Ask me about Credit Scores

[mikeymike1]

They probably care a little bit but surely they care more about credit files.

correct

[dealwhere]

^^^^

I agree. It is considered but not as heavily at all.

[dealwhere]

Once in a while, I'll add tidbits of information about credit scores throughout the thread.

Here's one:

CHMC's lower credit score cut-off is 620. That being said, lenders can pursuade them to approve people with scores slightly below that too.

So keep that in mind the next time you want a mortgage and have a lower credit score.

TDS/GDS needs to be in line though.

[samm]

Random question:

If I paid off my OSAP mid-Oct. When do I expect to see it in the credit report?

[dealwhere]

Random question:

If I paid off my OSAP mid-Oct. When do I expect to see it in the credit report?

OSAP can be lazy at updating their files that they send to the agencies. I would estimate that if you pulled your report on December 16, that would reflect the new balance.

[epiphano]

I'll add a piece of information too

The credit score was created by credit bureaus to make money.
Regardless of the usefulness it has, the industry they've created around it is absurd, trying to make you believe that knowing your score, as well as managing it, is essential.
Anyone who pays to know their score, or makes financial decision on how it will affect it, is eating in their hand.

I've said it before and I'll say it again, keep a reasonable balance on your credit cards and pay all your bills on time, every time, and you'll get all the credit you need relative to your income.
There's really no need to stress about anything else.

[dealwhere]

I'll add a piece of information too

The credit score was created by credit bureaus to make money.
Regardless of the usefulness it has, the industry they've created around it is absurd, trying to make you believe that knowing your score, as well as managing it, is essential.
Anyone who pays to know their score, or makes financial decision on how it will affect it, is eating in their hand.

I've said it before and I'll say it again, keep a reasonable balance on your credit cards and pay all your bills on time, every time, and you'll get all the credit you need relative to your income.
There's really no need to stress about anything else.

That's a good piece of advice. If you follow what is said above, you should be fine. Also, do request a free copy of your credit report once in a while to make sure it is accurate and no hanky panky is going on.

That being said, credit scores are a curious subject to many and many want to have the best score they can. Also, some lenders base approvals solely on your credit score (especially those for instant credit).

[dealwhere]

Another information tidbit:

Typical Mastercards and Visas from the Big5 banks will not report a late payment on your credit report until you are more than 30 days late (some even 60 days late).

That being said, store cards, like your everyday Sears credit card will report a late payment if you are 1 day past due (or if a payment has not been made before the next statement is generated)

So if you accidentially forget to pay your conventional credit card, you can catch up and your credit score usually will not be effected. This is not the case for store cards.

[Gingercookie]

I am a recent identity theft victim. How is this going to impact my score? I put in place fraud alerts. I am trying to get Equifax and Transunion to change back my address and phone, and to delete two overdue accounts that are not mine. Other than this unfortunate incident, I never had a late payment and had no problems obtaining credit. Thanks.

[patpond]

I am a recent identity theft victim. How is this going to impact my score? I put in place fraud alerts. I am trying to get Equifax and Transunion to change back my address and phone, and to delete two overdue accounts that are not mine. Other than this unfortunate incident, I never had a late payment and had no problems obtaining credit. Thanks.

In the other thread you said the police were useless, but I wouldn't give up on that route if I were you. Start here maybe?

[bocsing]

I've got a question, please excuse me if it's pretty simplistic... as a young guy, I don't know a ton about credit scores.

My oldest credit card is a basic offering that doesn't offer any rewards or incentives. I have kept it open for credit score purposes. If I were to call the bank (in this case, Scotiabank) and ask to switch it over to a cashback offering, would this count as closing the credit account and re-opening a new one? I've considered doing this but I know that it is important to keep your oldest card as it shows issuers a longer history.

[Jonavin]

Honestly, it doesn't matter how many you have as long as you have a healthy debt service ratio.

I have seen people with 25 accounts and they are excellent risks for lenders.

Use the following link to calculate your TDS / GDS:

http://www.lendingmax.ca/artman/gros...vice-ratio.php

So what's a good TDS / GDS?

[Squiggy]

Hi Been trying to get an answer for this, but so far no good answers, hope you can advise me.

I tried to get a unsecured 8k consolidation loan with BMO, and was denied. I've banked with them for over 15 years. I have a BMO Mosaic MasterCard with a $10000 limit and a balance of $2600

I also have a CIBC visa with a 6300 limit and a balance of $2300.
I have a Capital one with a $1500 limit no balance.

I've had these cards for 6+ years.
I have no assets at all, and a equifax credit score of 709.

I've had no late payments in over 2 years on any of the accounts, my last job was 9 years, and I recently switched to a new job about 9 months ago, income is $42000.

The loan guy at BMO called me told me my credit score is "ok for now" but I have no assets so he had to deny my application. I don't get it. I really want this loan, to have an instalment loan paid off in my history, and to buy some new furniture. I'm paying 11.9% on the BMO and I have 0% bt on the CIBC card.

BMO did a hard check on my equifax for a credit limit increase on my BMO
back in August, and another one for this loan application today.

What are my options? Why is BMO denying me unsecured personal loan, should I apply elsewhere?

Thanks a lot

[mikeymike1]

Hi Been trying to get an answer for this, but so far no good answers, hope you can advise me.

I tried to get a unsecured 8k consolidation loan with BMO, and was denied. I've banked with them for over 15 years. I have a BMO Mosaic MasterCard with a $10000 limit and a balance of $2600

I have no assets at all...

This one's easy to answer. The key words are highlighted.
So you want a loan to clear your CC's only to rack them up again? Good luck with that.
If there was anything to set off the EQ BK Nav Index this surely would be it

But if it really is for furniture, most furniture retailers have secondary financial institutes they shoot paper to. That may get some installment experience on your bureau if that's all you're looking for. Just keep it open for a few months they pay it off.

[Syne]

What's in it for businesses to report late payments to the bureaus?