What's your credit rating?

[FunSugarDaddy]

Not sure if this will be a topic of interest, but every year I pay the $21 bucks or so and get a copy of both my credit transactions for the year and my FICO score. Mine's in the the 790's which apparently is very good.

Anyone else do the same, and if not and you're just trying to save up for that first down payment or whatever, why not? After all, there's nothing worse than wanting a loan and knowing the loan offer on the other side of the desk knows more about your credit than you do.

 

[ReluctantPooner]

As of June '09, I was sitting around 700. Would have been higher if not for the amount of outstanding debt on my name. Always kept up with my payments, and sometimes made large payments.

Word of advice to all who read - don't let your debts/credit cards get out of control. If they creep up, cut back on your spending, work some extra hours and get them paid off. At this point, I'm not bankrupt, but let's just say my credit rating isn't what it used to be.

 

[FunSugarDaddy]

The important point to note is don't miss payments, ever. Even if you can only pay the minimum do it, because it's these missed payments that screw your credit rating. Much better to keep making minimum payments then to miss a few and then put down a lump sum down on the balance in terms of your credit score. The two might seem similar in your intention to pay off the balance, but the credit rating industry rates these completely different.

I have about 5-6 credit cards but the one I use the most I have it set up so it's automatically paid off, the funds just come out of my bank account, so that's an option to consider if you're habitually late paying and hate both the interest charges and the credit rating ding..

 

[Restless]

I do the same every year. Mine is 835. I'm shooting for 850+, which would put me in the top 5% distribution of FICO scores.

Things to consider:

• Never miss a payment (It takes 7 years for a missed payment to drop off your history)
• Better yet, carry 0 balance on credit cards. (open a personal line of credit if necessary to pay CC Balance)
• Don't pursue credit you don't need (too many enquiries from creditors affect your score)

Benefits:

• You only pay once for everything you buy (not 2 times or more if you are paying CC interest)
• When you do apply for a loan or mortgage you can ask for and receive the best available deals.

 

[lenny]

"What's your credit rating?"

I don't know, but after reading this thread i'd guess fairly high.
Could my BMO financial advisor tell me?

Not sure if this will be a topic of interest, but every year I pay the $21 bucks or so and get a copy of both my credit transactions for the year and my FICO score. Mine's in the the 790's which apparently is very good.

Anyone else do the same, and if not and you're just trying to save up for that first down payment or whatever, why not? After all, there's nothing worse than wanting a loan and knowing the loan offer on the other side of the desk knows more about your credit than you do.

Who do you give the $21 to? Your bank can't give you a free copy?

 

[Mr.Boggo]

Mine's really good, 800+. I'm in the less than 1% likelihood of defaulting.

 

[housedj69]

With utility payments, always make them before the payment due date. Late payments will always cost you points on your credit rating.

Utility bills don't affect your credit rating, although paying all your bills on time is a good habit to be in.

http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02178.html

 

[Restless]

"What's your credit rating?"

I don't know, but after reading this thread i'd guess fairly high.
Could my BMO financial advisor tell me?




Who do you give the $21 to? Your bank can't give you a free copy?

You can get your score for free. The $21 is for instant access online complete with a list of items that are affecting your credit score.

 

[FunSugarDaddy]

There are two main credit reporting agencies in Canada, TransUnion and Equifax.

All have websites and by law they have to provide you a mailed copy of your credit activity once a year, for free, if you request it.

The problem is they make you jump through hoops if you request the mailed version as they want verification of who you are etc.

On line is easier to access, but they can charge money for it. (probably disquised as a convenience fee) They both charge $14.95 for the credit activity and about an additional $7 for a FICO score.

They also have monitoring services which is what they really want you to get.

I've use both Equifax and TransUnion and although the scores aren't identical they're usually pretty close.

The three main purposes of this are to see if anyone's borrowed your credit or abused your credit cards etc. to see what your current score is, and if you keep copies like I do. (or you're willing to pay extra) to see which direction your score is trending towards.

Anything above 750 is considered very good, and 850+ is outstanding.

This does affect various things, such as your credit card interest rates, your rate on an unsecurred line of credit etc. and the amount they are willing to lend you, so it's a very important piece of info to have.

 

[Restless]

One item I forgot to mention that will affect your score.

Don't have a fat lazy wife who feels she needs to buy everything she sees.

My credit score has gone up over 150 points in the years since I divested myself of this problem.

 

[Ray]

I have no idea what my rating is, but I do know that the only thing I owe is my mortgage.
Credit cards are paid off every month, I have 2 but only use 1.
I have an above average income and a huge line of credit in case I run into any unexpected financial issues.

Never had any issues with any institution not wanting to lend me money.