Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Feb 19th, 2018 10:45 pm
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Nov 21, 2016
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Toronto
MayorOfToronto wrote:
Jan 26th, 2018 6:47 am
1) I'm not sure but I do the same. Pay it off before you even get your statement. I'm assuming this would be a good thing because.....
2) credit utilization is one of the biggest things they look at. If you pay before your statement is issued then your reported usage would be 0. I'm not sure if 0 usage is better than 5% usage but it's definitely better than 80% usage.

So, no, don't use your debit card if you are able to pay off your credit card in full each month. At least this way you can continue to collect credit card rewards.
I just checked my score on Equifax. It shows 770 vs 629 in Transunion! Which should I trust more!
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sacthegreat666 wrote:
Jan 26th, 2018 12:15 pm
I just checked my score on Equifax. It shows 770 vs 629 in Transunion! Which should I trust more!
Of course they will be different. They are not related to each other.
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sacthegreat666 wrote:
Jan 26th, 2018 12:15 pm
I just checked my score on Equifax. It shows 770 vs 629 in Transunion! Which should I trust more!
First off, you should check the details of your credit report for both, and not just look at the scores. It's entirely possible that you have something negative listed in the Transunion that isn't listed on the Equifax.

Second, the two models weight the data differently. One might weight utilization heavier, the other might weight past history higher. Neither one is to be "more trusted". They are what they are. But for such a large difference, I would first make sure they both have the same data in them, and the data is correct.

C
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Nov 21, 2016
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CNeufeld wrote:
Jan 26th, 2018 12:56 pm
First off, you should check the details of your credit report for both, and not just look at the scores. It's entirely possible that you have something negative listed in the Transunion that isn't listed on the Equifax.

Second, the two models weight the data differently. One might weight utilization heavier, the other might weight past history higher. Neither one is to be "more trusted". They are what they are. But for such a large difference, I would first make sure they both have the same data in them, and the data is correct.

C
Yup, I did check that. The data was same in both. Just that Equifax had the list of soft inquiries as well while TU had only hard inquiries.
But a difference of 140+ is surprising! And me seeing the lower score on TU first was a shock!
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Nov 21, 2016
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Horrible Customer Care at Transunion. I called and told I want to cancel.
I was asked why. I told that I am not able to see more details as to why I had a low score. He tried to repeat the exact information present on their website as to how the score was calculated.
I asked him to explain it with respect to my account, and not a generic explanation. He couldn't explain and straightaway tells ok, i will cancel your account.
Anyways I am going to stick with Equifax from here on.
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Apr 29, 2017
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sacthegreat666 wrote:
Jan 27th, 2018 2:38 pm
Horrible Customer Care at Transunion. I called and told I want to cancel.
I was asked why. I told that I am not able to see more details as to why I had a low score. He tried to repeat the exact information present on their website as to how the score was calculated.
I asked him to explain it with respect to my account, and not a generic explanation. He couldn't explain and straightaway tells ok, i will cancel your account.
Anyways I am going to stick with Equifax from here on.
Why don't you sign up with Creditkarma and Borrowell. They are both free and pretty much give you the same information as Transunion and Equifax.
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Nov 21, 2016
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Toronto
Yup, I might do that.. Any idea if opening accounts in TU, Equifax, Creditkarma around the same time have any impact on credit score?
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Apr 29, 2017
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sacthegreat666 wrote:
Jan 28th, 2018 10:10 am
Yup, I might do that.. Any idea if opening accounts in TU, Equifax, Creditkarma around the same time have any impact on credit score?
they're all soft checks, so no effect no effect at all.
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Jul 13, 2014
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With the new TU score that CK uses, each inquiry is a direct 5 point hit. Or maybe that's just for my account?
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Jan 20, 2018
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MayorOfToronto wrote:
Jan 28th, 2018 11:06 am
With the new TU score that CK uses, each inquiry is a direct 5 point hit. Or maybe that's just for my account?
I remember when I had 3 hard pulls from Credit Karma last December (under their previous method of calculating scores, my score dropped an unbelievable 60+ points)

Under their new Credit Wise method, it shouldn't have much of an impact, keep in mind, everyone's report is uniquely different, and what you do may have an effect (of 5 points) whereas someone else could do the same, their outcome could be more or less, depends on so many other factors.

To be honest, I would take Credit Karma with a grain of salt, and not focus on their scores because it's not entirely accurate with so many different scoring models available from so many lenders.

Just make sure your credit report is accurate though, that's where you can truly makes a difference.

As of today, Credit Karma says I'm 606, yet my true Beacon Score (for Canadians) acquired right from CIBC is 767.
A 150+ point difference, that's nuts.
I'll trust Borrowell before I trust CK hands down.
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Guruguido wrote:
Jan 28th, 2018 1:07 pm
I remember when I had 3 hard pulls from Credit Karma last December (under their previous method of calculating scores, my score dropped an unbelievable 60+ points)

Under their new Credit Wise method, it shouldn't have much of an impact, keep in mind, everyone's report is uniquely different, and what you do may have an effect (of 5 points) whereas someone else could do the same, their outcome could be more or less, depends on so many other factors.

To be honest, I would take Credit Karma with a grain of salt, and not focus on their scores because it's not entirely accurate with so many different scoring models available from so many lenders.

Just make sure your credit report is accurate though, that's where you can truly makes a difference.

As of today, Credit Karma says I'm 606, yet my true Beacon Score (for Canadians) acquired right from CIBC is 767.
A 150+ point difference, that's nuts.
I'll trust Borrowell before I trust CK hands down.
Borrowell uses ERS 2.0 by Equifax. Are you suggesting Equifax is more trustworthy than Transunion?
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Jan 20, 2018
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Nope, I'm suggesting Equifax and Transunion is more trustworthy than CK... that's all.
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Guruguido wrote:
Jan 28th, 2018 1:21 pm
Nope, I'm suggesting Equifax and Transunion is more trustworthy than CK... that's all.
CreditKarma uses TransUnion's CreditVision: https://www.transunion.ca/product/credi ... isk-scores

Borrowell uses Equifax ERS 2.0: https://www.consumer.equifax.ca/busines ... risk-score

In saying Borrowell is more trustworthy than CK, you're not suggesting Equifax is more trustworthy than TransUnion?
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Apr 29, 2017
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MayorOfToronto wrote:
Jan 28th, 2018 11:06 am
With the new TU score that CK uses, each inquiry is a direct 5 point hit. Or maybe that's just for my account?
I had a new Rogers Wireless account show this month and mine went down 5 points too.
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Dec 28, 2006
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Probably this has been discussed before, but would like a more up to date answer and summary. So currently, which sites offer free credit scores, and which offer free credit reports, and are trustworthy, without needing to cancel any subscriptions? I notice some site already from RFD threads, but got confused, what is the difference between borrowwell and ratehub, are they not shoing the same Equifax score?

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