Credit *RANT*

[00CivicSi]

This ia a Rant on our credit system and maybe someone can enlighten me of why it works like this and also a good lesson for those to check you credit once in awhile.

The story goes...

I've screwed up my credit when I was younger and has since been recovering for the last 8-9 years. I monitor my credit very often through transcanada credit and has been good and my score has been climbing non stop. So the time comes for me to apply for a mortgage and was declined because I had an outsatnding collection for 2 years now on my credit report.. so WTF It wasn't reported to Transcanada but to equifax. So I look up the my Equifax report and bang 1 outstanding collection and my score on equifax is no where close to my Transcanada's. I don't have my car loan on there nor my good standing Rogers bills. Why the hell do we have 2 credit reports??? So I hafta pay over 60 bucks to see my credit report every month to see both. After that is said and done I investigate more on why I have an outstanding collection for over 2 years without me knowing. Turns out 2 years ago I was on the Glenmore and the wind blew my boat over and fell in. So an ambulance came out asked if I was ok, took down my info and left. So I was stuck with a 166.00 bill I was totally unaware of because they took down my info on my drivers licence wrong missing the a on my street. I would have been happy to pay it if I knew I had a bill or charge. Now they won't take it off my credit report even if I pay it and it looks shitty cause I didn't pay it for 2 years. Anyone know what I can do to get it off because theoretically it wasn't my fault that I didn't pay the bill??

[2002civic]

you would have to call the colection agaency, clear that up, and then call the credit bureau to get it removed, I work at a bank and we deal with this all the time, each bank only uses one so look into banks that use the report without the collection on it

[snowboard]

Dont worry, because i got declined for a credit card 3 times (with no probable reasoning, cause i make enough t opay it off 5 times over) my credit score is GARBAGE and when i went to finalize a loan today i found out they wanted to charge me 15-18% interest. i know how you feel man, this credit system blows, hows a young guy supposed to gain any credit without it costing him TONS of money in interest :(

[nos_efx]

Same thing hapened to me with my University loan, they didn't tell my loan had gone into repayment status. Dumbass RBC did not submit my form to tell the banks that I was still a full time student. Spent hours on the phone with the collection agencies with no success. Ending up paying the outstanding interest and 5-6 years later my credit is back up to good standing.

I'm not sure what else you can really do about this.

[00CivicSi]

Originally posted by snowboard
Dont worry, because i got declined for a credit card 3 times (with no probable reasoning, cause i make enough t opay it off 5 times over) my credit score is GARBAGE and when i went to finalize a loan today i found out they wanted to charge me 15-18% interest. i know how you feel man, this credit system blows, hows a young guy supposed to gain any credit without it costing him TONS of money in interest :(

Yeah man I feel yer pain. For the last 6-7 years I felt like a criminal, couldn't rent nice places travel to places without carrying wads of cash on you, getting cell phones on and on. It has been tough 7 years and funny thing it's still freakn haunting me today. My first car I bought my credit rating was so bad I had to go through a company called Carfinco at 28% interest. Car cost 10g end up paying almost 28g when it was all said and done, but can't complian it helped boost my credit score and got me from A to B. Good luck with yours

[Xtrema]

[conspiracy theorist] Credit system is to keep common people down to provide big corporations with cheap labor. Fight the power, cut up your credit cards and pay cash! [/conspiracy theorist]

[lint]

Originally posted by snowboard
Dont worry, because i got declined for a credit card 3 times (with no probable reasoning, cause i make enough t opay it off 5 times over) my credit score is GARBAGE and when i went to finalize a loan today i found out they wanted to charge me 15-18% interest. i know how you feel man, this credit system blows, hows a young guy supposed to gain any credit without it costing him TONS of money in interest :(

You don't get a garbage credit score for no probable reasoning. Just because someone has the ability to pay doesn't mean they get credit if they don't actually pay their bills. Hence a garbage credit score.

As for building credit, you start BEFORE you need it. Low limit credit card that you use and pay off every month. Doesn't matter what the interest rate is if you pay it off in full and on time. It won't cost you tons of money in interest if any at all.

[snowboard]

Originally posted by lint


You don't get a garbage credit score for no probable reasoning. Just because someone has the ability to pay doesn't mean they get credit if they don't actually pay their bills. Hence a garbage credit score.

As for building credit, you start BEFORE you need it. Low limit credit card that you use and pay off every month. Doesn't matter what the interest rate is if you pay it off in full and on time. It won't cost you tons of money in interest if any at all.

Thats the thing though, i did get fucked? They wouldnt give me a low limit credit card even?? i gave them proof of employment and 6 months worth of pay stubs??
and i dont "need" credit, i just wanted a boat, and i thought taking out part of the money in a loan could help build my credit, but low and behold it Blows already.
i hate credit/Banks/money. so stressful.

Oh and i havent had intrest charged on my credit card since i got it because i pay it off way before its due.

[ICEBERG]

I feel bad for young people these days trying to build credit to buy a car or a house. With the banks charging you almost 30% interest because you have no credit is highway robberyyyyy... Banks = Mafia. :D

[lint]

Originally posted by snowboard


Thats the thing though, i did get fucked? They wouldnt give me a low limit credit card even?? i gave them proof of employment and 6 months worth of pay stubs??
and i dont "need" credit, i just wanted a boat, and i thought taking out part of the money in a loan could help build my credit, but low and behold it Blows already.
i hate credit/Banks/money. so stressful.

Oh and i havent had intrest charged on my credit card since i got it because i pay it off way before its due.

So how did you get bad credit in the first place? You needed a loan on a boat to build credit but you already have a credit card that you never pay interest on because you pay it off every month?

[snowboard]

Originally posted by lint


So how did you get bad credit in the first place? You needed a loan on a boat to build credit but you already have a credit card that you never pay interest on because you pay it off every month?

Because apparently being denied a credit card gives you bad credit.

[Xtrema]

Originally posted by snowboard


Because apparently being denied a credit card gives you bad credit.

Vicious circle. If you do everything right, your credit will be good. One and a few missteps and you're screwed.

You don't apply for a credit card without a credit score report first. You should always check your credit health before applying for credit. And don't get over your head on credit or apply for too many in a short period of time. Store credit cards are the worst. I won't fuck with my score with 10% off on purchase.

[spikerS]

Originally posted by lint


You don't get a garbage credit score for no probable reasoning. Just because someone has the ability to pay doesn't mean they get credit if they don't actually pay their bills. Hence a garbage credit score.



I didn't have bad credit, I had NO credit. when they pulled my credit through 2 credit agencies, both were 3 pages of nothing to report, and a credit score basically saying zero. nothing negative, nothing positive. my intrest rate is 29.9% to drive my car atm.

[lint]

Originally posted by spikers


I didn't have bad credit, I had NO credit. when they pulled my credit through 2 credit agencies, both were 3 pages of nothing to report, and a credit score basically saying zero. nothing negative, nothing positive. my intrest rate is 29.9% to drive my car atm.

Refer back to what I said about building credit BEFORE you need it.

[lint]

Originally posted by snowboard


Because apparently being denied a credit card gives you bad credit.

Did you try to find out why you were denied those credit cards?

[Doozer]

Originally posted by spikers


I didn't have bad credit, I had NO credit. when they pulled my credit through 2 credit agencies, both were 3 pages of nothing to report, and a credit score basically saying zero. nothing negative, nothing positive. my intrest rate is 29.9% to drive my car atm.

Yup, no credit is as bad as bad credit. The whole purpose of a credit score is so that the lending institution can have at least a vague idea of what sort of risk you are.

good score = low risk

no score = bad score = high risk

The way it <i>usually</i> works is that you start out as a student, get a student-rate credit card upon which can start slowly building some credit. Then you can get higher credit cards, loans, mortgages, etc, and live happily ever after. As long as you follow the steps properly. Step out of line, you pay for a long time.

[Sapepr33]

Originally posted by lint


Refer back to what I said about building credit BEFORE you need it.
Exactly!

The day I turned 18 I went to the bank and applied for a credit card(yes my parents co-signed), got a low limit and used it for EVERYTHING! Rather than using debit I'd put it on uncle Visa. I also pay off my visa every paycheque.

I'm not just short of 22, and I have damn near perfect credit. I applied(and got) a line of credit a few weeks ago and was authorized for 50K(RBC), but told them no, I want 5K.

It takes self control, forethought and living within your means, but building good credit isn't tough.

[2002civic]

applying for three cards is stupid in ashort amount of time, so is applying for those cards at hockey games to get the free merchandise, it still shows as a hit on your credit and if you have enough in a short time....

[slick2404]

Originally posted by 2002civic
applying for three cards is stupid in ashort amount of time, so is applying for those cards at hockey games to get the free merchandise, it still shows as a hit on your credit and if you have enough in a short time....
ahah i always put fake info on those to get the flames blanketsand whatnot.

I applied a TD green visa when i was 19, got a 500 limit used it alot....called em up asked to increase my limit so i can put tuition on it....they did it with no problem. went into the TD branch a few months later to get overdraft set up on my debit, they had different offers pending on my account like a 25k LOC or another visa increase ect. all i did was use my card, paid it off in full and on time and thats it...its not rocket science.

Now i got a few different cards on the go, dont want to cancel the ones im not using because it'll look bad on my report as a 'cancelled cc' looks as if i couldn’t handle it, so i just keep em all on the go and use em periodically.

[01RedDX]

.

[lil*tymer]

Originally posted by 2002civic
applying for three cards is stupid in ashort amount of time, so is applying for those cards at hockey games to get the free merchandise, it still shows as a hit on your credit and if you have enough in a short time....

really? omg i applied for one last year and they sent me a card + numerous envelopes telling me to activate my card.

is this hurting my credit score?

[00CivicSi]

Originally posted by 2002civic
you would have to call the colection agaency, clear that up, and then call the credit bureau to get it removed, I work at a bank and we deal with this all the time, each bank only uses one so look into banks that use the report without the collection on it


Guess the lesson is to keep ontop of your credit regardless if you have good or bad. Just for things you might be unaware of or identity theft. After alot of phone tag between city of Calgary, the collection company and moved all the way up the chain to supervisors to the head lady in charge they have admitted it was a mistake on thier behalf and will be removing it off my credit once I have paid the due in full. I was very nice, patient and calm and that got the job done. Thx for the advice 2002civic

[Amysicle]

This is a little late, but you should be able to request a free credit report via snail mail by filling out a form from their website (TransUnion, Equifax, and that other one you mentioned) with photocopies of two acceptable pieces of ID. They will fill one request for free per year (each) and although it doesn't tell you what your credit score is, it allows you to check to see if there was anything that you need to dispute and clear up.

[van]

Sorry to hijack but where do you go to look at your credit rating?

[Amysicle]

Originally posted by defekt1
Sorry to hijack but where do you go to look at your credit rating?

TransUnion (http://www.transunion.ca/): You can pay $15 for your credit report immediately and more money for other features (like tips on your weak points and how to improve your score) or mail (http://www.transunion.ca/ca/personal/creditreport/consumerdisclosure_en.page) for the free one.

Equifax (http://www.equifax.com/EFX_Canada/): Again, pay to see your credit report/score immediately. Here's the link (http://www.equifax.com/EFX_Canada/consumer_information_centre/ownreport_e.html) if you don't mind waiting if you want it for free.

I've never actually heard of that third one, and was only recently aware of it.

Someone told me for the small stuff, companies look at TransUnion, but with big ticket items like cars and houses, they check with Equifax. I have no idea how much truth there is to it though. :dunno:

[00CivicSi]

Guess most banks look at equifax

[2002civic]

Originally posted by 00CivicSi
Guess most banks look at equifax
Not the biggest in Canada;)

[2002civic]

Originally posted by Amysicle




Someone told me for the small stuff, companies look at TransUnion, but with big ticket items like cars and houses, they check with Equifax. I have no idea how much truth there is to it though. :dunno:

I don't think much. Each bank only uses one or the other and it doesn't matter how big or small it is.

[JGerke]

The free credit reports are pretty much garbage, they only tell you who has looked at your credit score, not what your score is. And getting denied for cards does nothing for your score. When you apply, get approved, then don't activate your card, that's when it hurts your score. This is done to cut down on people that apply and get approved so they can have the crappy $2 t-shirt!

[Euro_Trash]

Originally posted by Doozer




The way it &lt;i&gt;usually&lt;/i&gt; works is that you start out as a student, get a student-rate credit card upon which can start slowly building some credit. Then you can get higher credit cards, loans, mortgages, etc, and live happily ever after. As long as you follow the steps properly. Step out of line, you pay for a long time.

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