Personal Finance

Need big time help, Credit report. Please and Thank you

  • Last Updated:
  • Mar 9th, 2015 3:12 pm
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[OP]
Jr. Member
Apr 8, 2010
171 posts
32 upvotes

Need big time help, Credit report. Please and Thank you

Brief description, I was a full time student on osap and decided to go part time. Osap wanted me to start making payments but I wasnt making them (5000$). Also had a outstanding balance with bell mobility from 2011 that I never paid off. (800$).

So I finally got myself a good paying job and also decided to get an equifax account. My score is 527 and

Bell mobility is listed as Written-off ,Closed by credit grantor and Student loan collection as Transferred or sold Account paid.

What can I do to start getting my credit number up and how long will it take for me to get a good credit score? Thanks
4 replies
Sr. Member
Mar 3, 2015
699 posts
94 upvotes
Scarborough, ON
527 is perfect

mine is 520 score and i got approved 3 most desirable credit cards in the market now past 8.
[OP]
Jr. Member
Apr 8, 2010
171 posts
32 upvotes
supertronic wrote:
Mar 9th, 2015 12:49 pm
527 is perfect

mine is 520 score and i got approved 3 most desirable credit cards in the market now past 8.
Not sure if this is a serious reply, on equifax it says poor and im in the bottom 4% of canada. Cant get approved for no ccs
Sr. Member
User avatar
May 19, 2006
501 posts
67 upvotes
Everyone has a different way to get to their credit score, maybe supertronic has a good history but a short one so far ... but if I was a credit card company and saw that you have a bad repayment history I don't think you should be surprised.

Looks like cash/debit for you until these fall off your record in 3-4+ years.
Jr. Member
Apr 7, 2009
107 posts
37 upvotes
PEI
It is going to take quite a while.

Is your student loan paid? "Bell mobility is listed as Written-off ,Closed by credit grantor and Student loan collection as Transferred or sold Account paid." Although you do say you haven't paid it, I am confused about the above line.

To my knowledge, student loans never go away, so if this hasn't been paid, you do need to get on it and get it paid.

You could try applying for the Capital One guaranteed Mastercard. Sometimes it requires a deposit, sometimes not (I didn't need to pay a deposit and I was 4 months past a bankruptcy discharge). When you get the card, treat it with care!! Use it cautiously, always pay it before the due date and keep utilization low. The goal is not so much to have access to credit, as it is to repair your credit score.

527 is a pretty low score, but it can be dug out of, it will just take time. I would say (if you determine a good score to be 700+), 3 years or more. The years will pass anyway, whether you repair or not, so I suggest it is a worthwhile endeavour

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