Credit Cards

Credit Scores Approved and Denied Credit cards

  • Last Updated:
  • Oct 23rd, 2020 5:43 pm
Tags:
None
Newbie
May 4, 2018
60 posts
2 upvotes
Is it true that people with low scores (below 650) are getting approved for the Canadian Tire Options credit card?
Newbie
May 4, 2018
6 posts
1 upvote
MacPro2013 wrote: This is a very useful thread. I’m trying to rebuild my credit. I am discharged from a consumer proposal and have a credit score of 617 (Transunion).

My score won’t get any higher due to two (2) derogatory items and one collections item. I’m assuming I will have to wait for them to fall off.

Anyone in a similar circumstance?
Once an item in collections is paid make sure you get letter from collection company. Its very easy to have it removed and the points you gain range from 30-50
Member
Sep 4, 2017
407 posts
117 upvotes
MacPro2013 wrote: Is it true that people with low scores (below 650) are getting approved for the Canadian Tire Options credit card?
Yes
Newbie
Dec 1, 2017
9 posts
1 upvote
BradL41510 wrote: Once an item in collections is paid make sure you get letter from collection company. Its very easy to have it removed and the points you gain range from 30-50

How do you get a paid collection off your credit by paying it off? I paid a collection and all that happened was the status was changed to paid
Newbie
May 4, 2018
6 posts
1 upvote
Booyayyc wrote: How do you get a paid collection off your credit by paying it off? I paid a collection and all that happened was the status was changed to paid
Take the release letter and file a dispute with the TU or EQ and state that you have been released from debt and that you would like it removed as it is not longer accurate. Send in driver's license front and back and sin card copies. (For verification) and in 15 days it's gone. Only collections that are from the creditor can stay on. A third party bought the debt.
Deal Fanatic
User avatar
Aug 24, 2016
7191 posts
7204 upvotes
The Prairies
BradL41510 wrote: Take the release letter and file a dispute with the TU or EQ and state that you have been released from debt and that you would like it removed as it is not longer accurate. Send in driver's license front and back and sin card copies. (For verification) and in 15 days it's gone. Only collections that are from the creditor can stay on. A third party bought the debt.
They will not remove it because it’s a legitimate bad debt.
At the most, they will put it as paid.
Pay to delete is not in existence in Canada.
Newbie
May 4, 2018
6 posts
1 upvote
coolintheshade wrote: They will not remove it because it’s a legitimate bad debt.
At the most, they will put it as paid.
Pay to delete is not in existence in Canada.
Incorrect they will remove it. You are not paying to have it removed. The collection agency does not have the right to stay on the collections side. Only the original lender I had a capital one card go to collections and placed with outside firm. I took letter after I paid my balance in full and sent it into Equifax after my conversation with them. Credit was updated on revolving to bad debt placed in collections paid 0 balance and third party was removed. I have done this 4 time in the past 3 years I went from a 698 to 490 and back to 706 in a short period. It takes work and determination but there are loop holes.
Newbie
May 4, 2018
60 posts
2 upvotes
I tried to get it removed but they stated it would remain there until the necessary time lapsed. I did have another collections item but it was removed when I requested it.
Newbie
May 4, 2018
60 posts
2 upvotes
This is what I pretty much thought. It stays on there for a specified period of time due to provincial law.
Deal Fanatic
User avatar
Aug 24, 2016
7191 posts
7204 upvotes
The Prairies
BradL41510 wrote: Incorrect they will remove it. You are not paying to have it removed. The collection agency does not have the right to stay on the collections side. Only the original lender I had a capital one card go to collections and placed with outside firm. I took letter after I paid my balance in full and sent it into Equifax after my conversation with them. Credit was updated on revolving to bad debt placed in collections paid 0 balance and third party was removed. I have done this 4 time in the past 3 years I went from a 698 to 490 and back to 706 in a short period. It takes work and determination but there are loop holes.
In your case, Equifax contacted the collector and they did not respond, probably because you had already paid it so they didn’t care.
That would be the only reason it gets deleted, if the collector does not respond.
If the collector had responded to Equifax, and verified the bad debt was legit, but is now paid, that collection line would have stayed on your credit, and marked as paid.
You’ve been getting lucky, that’s all.
Newbie
May 4, 2018
6 posts
1 upvote
I beg to differ. The letter is stating that the company has no further interest in me and the debt is resolved. Basically a good will letter. And the bit is removed.
Member
Jun 1, 2017
226 posts
142 upvotes
BradL41510 wrote: I beg to differ. The letter is stating that the company has no further interest in me and the debt is resolved. Basically a good will letter. And the bit is removed.
It automatically removes it when:

6 years since first delinquency for TransUnion
7 years since date of last activity for Equifax.

That's it. You can't purge it like that US can.
Member
Sep 4, 2017
407 posts
117 upvotes
NoPistons wrote: It automatically removes it when:

6 years since first delinquency for TransUnion
7 years since date of last activity for Equifax.

That's it. You can't purge it like that US can.
Last time I look Equifax is 6 years not 7, but I might be wrong.
Newbie
May 4, 2018
6 posts
1 upvote
lola99 wrote: Last time I look Equifax is 6 years not 7, but I might be wrong.
It is based on province not credit company. And I will provide proof in the coming days
Member
Jun 1, 2017
226 posts
142 upvotes
lola99 wrote: Last time I look Equifax is 6 years not 7, but I might be wrong.

I called Equifax and the rep told me 7 years from last activity but could be told wrong information.

TransUnion confirmed 6 from first delinquency

Which means I'll be an old man before it falls off Equifax lol

Top