Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • May 24th, 2018 10:40 am
Member
Sep 6, 2009
460 posts
100 upvotes
I have never been able to pull my credit report online or over the phone from Transunion. It always tells me there is some kind of problem. Equifax is ok for me and credit report is all correct.

Today I just pulled my credit report via Credit Karma for the first time. The report shows:

1. First name is wrong. It should be LI but report shows LIMING. Last name is correct.
2. I have an open mortgage. This is incorrect. I don't have any mortgage. The report does NOT show the mortgage lender name but does show that the account was opened in August 2017 and the balance.

All my other info (addresses, credit cards and last credit inquiry in 2016) are all correct. If it's fraud, I would expect new address or new credit inquiry. Does this look like some kind of mix-up with another person? eg. This LIMING person's mortgage info is somehow showing up on my credit report. On the other hand, there isn't any other wrong information on my report that would support this. eg. no new address or new credit inquiry

Would I be able to dispute this with Transunion without the name for the mortgage lender? Credit Karma report just shows the word MORTGAGE for the account name.
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Mar 23, 2008
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MayorOfToronto wrote:
Jan 28th, 2018 11:43 pm
CreditKarma = TU score + report, weekly update
Mogo = EQ score, weekly update
Borrowell = EQ score + report, quarterly update
Ratehub = EQ score + report, no update
TransUnion online = score + report. Manual check once per year.
AFAIK, Borrowell and Mogo are both monthly.

C
Jr. Member
Jul 18, 2015
102 posts
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Vancouver, BC
Can confirm, Borrowell has switched to monthly with score and report.
Member
Nov 21, 2016
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Toronto
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.
I wouldn't be so sure.
I had a chat at a CIBC bank branch, and I was told that the credit score reported in their app is just based on the banking facility detail they have. And not to go by those numbers.
From my experience, I would trust Equifax more.
TU just was not able to explain anything about my score.
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May 4, 2017
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eagerbeaver83 wrote:
Jan 26th, 2018 1:13 am
Is there any way to remove a "public record" on my tax report for a car loan?! I cannot believe...! It decreased my score from 850 to 770! Never missed any payment in my entire life! They did a soft check a little earlier and it only reduced my score by 6 ! but 80 is a huge number!

Type Unknown
Status Unknown
Date Filed xx/xx/2017
How Filed Unknown
Reference Number xxx
Court HONDA CANADA FINANCE INC.
Remarks [ Balance not Available From Credit Grantor ]
Original Balance xxx
Security [Consumer Goods]

I need to remove this ASAP because I want to get a loan for a house...

Please advise.
Bellotts wrote:
Jan 26th, 2018 7:24 am
How do you know this lowered your score? And this isn't a bad thing to be on your report.
Anyone who has a car loan or similar will have this on their report.

What else have you done recently that your score dropped that much?


I posted this exact question a few weeks ago and the response I got from @coolintheshade was:

"Public records due to collateral do not affect your credit score, because they are not a negative entry.
Public records can be non derogatory as well as derogatory. A lender will know the difference."
I have not done almost anything other than paying my bills on time!!!

Two months ago my utilization ratio was 75% and last month it was 10%. I always pay the current balance (not the statement balance) one week before the deadline.

Also I have set auto payment which pays two 25$ per month just in case I forget to pay the minimum payment in case of emergency...

I might have overpaid (more than current balance) last month! (by 5 to 10 dollars). I do not if it was the cause!

1. So what is the cause for this sharp score decrease?

2. What is the delay between credit check and actual reduction in credit score? Could it be two months?

3. Is it possible that Honda has done a hard credit check on me?

Thank you!
Deal Fanatic
Dec 28, 2006
5288 posts
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Kanata
Does closed credit card disappear in credit report and not used to calculate credit score now? Just checked my wife's credit report from borrow well, she has a few credit cards that has not been used for several months, but credit report shows no revolving account there? I remember a few years ago, all the closed account will be appeared on credit report for 6 to 7 years before it removed from the report.

OK, just rechecked the TU report from credit karma, which shows all the credit cards now, not sure if borrowwell is showing all the Equifax report, if so, it is not showing any of the card.
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Jul 13, 2014
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rivet wrote:
Jan 29th, 2018 8:59 pm
Does closed credit card disappear in credit report and not used to calculate credit score now? Just checked my wife's credit report from borrow well, she has a few credit cards that has not been used for several months, but credit report shows no revolving account there? I remember a few years ago, all the closed account will be appeared on credit report for 6 to 7 years before it removed from the report.

OK, just rechecked the TU report from credit karma, which shows all the credit cards now, not sure if borrowwell is showing all the Equifax report, if so, it is not showing any of the card.
Closed in good standing remains for 20 years
Closed and derogatory or anything negative is gone in 6-7 years

Everything on your file affects your score.
This message has been approved by the Office of the Mayor of Toronto.
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Sep 11, 2006
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I'm sure this has been asked before but over 120 pages is difficult to flip. I wish we had a wiki that people can edit at the front with main questions.

Anyway, when applying for a mortgage, what's the credit score that will get the best mortgage rates? Is there any way in Canada to actually check your real (which I assume is Beacon) credit score? Instead of the fake ones from Credit Karma
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Shadow Rider wrote:
Jan 30th, 2018 10:40 am
I'm sure this has been asked before but over 120 pages is difficult to flip. I wish we had a wiki that people can edit at the front with main questions.

Anyway, when applying for a mortgage, what's the credit score that will get the best mortgage rates? Is there any way in Canada to actually check your real (which I assume is Beacon) credit score? Instead of the fake ones from Credit Karma
900
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Jan 23, 2018
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Apologies in advance if the following seems like a stupid question to some, but this is not an area I know much about -- I've read this entire thread but never seen these circumstances mentioned

A younger relative declared BK in Nov 2017 -- they were single, unemployed and asset-free, and in so deep that filing a CP was not a viable option -- I'll spare you the details unless it's somehow relevant to the answer

The BK filing was of the clean 9-month variety with expected discharge in Aug 2018, and I plan on encouraging them to waste no time in rebuilding a good credit profile ASAP, but I'm not sure when they can start doing that

So my question is as follows: Do they have to wait until they are discharged from BK before they would even be considered for the granting of new credit?

If the answer to the above is no, what should they be applying for?

If the answer to the above is yes, how long after the discharge should they begin applying?
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Aug 24, 2016
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Where am I? That is …
threadhead wrote:
Jan 30th, 2018 12:37 pm
If the answer to the above is yes, how long after the discharge should they begin applying?
Each bank has their own policies on this, but generally 2+ years after discharge, or even 3 to play it safe..
Before this time period, you may have luck with a 100% secured card at a place like Refresh Financial (new player), but they won’t see any unsecured credit, or even secured credit from big banks, for 2-3 years after discharge.
Capital One secured/partially secured may also be an option.
Some lenders may so no period, just with the presence of the BK still on the credit report
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Jan 15, 2017
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threadhead wrote:
Jan 30th, 2018 12:37 pm
Apologies in advance if the following seems like a stupid question to some, but this is not an area I know much about -- I've read this entire thread but never seen these circumstances mentioned

A younger relative declared BK in Nov 2017 -- they were single, unemployed and asset-free, and in so deep that filing a CP was not a viable option -- I'll spare you the details unless it's somehow relevant to the answer

The BK filing was of the clean 9-month variety with expected discharge in Aug 2018, and I plan on encouraging them to waste no time in rebuilding a good credit profile ASAP, but I'm not sure when they can start doing that

So my question is as follows: Do they have to wait until they are discharged from BK before they would even be considered for the granting of new credit?

If the answer to the above is no, what should they be applying for?

If the answer to the above is yes, how long after the discharge should they begin applying?
This is a question that should be asked of the Trustee during the required credit counselling sessions.

In general, you can apply for credit even prior to be discharged as long as you disclose that you have an undischarged bankruptcy. Once disclosed, it is highly doubtful that a creditor will grant you credit. If you apply for a secured credit during this time and it is granted, the deposit that is used must be disclosed to the trustee as an asset.
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Jan 23, 2018
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Each bank has their own policies on this, but generally 2+ years after discharge, or even 3 to play it safe..
Before this time period, you may have luck with a 100% secured card at a place like Refresh Financial (new player), but they won’t see any unsecured credit, or even secured credit from big banks, for 2-3 years after discharge.
Capital One secured/partially secured may also be an option.
Some lenders may so no period, just with the presence of the BK still on the credit report

Thanks for that, and even though I'm not really surprised, 2+ years is longer than what I had been hoping for -- looks like I'll end up being their private credit facility for longer than I anticipated
Last edited by threadhead on Jan 30th, 2018 2:18 pm, edited 2 times in total.
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Jan 15, 2017
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Shadow Rider wrote:
Jan 30th, 2018 10:40 am
I'm sure this has been asked before but over 120 pages is difficult to flip. I wish we had a wiki that people can edit at the front with main questions.

Anyway, when applying for a mortgage, what's the credit score that will get the best mortgage rates? Is there any way in Canada to actually check your real (which I assume is Beacon) credit score? Instead of the fake ones from Credit Karma
Canadian mortgage interest rates, with regard to "A" mortgages, are based on a met / not met basis. In general, a credit score of 650 will receive the same discounted interest rate as a credit score of 700, 750, 800+. Down payment amount will usually have an impact on mortgage interest rates with mortgages carrying mortgage default insurance receiving the best rates.

I am not aware of any way for a consumer to request a Beacon 9.0 score (the score used by the majority of mortgage lenders). Some people have simply asked their mortgage broker / bank rep what their score was, but this is a violation of the T&Cs of the agreement that the service provider has with the credit rating agency.

The credit scores from places like Credit Karma are real scores in that they are consumer educational scores. Of course, these scores are not used by credit lenders so they are worthless for determining credit worthiness. The adage, "You get what you pay for" holds true for these scores.
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Jan 23, 2018
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skeet50 wrote:
Jan 30th, 2018 2:18 pm
1. This is a question that should be asked of the Trustee during the required credit counselling sessions.

2. In general, you can apply for credit even prior to be discharged as long as you disclose that you have an undischarged bankruptcy. Once disclosed, it is highly doubtful that a creditor will grant you credit. If you apply for a secured credit during this time and it is granted, the deposit that is used must be disclosed to the trustee as an asset.
1. I agree that would have been best, but the subject of when to start rebuilding their credit didn't come up in those sessions that I'm aware of and they've already completed the 2 mandatory visits

2. So if I understand you correctly, you are saying that you can apply for credit all you want and whenever you want, just don't expect to get approved -- fair enough, makes sense -- but do you more or less agree with coolintheshade that it will probably be 2+ years before things begin to thaw a bit?

And your point about the deposit disclosure is noted should he manage to scrape up a secured CC deposit somehow

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