- April 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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Paying only the minimum is best for your credit score.
That every little point on a credit score matters. There is basically no difference in a lenders eyes between 850 and 860 lol.
“paying credit card before statement date is bad for credit score”
Having a high income equates to a better credit score.
That it matters as much as you think it matters.
Utilization matters. Just because you make your payment doesn’t mean you have good credit if you are maxed out
Just because your credit score is 750 doesn’t mean you will be approved. One credit card for a year can give you that score. Lenders look for 4 trade lines, history, installment vs revolving. Your credit score is simply a starting point
That being good financially is what raises your credit score. Which is only half true. Sorta.
Your credit score is essentially how reliable and valuable you are to creditors.
Pay to delete I had trouble in my early 20s found about Americans pay to delete thing. Doesn’t work here.
There are so many:
1. The biggest is that there is one credit report and one credit score. There are 2 credit reporting companies in Canada and each collect different different information which not only creates different credit reports but also each has many, many different credit scores. The credit score used to underwrite a credit card application is different than the credit score used for auto financing and each is different from a mortgage application.
2. That the credit score that consumers access is the same credit score that lenders use. See #1.
3. That income has an impact on your credit score. It doesn’t.
4. That investments impact credit score. It doesn’t.
5. That you can build your credit score quickly. Doesn’t work that way. A credit score is a numerical risk assessment based on your credit history. History takes time. It takes time to build a high credit score. When an experienced underwriter sees a high score that doesn’t have the time with it, they know it’s an error.
6. That errors on your credit report are more common than you think.
7. Credit reports are built and used primarily by businesses, not consumers. You are not their primary customer. This means that the information in your credit score is gathered from a business that you have a relationship with. This is important as if you claim there is a mistake in your credit report the agency is going to confirm the mistake with the business that made it.
8. That most credit score requirements are based on a “meets/does not meet” basis, meaning if the minimum score required is 650, a 650 meets, a 640 doesn’t and a 850 also meets. You don’t get a lower interest rate because your credit score is 850 versus the person with 650.
That it matters as much as it does in the USA, beyond a bottom threshold for having good credit, there aren’t many benefits to your perfect 900 or even high 700.
That credit scores are regulated like that credit reports are. They are not. Credit reporting laws cover the accuracy of the information in the credit report and who can access that information. And how long that info can be there in various circumstances. But not the credit score.
And also, the apps you get from a bank or something are really not that reliable. Too little information. Just get the full report from the credit reporting agencies.
On that note, the credit report you see is not what businesses see. They see much less info so if something is incorrect you need to get your full credit report directly from Equifax and TransUnion.
1) That the credit score you see matters. Most lenders have their own algorithms based on internal data and a tailored scoring system that determines if you get approved or not. You could be an 700 but their algorithm determines you are a risk and you get declined.
2) that you can pay to have bad credit items removed from your bureau. Pay for removal is illegal in Canada so if you think you can negotiate that with a collection agency you are most likely mistaken. People have argued technicalities or disputed negative items successfully but that’s a different story.
3) that going bankrupt or consumer proposal means in 7 years you’ll be Scott free. Any prime lender worth their salt will see you have a 7 year gap in your credit and it may cause you issues getting approved for credit. You’ll probably have to wait a few years playing with capital one cards and other sub primey credit cards before you can get any real credit approved.
4) your life isn’t over if you ruined your credit. If you have time on your side you can rebuild it.
5) anything related to business credit you believe is probably wrong. Equifax and transunion for business have maybe 1% the information for businesses as they do consumers. I’ve seen very established companies with no credit reporting. You will probably need to consign for your business for most loans despite what TikTok influencers say.
My barber bought a brand new truck. He’s not into anything that one would need a truck for over a small car, and he lives less than half a block from his Barber shop he fully acknowledged to me that he didn’t need a truck at all, and he wasn’t even sure he wanted it. I asked why he would buy a new truck and he told me it was because he had went bankrupt a few years ago and a vehicle loan was the only one that would overlook his bankruptcy so he was using it to improve his credit score. I wanted to cry for him. A secured capital one card would have done the same thing.
That’s it’s managed perfectly and ethically when the reality is that banks have terrible data problems streaming in malformed data to credit bureaus. Source: lazy bank sent another clients account to my file.
Canadian banks are the laziest institutions when it comes to data management. A small business could do the job better.
It’s not so much a misconception as obsession. People are obsessed with their credit score as though it’s their entire personality. It’s a tool that shows a snapshot of your life, it’s not an indicator of you as a person.
Paying off a credit card weekly is somehow more beneficial then paying off the statement in full.
Question: how long would it take to get your credit score up 100 points?
Question: if someone owes a huge amount of money in the US, does the creditor in the US have the right to report the debt to Canadian credit bureaus, if unpaid? I read a story about a Saskatchewan woman who gave birth in the US and was given an almost 1 million dollar bill.
One thing I still get mixed answers on (without being shown legitimate links for proof) is whether or not paying off an outstanding debt resets the 7 year clock to stay on your credit report
You can see the thread below had both points and no conclusion
https://www.reddit.com/r/PersonalFinanceCanada/s/fduNfI9riQ
There used to be a commercial that implied you can buy better things as your credit score goes up. It starts with a woman sitting in a crappy apartment with an obnoxious roommate. Every time her credit score goes up, the surroundings automatically upgrade – bigger room, nicer furniture, etc. When it gets to 875 she’s suddenly sitting in a mansion with marble walls and an ocean front view, the obnoxious roommate transformed int an immaculately groomed pure bred dog.
So according to that commercial, the only thing holding you back from a $10M property is your score. You income and net worth are apparently not a factor at all.
Credit utilization.
Myth: Using 30% of your credit improves your score.
Fact: Using *under* 30% of your credit improves your score. 0% is under 30%.
Myth: Keeping a debt open will improve credit score.
Fact: Paying off your debts shows a history of responsible credit use.
Myth: Credit score matters for getting a mortgage.
Fact: Homes are a relatively safe debt for lenders to provide financing for, and while lenders will use credit score to determine eligibility, the bar is much lower than most people realize. As long as you don’t ruin your credit or have zero history, getting approved is rather easy.
Most of your score comes from having access to credit and not abusing it.
The only worthwhile advice is to apply for a no-fee credit card and use it enough to keep the account active. Treat it like you’re spending cash from your wallet. Put any recurring bills on there and always pay the full statement amount on or before the statement due date. Don’t ever let the account accrue interest.
Any other advice about how to improve your credit score is actually just a sly trick to convince you to spend more than you otherwise would and accrue interest charges.
Contrary to popular belief on this sub, credit score matters in some cases. The major one I’ve seen is that landlords prefer people with scores of 800+
That Credit Karma is at all accurate.
I’ve never known my credit score or had anyone who asked for it. Anytime I’ve needed to take on debt, they’ve cared about my income and my existing debt, and that’s about it.