Personal Finance

question about credit utilization

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  • Jan 21st, 2014 11:16 pm
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Deal Guru
Jun 26, 2011
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Markham
jp149 wrote:
Jan 21st, 2014 7:20 pm
Antiquated Vantage score from not long ago pre 2012-2013, went as high as 990 or so; which is not the same score as the equifax or fico score which everyone is alluding to which goes up to 850.
Yawn.....

Are you trying to act smart by bringing up an obsolete version of credit scoring into the discussion?
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Apr 14, 2004
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Toronto
RolandCouch wrote:
Jan 21st, 2014 7:38 pm
Yawn.....

Are you trying to act smart by bringing up an obsolete version of credit scoring into the discussion?
Actually my real point to op was, why ask such an important question on rfd ?

And it's not too obsolete anyone in the business wouldn't still remember it. Evidently not on rfd.
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Jan 6, 2011
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Regards to the "credit utilization"....does the overdraft count on top of chequing account count as borrowing limit? of course given there's positive balance? I have three accounts with $5000 each, should I close those I am not using? or the amount is too small to matter..?

Banks never asked me about overdrafts, but I also never told them because they sort of blended into the background.
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Apr 16, 2007
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Financial District B…
Ok, ignore what I said and keep talking. It makes for good comedy


jp149 wrote:
Jan 21st, 2014 7:20 pm
Antiquated Vantage score from not long ago pre 2012-2013, went as high as 990 or so; which is not the same score as the equifax or fico score which everyone is alluding to which goes up to 850. On every post I put "which credit agency you ask" and what scoring method they use yet every single one that posted either was not aware of the other scores or chose to ignore what I wrote. I even admitted to trolling member of rfd which presumed to know about credit scores, anyone worth their salt who has enough experience with credit scores should have clued into this. @Mikeymike1 which do you fit into ?
I don't even know where to start!

First of all Vantage scoring systems are not available here in Canada. Never was. Neither retail consumer or wholesale FI supported product. Same policy for Fico.

The scores values you're quoting pertains to US operations. Both our Cdn Equifax and Trans Union scores top out at 900. Stop using Google for your silly data as it makes you look foolish and... as you stated.. ignorant.

The third credit bureau organization that was operating in canada shuttered their doors in 09. Experian had a real hard time penetrating their scoring model into any of the main FI's. They had no luck with secondary FI's too.
When they we're operational their scoring product was definitely not called Vantage or Fico. In fact I do know what theirs was and its made up of 4 letters starting with P. Do you know what that was?


So to sum this up,
- there was no pre-2012-13 anything
- 990 score values never existed here in Canada from any bureau system.
- EQ and TU top out at 900 not 850 as you stated
- you have no salt and have no experience except Google searches which have embarrassed you.



jp149 wrote:
Jan 21st, 2014 7:20 pm
Oh and where everyone is going 70% credit utilization is high there is a reason for that! scores takes into account how much debt can be managed.
False.
Score does not make provisions for open credit limits. Stop making stuff up

jp149 wrote:
Jan 21st, 2014 7:20 pm
Someone with $10,000 worth of credit who never used more than $100 will be rated lower than someone who frequently uses the line of credit and pays back on time. Eg $7,000 utilization on $10,000. It shows that they can borrow that much and pay back on a consistent basis. 70% is at the very cusp of building credit which can turn into degrading credit if you go any higher.
False again.
HC values contribute to underwriting risk guidelines assisted with BK Nav indexes.
None of that contributes to score value evaluation or adds to score.

jp149 wrote:
Jan 21st, 2014 7:20 pm
@op that one line of credit at 80% I would pay down or spread over other lines of credit/trade.
False once more.
Utilization is a cumulation of all reported tradelines except mortgage.

jp149 wrote:
Jan 21st, 2014 7:50 pm
Actually my real point to op was, why ask such an important question on rfd ?

And it's not too obsolete anyone in the business wouldn't still remember it. Evidently not on rfd.
Evidently its just you
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Guru
Jun 26, 2011
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Markham
^^^And that is why even after doing loans for several years, I still don't question Mikeymike
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Feb 19, 2010
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Game, set, & match to mikeymike1.

Run along jp149 before you embarrass yourself any further.

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