Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Mar 26th, 2024 1:13 pm
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Apr 29, 2017
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redflag wrote: When do credit card issuers report my utilization to TU/EF ? Every time my statement is generated or a fixed day every month?
Most report a few days after statement is issued except for Scotiabank which reports all of their account balances which are on the last day of the month no matter of statement date or balance of statement.
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Sep 9, 2012
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redflag wrote: When do credit card issuers report my utilization to TU/EF ? Every time my statement is generated or a fixed day every month?
It can vary. Some lenders run their reporting batch on a given day or date of the month. Most, I think, will do it after the billing cycle.
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takodakoko wrote: Most report a few days after statement is issued except for Scotiabank which reports all of their account balances which are on the last day of the month no matter of statement date or balance of statement.
CanadianLurker wrote: It can vary. Some lenders run their reporting batch on a given day or date of the month. Most, I think, will do it after the billing cycle.
Thank you. I am more interested in Amex, MBNA, Canadian Tire, and CIBC. Therefore, it sounds I can reduce my usage % by paying a portion right before my statement dates.
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Newbie
May 30, 2017
5 posts
Hello Canada,

I need help in terms of suggestions to grow and improve my finances.
Currently I have a blend of credit cards (6) and line of credits (2). My utilization is at 60%. I am steadily paying and reducing the utilization as much as I can.
Please suggest which financial products can help me in credit building and I would like to get higher or additional line of credit. Please advise.

Thank you for your time and help.
Regards,
Newbie
Jul 19, 2021
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caprisahil wrote: I need help in terms of suggestions to grow and improve my finances.
Currently I have a blend of credit cards (6) and line of credits (2). My utilization is at 60%. I am steadily paying and reducing the utilization as much as I can.
Do you carry a balance on these, i.e. do you pay less than the full statement amount? What are the interest rates on these balances?

It sounds like you do which sounds like you should focus on, as you say at first, improving your finances rather than, as you say later, getting additional credit. Your goal should be to find lower interest rates and move as much debt as you can onto the lowest interest rates and pay off the highest interest rates as fast as possible (and possibly close them if you might be tempted to use them in the future).
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Nov 25, 2013
247 posts
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Scarborough, ON
Got a question for you all:
I got a pretty mediocre credit score: TU:690, EQ:709
(Edit: Had to do a Consumer Proposal in 2016, while it is not on the credit report anymore - the fallout still remains - hence the low score).

Good income. Not much debt.

Is it possible to get a unsecured personal loan with the above scores?
Would it be advised to go after banks/credit unions that pull Equifax (as that one, at least, is above 700?)
Last edited by evilbaga on Mar 26th, 2024 1:06 pm, edited 1 time in total.
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Nov 26, 2003
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evilbaga wrote: Got a question for you all:
I got a pretty mediocre credit score: TU:690, EQ:709

Good income. Not much debt.

Is it possible to get a unsecured personal loan with the above scores?
Would it be advised to go after banks/credit unions that pull Equifax (as that one, at least, is above 700?)
Don't think they matter that much. Unless your credit history/usage is not great, I expect your score to be higher 750+. But the score can change quite dramatically, mine jumped more than 50 pts after I paid off a BT recently.
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Nov 25, 2013
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Scarborough, ON
redflag wrote: Don't think they matter that much. Unless your credit history/usage is not great, I expect your score to be higher 750+. But the score can change quite dramatically, mine jumped more than 50 pts after I paid off a BT recently.
Edited my post.

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