Credit Score?

[Keebler Elf]

Is there a way to get your credit score for free? I've checked Equifax and TransUnion but they'll only send you your credit report - which doesn't include your credit score - for free.

It's something like $20-25 to find out your score (the bastards package it with the credit report).

I don't see why we should have to pay for our credit score. We should be entitled to it just like our credit reports, IMO.

 

[freakshow]

Equifax at Yonge and Sheppard, bring 2 pieces of ID. Unless things have changed you should walk out of there with a free copy of your credit report

 

[Scorpion King]

Is there a way to get your credit score for free? I've checked Equifax and TransUnion but they'll only send you your credit report - which doesn't include your credit score - for free.

It's something like $20-25 to find out your score (the bastards package it with the credit report).

I don't see why we should have to pay for our credit score. We should be entitled to it just like our credit reports, IMO.

Seems you are correct about paying the extra fee to actually see the score. There is a surcharge for this with both credit reporting agencies - the last time I checked anyway.

As an alternative, if you have any friends that work for a bank, you can get them to pull a copy for you. The beacon score should be available this way. This will also show as an inquiry on your report however, so you pretty much have to decide between this or paying the surcharge.

SK.

 

[GoLeafsGo]

Not sure if this is quite on topic so forgive me if it`s not.

If you apply for a credit card and are declined for whatever reason, how would that type of situation appear on a credit check/report, if at all?? The reason I ask is that my neighbour is thinking of applying for a PC Mastercard but considering the circumstances I mentioned at https://terb.cc/vbulletin/showthread.php?t=93304&page=2 , he`s not sure if he should apply because he`s worried about how it would look on his credit report if he was declined.

 

[MarkII]

Not sure if this is quite on topic so forgive me if it`s not.

If you apply for a credit card and are declined for whatever reason, how would that type of situation appear on a credit check/report, if at all. The reason I ask is that my neighbour is thinking of applying for a PC Mastercard but considering the circumstances I mentioned at https://terb.cc/vbulletin/showthread.php?t=93304&page=2 , he`s not sure if she should apply because he`s worried about how it would look on his credit report if he was declined.

Yes...being declined or denied credit is reported to both credit agencies. It will show up.

 

[Scorpion King]

Not sure if this is quite on topic so forgive me if it`s not.

If you apply for a credit card and are declined for whatever reason, how would that type of situation appear on a credit check/report, if at all?? The reason I ask is that my neighbour is thinking of applying for a PC Mastercard but considering the circumstances I mentioned at https://terb.cc/vbulletin/showthread.php?t=93304&page=2 , he`s not sure if he should apply because he`s worried about how it would look on his credit report if he was declined.

Declined credit card applications dont get reported to either credit bureau. All that will show is an inquiry from the credit card company that pulled the report. When there is an inquiry with no corresponding trade, it can be for a number of reasons - and most lenders shouldnt automatically assume that it`s because of something derogatory.

Nothing else shows beyond that if the application is declined.

SK.

SK.

 

[Scorpion King]

Yes...being declined or denied credit is reported to both credit agencies. It will show up.

This is absolutely incorrect.

 

[Fred Zed]

........and most lenders shouldnt automatically assume that it's because of something derogatory.

Nothing else shows beyond that if the application is declined.

SK.

SK.

Yes. but unfortunately I think some of them do, however mistakenly that may be.
I think I read somewhere that an inquiry like that to your credit file
disqualifies you from applying for a credit card for another 6 months.
I may be mistaken.

 

[Scorpion King]

Yes. but unfortunately I think some of them do, however mistakenly that may be.
I think I read somewhere that an inquiry like that to your credit file
disqualifies you from applying for a credit card for another 6 months.
I may be mistaken.

When lenders look at credit inquiries there are a number of variables they consider. These variables (amount of inquiries within a certain time period, who is doing the inquiries, utilization of existing credit, etc) can lead to different opinions or decisions by the inquiring financial institution. However, a credit inquiry in and of itself would never be a reason for being disqualified from applying for a credit card for another six months. There would have to be other risks in the application that would prompt a lender to come to this decision.

 

[El_Mariachi]

Is there a difference between a collection ageny and a credit bureau? If there are, what are they?

 

[Scorpion King]

Is there a difference between a collection ageny and a credit bureau? If there are, what are they?

Here's my layman's definition for both...

Collection Agency: An agency that does third party debt recovery on behalf of another. This may be carried out with letters, telephone calls and legal action - all on behalf of the original creditor. See: www.aiccorp.com

Credit Bureau: A company that collects credit information on individuals and/or businessess - run completely independent of the parties from which it obtains the information. See: www.equifax.ca

 

[MarkII]

Scorpion..

You have some knowledge in this are...

But when I look at MY own credit report..I have to disagree.

After a disasterous divorce and bancruptcy. EVERY request for credit is shown and if it was acepted or denied. Yes there is the 7 yr rule...and I have not requested credit during my hiatus. But every instance through the periosd leading up to divorce and subsequent bancruptcy is there. Including denial of credit.

If you request credit..and it is denied..IT DOES show up on your credit report with Equifax.

Some mis info somewhere. Keep the thread going. I amk as curious asm others if it SHOULD NOT have shown up.

 

[Kommander1975]

I just found out something today. The more credit cards you have (even if you pay them on time) looks negatively in your credit score. If you are entitled to a $100,000 line of credit and you have 2 gold credit cards with limits of $20,000 each your line of credit drops to $60,000, so when you want to borrow money for a house you'll be $40,000 short because of your credit cards.

 

[Scorpion King]

Scorpion..

You have some knowledge in this are...

But when I look at MY own credit report..I have to disagree.

After a disasterous divorce and bancruptcy. EVERY request for credit is shown and if it was acepted or denied. Yes there is the 7 yr rule...and I have not requested credit during my hiatus. But every instance through the periosd leading up to divorce and subsequent bancruptcy is there. Including denial of credit.

If you request credit..and it is denied..IT DOES show up on your credit report with Equifax.

Some mis info somewhere. Keep the thread going. I amk as curious asm others if it SHOULD NOT have shown up.

This can be disproven by analyzing anyone's personal credit bureau report from equifax (or Trans Union). The report is broken down into sections. There's personal information, a misc. section (where collections, bankruptcies, judgments and some liens are reported), inquiries section and trades section.

The inquiries section will show the company that inquired along with the date. The only way of knowing if the credit was denied or not (using the report only), would be to see if a corresponding trade was opened within the same time frame. However, if the credit was declined, there is nowhere that indicates this.

Check this website for the facts....

www.equifax.ca

SK.

 

[MarkII]

This can be disproven by analyzing anyone's personal credit bureau report from equifax (or Trans Union). The report is broken down into sections. There's personal information, a misc. section (where collections, bankruptcies, judgments and some liens are reported), inquiries section and trades section.

The inquiries section will show the company that inquired along with the date. The only way of knowing if the credit was denied or not (using the report only), would be to see if a corresponding trade was opened within the same time frame. However, if the credit was declined, there is nowhere that indicates this.

Check this website for the facts....

www.equifax.ca

SK.

Ahh...it says on the report...credit denied/accepted or withdrawn.

You're quoting what you know..and I don;t dsibelieve what you think you know.

But I see what my credit report shows..and its not that bad of a report after nearing the end of the 7 yr ban...and every request I have made is clearly shown on the report. And, whether it was accepted or denied.

There is clearly a difference between information.

Scorpion..have you seen YOUR own report?

I ask..as that may shed some light on the differences.

 

[Scorpion King]

Ahh...it says on the report...credit denied/accepted or withdrawn.

You're quoting what you know..and I don;t dsibelieve what you think you know.

But I see what my credit report shows..and its not that bad of a report after nearing the end of the 7 yr ban...and every request I have made is clearly shown on the report. And, whether it was accepted or denied.

There is clearly a difference between information.

Scorpion..have you seen YOUR own report?

I ask..as that may shed some light on the differences.

I've seen my own report on several occaisions. I've viewed both the online and mailed versions. I've also viewed a version that the banks and collection agencies receive when they pull one. I've probably seen a view thousand different individual credit reports over the years.

The inquiry section only shows the company and date of the inquiry. The trade section often does show if a particular trade has been closed by credit grantor or by the consumer. This would usually appear as a short narrative at the end of the trade. For example, if you had an AMEX card, for any number of reasons there could be a short narrative that will state the status of the account. Things like: inactive, closed by credit grantor, closed by consumer, loan in default are all examples.

However, if you apply for a new AMEX card right now and get declined, all that shows on your report (under inquiry section only) is the company name and date of the inquiry. There is no other indication that the application was declined.

That's how it works.

 

[Scorpion King]

Check Equifax's website...

Hey Mark.... I just checked out the website again and it explains everything quite clearly. There is even a sample copy of a credit report that breaks it all down. This should clarify things once and for all...

www.equifax.ca

SK.

 

[fuji]

It's worth mentioning there is no such thing as "your credit score" rather there are a zillion different numbers that are all credit scores. Equifax, TransUnion, Experion, etc., all like to make up endless variations on the credit score and offer their customers a whole array of scores to choose from. Major lendors routinely make up their own credit scores based on their own idea of what is important.

It is part of the etiquette of the credit industry that every institution sneers at everyone else's credit scores and proudly brags about how much better their own home grown variant of the credit score is.

Anyway, the automated credit scores only really matter in the least important credit transactions. If you sign up for a cellphone, open an account with a gas utility, subcribe to cable tv, etc., then an automated decision based on some credit score will be made to determine whether or not you will have to pay a deposit.

The middle ground would be financing for consumer goods such as motorcycles, furniture purchases, and the like, where small amounts of money are lended for goods with real value. In these cases you stand some chance of being automatically approved or declined if your score is really high or really low, but generally, a human credit officer will review the decision looking at all the details on your credit report (though, maybe not very carefully).

For more important credit decisions the score is pretty much irrelevant. Before a bank extends a sizeable loan to you, or a mortgage, or gives you a credit card with a substantial limit, they will have a human credit officer read through your credit report in detail. The credit officer will certainly see your various scores, but they will also see the bigger picture and make a decision based hopefully on common sense and industry practice.

In the end whether you have "good credit" or "bad credit" is subjective. Different lendors use different score numbers, and in important situations, it's a human judgement call anyway. You should work to keep your credit file clear of any serious problems like overdue accounts or repeatedly late payments--but a few minor marks will never hurt you when the chips are down. At most a bunch of minor problems with your credit file would lead to you having to pay a deposit to your gas company where your neighbour didn't have to, or some such.

 

[Breeze]

I read an article on MSN about credit cards.

I'll see if I can find the link, however even one late payment can negatively impact your credit with the credit company your with one analyst said. One or two late payments and your interest rate can balloon.

Also potential lenders don't like to see if you have a a high balance on your card. You should have a balance at least half of your limit or even lower, and having a lot of cards does does not look good to potential lenders as well apparently.

 

[Scorpion King]

I read an article on MSN about credit cards.

I'll see if I can find the link, however even one late payment can negatively impact your credit with the credit company your with one analyst said. One or two late payments and your interest rate can balloon.

Also potential lenders don't like to see if you have a a high balance on your card. You should have a balance at least half of your limit or even lower, and having a lot of cards does does not look good to potential lenders as well apparently.

When lenders look at your credit report, they see a 'story'. The amount of recent inquiries, the amount of revolving credit, % usage of the revolving credit, late payment history, so on and so forth. Most lenders have something referred to in the industry as 'risk based pricing'. Under this program, credit applications and the credit report are reviewed and, upon approval, the interest rate is determined according to the amount of risk that is in the deal.