- i deleted an old library account from my report by requesting a pay to delete.. a pay to delete is when you write a letter to the credit companie (ie: rogers, scotia) asking them to REMOVE the account from your credit report. Ensure that you get a copy of the pay to delete letter for your own records BEFORE paying them.. if I've learned one thing, its that companies are so quick to report u to the bureaus but they couldnt care less how long or if they even inform the bureaus of the positive changes. Always send your own copies into the bureaus if you dont see any changes within 30 days. (Note- when it got removed from my account my score dropped 40 points via transunion and then a week later it went up 44 points. I think it went down because it was an olddd open account. But then the system also recoginzed the change was a good thing...equifax didn't change because the EPL doesnt report to that bureau)
- ALWAYS print your transunion and equifax around the same time. For 5 years i was referencing only Equifaxs reports when I finally checked transunion i realized that that i had library OVERDUE chargers on there, as well as a old visa bill that i paid 4 years ago.. equifax showed i paid it and transunion showed i had an outstanding balance still... once again the credit company was so quick to report my delinquency but didnt report the payment to either bureau... i reported it to equifax not knowing theres another bureau in canada.
- my posts are going to be a bit sparatic and all over the place in regards to credit reports..and this is mearly my own experience. So im going to share with you a few more things iv experienced over the last few years.
I now... get my free transunion report WEEKLY from www.creditkarma.ca - there like a third party to transunion. I also pay 19$ a month for my equifax report. I can update it daily, weekly..whenever i want. Its such a nice feeling seeing my credit score grow..from LOW 300s to around 600 so far... as per equifax. My current score is 562 but my transunion score is (creditkarma) is 631.. so a huge difference.. but its because companies report to different credit bureaus and they also keep items for different amounts of time. Equifax keeps hard inquiries for 3 years while transunion keeps them for 6 freakin years!
- i also learned that car dealerships will pull ur credit without your consent... and from many different lenders.. dodge pulled mine one day without approval from 7 different places!!! So i emailed them and asked what their procedure is for pulling a credit inquiry and they said that theres a form you fill out either in person or online... which they didnt have any evidence from they inquiries i was questioning. So i filled out a dispute form the other day to have equifax investiage..as well as the ones that showed up on transunion. So if i can suggest next time u go to the dealer ask them to only inquire at a specific place or a certain amount of places!!! I ended up flagging 11 hard inquiries that i was unsure of!! So hopefully they can help me out!! I called TD about one just to see what they would say and he said it happens ALOT! but if they cant provide sufficient evidence that you authorized it, they have to remove it! Ive spent many hours reviewing my reports.. another example... i paid a scotiavisa back in 2013 and the report said i had like over 120 days of missed payments from dates AFTER i paid the account.. the date of last activity way before the dates they had in the comments.. which was complete wrong... how could i miss payments on something years after it was paid.
- 600-650 is roughly the credit score u need to get a half decent mortgage without CMHC fees, etc. (From my understanding)
- i also learned yesterday that some credit companies
In canada equifax and transunion keeps your credit deliquancies for roughly 6 years.. if you dont plan on getting any sort of credit in the next year or two..and u have something with the last acitivty date of 4-6 years..dont bother wasting your energy or money.. let it fall off. Or if ur like me. If your like me, i paid everything - regardless if i paid it in full of made an agreement of partial payment.. because if u do go apply for more credit it looks better that its paid rather then an outstandin balance. And if its not paid that uses up more of ur "utilization amount" (ex: i had bad credit when i bought my car so my utilization was at 93 % or something for a 15g car. Now that ive made 22 months worth of very high interest rate payments my utilization is down to about 80something%. So that would mean i have a credit total limit of about 18000- my car takes up 80ish % so i have a few grand worth of credit i can apply for.... i believe... dont quote me.
If your like me and hit hard times and have loans from money mart or cash canada.. you'll know the struggle of extremely high interest rates. I had interest rates of like 38% and paid that sh@! For like 2 years and didnt make any dent in the balance.. so i did some resesrch online and found a credit counselling serivce. (Credit counselling services of canada - i believe its called) i spent about an hour on the phone with them and went over my debts and current bills (rent, food, etc) and in the end they determined how much i could afford! And get this!! I went from a 38% interest rate to a 0 ZERO.. so its totally worth giving them a call.. they help you with ant UNSECURED loans/debts..ie- money mart, cash canada, cell phones... pretty much anything they can repossess like a house or a car. Its a super simple website/user profile. U can see where your standing with ur balance. When and where ur payments were distributed. (They contact the companies directly and negotiate prices and interest rates..etc u pay the counselling company and they make the payments directly to ur debt owers... its direct deposit.. i went feom over 500 a month for my loans down to 190. It was a nice change and actually making and seeing the difference is super motivating...
All this takes alot of time/patience/persistence. U have to be able to negotiate. U dont have to make full payments.. debt collectors would rather see some money rather then no money.. and if u choose to not pay them by the time the 6 years is over. They get some of it back in taxes as loss. Soooo realllyyyy. I wouldn't fret that much with old accounts.
Theres also a letter called a letter of goodwill.. u can google it - id probably type in goodwill letter to creditor.. here u explain why u ended up where u were with your credit, how u got there, how youve been trying to improve your credit standing.. u pretty much ask for pitty. But a pay to delete is alot more appealing to them. U may not get the response u would like from a goodwill letter. BUT alwayssss contact someone in upper management. Dont just call and talk to the custtomer service rep that answers the phone. I did that eith the lady from the library down the road and she said that it wasnt possible. So i found some financial manager and emailed her asking for a pay to delete and she was more then willing to help out. Within about a week from the payment it was gone from my report. Easy peasy... so do ur diligence and find the right person! As high up as u can go.