will do a hard check as they just want my business, is this something can dispute??

We're using TransUnion to check my score.

Thanks in advance.
Deal Addict
Aug 24, 2016
1993 posts
985 upvotes
zulubulu wrote:
Aug 12th, 2017 7:03 pm
hi everyone
I am new here.
I got a question about credit score.
2 years ago I got a 4 month late payment on one of my credit cards. it was an inconsequential amount something like $20. The bank close the card. when I got the notice about the closure I payed down the card. I know I know it was dumb but just missed this...
I recently tried to apply for a tangerine credit card and I got rejected. I have a credit score according these free sources anywhere between 695-745 depending where i look.

I am already mortgage free, good income, savings etc.. not in need of credit but it bugs me that they rejected me for a free credit card...

experts: is there anyway to repair this? or just have to wait for 4-5 years to get a silly tangerine credit card??

would be grateful for any suggestion
thank you!!
You were late by 4 months on a previous account, and it bugs you that Tangerine won't give you one? Thinking Face
It doesn't matter that it was two years ago. It's going to affect you even longer, so get used to it.
4 months delinquent is considered a serious late.
Deal Addict
Aug 24, 2016
1993 posts
985 upvotes
newbiehere wrote:
Aug 13th, 2017 10:30 pm
My wife score seems to be quite low (650), despite the fact that she always paid her credit cards in full and never carry over a balance. The only thing we did wrong was this one time her credit card debt($500) got sent off to correction last year, due to some issue where even canceled the card, there were auto-payments still going through without us realizing itCrying Face). Before this incident, her score was 700+. During this last year, she been using her cards with spending around $2000 + $200(cell, internet) every month, which of course all paid off full every month, but her credit score only went up like 2-3 points for the last 6 months! Are we missing something here? or does this number look about right? is there any way we can improve my credit score faster?

Another thing that I can think is the # of inquiries (5 inquiries this year), probably because her credit score is low. One thing that really bothers us, those vendors told us that will do a hard check as they just want my business, is this something can dispute??

We're using TransUnion to check my score.

Thanks in advance.
Once that collection drops off, you should see a decent score bump.
Unfortunately, it's a waiting game until it does.
Good news is, you can still obtain credit from other sources since the account had been paid in full.
You cannot dispute inquiries that are legitimate.
Sr. Member
User avatar
Mar 9, 2012
755 posts
231 upvotes
KITCHENER
verbob wrote:
Aug 11th, 2017 4:36 pm
I'm expecting a half decent bump to near 700 range which should be enough to get most credit, but I guess I'm just impatient ... want it now lol. I'm also expecting within a month of it dropping off that cap one will bump me up to 2-3k limit as well.
Capital One might increase it by $1,000, but don't count on more than that. You're still rebuilding, and it takes time.
Newbie
Feb 10, 2017
13 posts
1 upvote
coolintheshade wrote:
Aug 14th, 2017 7:44 am
Once that collection drops off, you should see a decent score bump.
Unfortunately, it's a waiting game until it does.
Good news is, you can still obtain credit from other sources since the account had been paid in full.
You cannot dispute inquiries that are legitimate.
Thanks for your reply, what do you mean collection drops off? I mean i already paid in full and it shows that in my credit report but that only went up like 10 points only=( am I missing something here.
Deal Addict
Aug 24, 2016
1993 posts
985 upvotes
newbiehere wrote:
Aug 14th, 2017 4:18 pm
Thanks for your reply, what do you mean collection drops off? I mean i already paid in full and it shows that in my credit report but that only went up like 10 points only=( am I missing something here.
The account was sent to a collection agency correct?
And that collection agency shows as an account under collections on the credit report correct?
Newbie
Apr 20, 2009
62 posts
35 upvotes
Ottawa
zulubulu wrote:
Aug 12th, 2017 7:03 pm
hi everyone
I am new here.
I got a question about credit score.
2 years ago I got a 4 month late payment on one of my credit cards. it was an inconsequential amount something like $20. The bank close the card. when I got the notice about the closure I payed down the card. I know I know it was dumb but just missed this...
I recently tried to apply for a tangerine credit card and I got rejected. I have a credit score according these free sources anywhere between 695-745 depending where i look.

I am already mortgage free, good income, savings etc.. not in need of credit but it bugs me that they rejected me for a free credit card...

experts: is there anyway to repair this? or just have to wait for 4-5 years to get a silly tangerine credit card??

would be grateful for any suggestion
thank you!!
I feel your pain....
I was in a similar situation a few years ago. It did not impact my mortgage approval but credit card applications were a hit and miss.
I dont know whether you could un-do this. probably you just have to wait and use your existing set of plastics.
good luck!

Top