Questions about Credit Scores... - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

alltherage · 01-05-2008, 07:05 PM

So I live with quite a few people and the other day I got a letter from Mastercard saying that my last payment was not received and to forward it right away or it could hurt my credit rating. I found the previous Bill under some other non time sensetive stuff like receipts from the Heart and Stroke foundation etc. I paid it right then and there obviously, and I didn't put it there but it was clearly missed. I just wonder if one time can damage your rating or if it has to be a few times? or if just one missed bill would just take off like 5 or 10 points from your rating? Any credit whizzes out there?

Also, about 4 years ago (I was 18) I sold my car when my insurance term was over but did not realize insurance automatically renews (young and niave.) I got hit for "missing" a payment then and I wonder if this also affects my credit.

Otherwise I've been basically clean as a whistle, and I've been told recently by Rogers Wireless when I needed a new phone that I have great credit. Any insight on these two issues?

Can I view my credit score for free somewhere without any strings attached? I'm really curious, and thanks in advance.

getbak · 01-05-2008, 07:11 PM

http://www.equifax.com/EFX_Canada/co...nreport_e.html

They have links to purchase it online, but you can mail in a form to get it sent to you for free.

Here's the form to fill out: http://www.equifax.com/EFX_Canada/co...ort_form_e.pdf

You can request it free once a year.

Got Miikka? · 01-05-2008, 07:26 PM

No one should know too much about their own credit. It could damage the fabric of the space/time continuum and destroy the entire universe.

*What the credit bureau doesn't know won't hurt you.*

Agamemnon · 01-05-2008, 07:26 PM

I believe you only get dinged on your credit if the company you deal with reports your missed payment. I've generally found you get a few months leeway (depending on the type of payment) before they send you to a collection agency/report you to the credit bureau.

Got Miikka? · 01-05-2008, 07:27 PM

Quote:

Originally Posted by Agamemnon

I believe you only get dinged on your credit if the company you deal with reports your missed payment. I've generally found you get a few months leeway (depending on the type of payment) before they send you to a collection agency/report you to the credit bureau.

That's what I meant to say.

alltherage · 01-05-2008, 07:30 PM

Hahaha, so... late payments generally arent even reported? I wondered if they were just automatically generated or something. I wonder what mine looks like. It's wierd that something so crucial would be so evasive. Why can't banks just offer it as a service?

REDVAN · 01-05-2008, 07:37 PM

I always pay in full and on time- and they always keep up-ing my limit whenever I ask. Of course, I paid for my car with my parents help and so that didn't help my credit rating, but meh.

I'll help my credit when I can actually afford to put stuff on credit!

Agamemnon · 01-05-2008, 07:39 PM

Quote:

Originally Posted by alltherage

Hahaha, so... late payments generally arent even reported? I wondered if they were just automatically generated or something. I wonder what mine looks like. It's wierd that something so crucial would be so evasive. Why can't banks just offer it as a service?

Depends on the type of bill. I missed 2 $25 student loan payments 4 years ago and I think those are still on my credit report. Stuff like cable/electric bills I'm pretty sure you can let ride for months before it becomes a credit issue (not that you'd want to).

ken0042 · 01-05-2008, 07:40 PM

I've never had a card company report an R2 on me; which means 1-2 months behind on Revolving credit.

Especially if it's just once- they don't want to tick off a good customer.

That being said; if they report an R2- IIRC it will come off your credit really quickly; like 6 months or maybe a year. (As I said, nobody's ever dinged me so I don't know for sure.)

urban1 · 01-05-2008, 07:54 PM

You cant get your credit score for free. You can get your credit report only mailed to you for free from both Equifax and Transunion. Go to each of their Canadian sites and you can get more info. As mentioned, you can pay to get your credit report and credit score instantly online.

Missed payments will get reported. Payments usually get reports as 30, 60, 90 days late. Normally, a creditor gives 30 days leeway. So a payment wont be reported 30 days late until it hits 60 days late.

If you do get a 30 day late payment it will knock a few points of your credit score. I wouldnt worry about nut dont make a habit of it. Even though you could have an acceptable credit score, some lenders may not like you having a history of delinquent payments.

Negative items can stay on your report for up to 7 years not a matter of months.

Flames09 · 01-05-2008, 09:16 PM

Only some companies report it right away. Remember though credit card companies will up your interest and use the 'missed payments' as their reason.

MoneyGuy · 01-06-2008, 02:20 PM

Quote:

Originally Posted by Got Miikka?

No one should know too much about their own credit. It could damage the fabric of the space/time continuum and destroy the entire universe.

*What the credit bureau doesn't know won't hurt you.*

I kinow my score and am quite proud of it.

And you can get your score for free if you know how to do it.

urban1 · 01-06-2008, 06:09 PM

Ive never heard of anyway to do it for free and doubt there is.

The only way you can get your score is from Equifax or Transunion.

I doubt an employee could get your score because I bet their security is pretty good do to security/privacy/id theft issues.

And if youre talking about getting your score from a third party like a bank or other creditor, then thats going to show up as a hard hit on your credit bureau and will ding your credit score. My guess is this is how youre getting it for "free"

Quote:

Originally Posted by MoneyGuy

I kinow my score and am quite proud of it.

And you can get your score for free if you know how to do it.

Deegee · 01-06-2008, 09:39 PM

Sears is pretty good about reporting the next day to give you an R2.

jolinar of malkshor · 01-06-2008, 09:46 PM

Quote:

Originally Posted by urban1

Ive never heard of anyway to do it for free and doubt there is.

The only way you can get your score is from Equifax or Transunion.

I doubt an employee could get your score because I bet their security is pretty good do to security/privacy/id theft issues.

And if youre talking about getting your score from a third party like a bank or other creditor, then thats going to show up as a hard hit on your credit bureau and will ding your credit score. My guess is this is how youre getting it for "free"

If you write to those two company's and ask for your credit report/score they will provide it to you for free. But you have to send in awritten request. It cannot be done over the phone or by email.

ken0042 · 01-06-2008, 10:10 PM

Quote:

Originally Posted by urban1

Ive never heard of anyway to do it for free and doubt there is.

Just because you've never heard of it, doesn't mean the rest of us are wrong.

I get my credit report once a year- for free.
Go here: https://www.econsumer.equifax.ca/ca/main
Then click on the right where it says: "You can receive a free credit file disclosure from Equifax Canada Inc. via Canada Post."

MoneyGuy · 01-06-2008, 11:12 PM

Quote:

Originally Posted by urban1

Ive never heard of anyway to do it for free and doubt there is.

The only way you can get your score is from Equifax or Transunion.

I doubt an employee could get your score because I bet their security is pretty good do to security/privacy/id theft issues.

And if youre talking about getting your score from a third party like a bank or other creditor, then thats going to show up as a hard hit on your credit bureau and will ding your credit score. My guess is this is how youre getting it for "free"

I send referrals to a mortgage broker, who runs my credit score any time I want. It doesn't affect my score.