THE TRUTH ABOUT CREDIT SCORES IN CANADA

Does a minimum payment count as late? How does paying minimum payments vs full payments affect the score

I use credit karma and yes they advertise credit cards and mortgages to me on their website, that doesn't mean I have to get them. I have never got a credit card from them in the past 7ish years I've been using them. So I don't really agree with the advice to simply stay away from them just because of that.

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I've closed cards, I've switched cards, I've forgotten to pay the 1st month and got a few 30 days notices, my credit still was at 868. What really lowered my credit was acquiring "too many" doors on a personal level. That being said I wasn't card hunting and in general followed your advice. I agree with all you said, except maybe not closing old cards. It doesn't do that much damage. Also, people should know that a credit card company doesn't have to declare a late payment, it's a choice they make. If you're a good client, they might forgive the occasional delay. Talk with them. Excellent video. I like the only apply for credit you need advice.

Is it possible to raise my credit score in three months?

I had to get a credit card in 1997 due to business trips as travellers cheques and exchanging US 100 bills was inconvenient. I have never looked up my Credit Score and I don't chase points. My life is debt and worry free as a result.

Very smart man

I understand the first few points you made for your average consumer, the more available credit they have the more likely they will get into debt, and free credit monitoring sites just use it to sell you debt. However if you are financially responsible, and diligent, both of these are incredibly good tools to take advantage of. I've booked thousands of dollars in free flights, redeemed a ton of cashback dollars and used all the insurances and perks that come with the cards and maintained an excellent credit score, while monitoring my credit for free and never getting suckered into any debt. I wouldn't use it as a hard and fast rule to avoid these but more of a caution, know what the catch is the company is looking for and avoid it, get free stuff and services.

Thanks

Thank you for making videos for Canadian

this is a great first start in understanding credit

Hi i am student here my credit card limit is 1000 and i spend 500 in one time and paid of with in 10 seconds and again 500 for my tuition fees and my monthly spending with that card is 300. My question is this is good or i have to spend only 300 with this card please reply.

Thanks for the straight talk insight.. Awesome video!

Great info. My old bank overdraft and credit card debt (over 12yrs+ old) were sold to some third party collection agency who are still calling me to try and collect at reduced amounts. However, on my credit report, both debts have dropped off long ago. Should I be worried that the third party agent can resubmit the debt owing to a credit bureau? I have read about the statute of limitation in Canada and the need to avoid validating any info or accepting any pmt offer from the collectors that will reopen my file. Many thanks.

Does paying the minimum balance count as missing a payment?

Very informative video. Quick question, what negative effect does it have, on the credit score if you increase ur credit limit, which is offered by ur bank. And does the offer mean u had a good credit performance. Thanks a lot Nolan.

Great information!

subscribed

Great Information. Thanks

I checked my credit score (which is in good standing) on equafax myself last night to apply for a credit card at a bank, next day I called the bank explained that I checked my credit score and they said I should wait for 6 month from the date I checked my credit score, otherwise it will negatively effect my credit score, do you know if this is the case?

You do good work

So if you're credit is screwed, is there any hope? I'm on a Consumer Proposal and have been on it for 2 years now. My credit is still crappy, but I want to get it as better as I can fast, even while on my Proposal.

Thanx for this video !

Question: in regards to credit utilization, what's the most effective way to grow your score. For example if you have a limit of 5k and your balance is almost 100% used would you suggest making the full payment 1x or would you suggest making multiple payments throughout that cycle (month) to bring it to 0 . Or would you suggest paying for example 1k per month for the next 5 months to bring it to a balance of zero so the usage gradually decreases over a period of time ? Does the gradual usage declining look better over the instant usage declining? is the most effective or will it be the same score out come so long you drop your balance to 0 .

*hopefully this Question makes sense 🙈.

This guy knows what he’s talking about. Not many people realize that the free app’s score can be way off the real score and the reason are difference in algorithms. Big thumbs up for his research 👍🏼

2 questions. I've had a card opened for a little over a year now. 1) how soon can you ask for a credit increase upon receiving a new card and 2) how much better is it to have low vs 0% utilization rate at the end of each month...will it increase my credit score marginally or will it increase by a lot? - thanks in advance

Great information! If the credit score is 830 is there any point trying to get it up higher? How do you do that?

Great explainationnnnn

You’re right. Thank you very much

I'm confused why people call credit reports credit bureaus? The report is the profile of your credit history, the bureau is the agency that provides it,

What about a lien on a car where the payments have been all on time but the lien has never been discharged?

I have 628 only credit cards score

I had credit acore pf 390 applied for an credit card. Had an enquiry and now score is 325. No late payments, nothing else bad. Why it happened?

People are capable of seeing their credit score without applying for more credit and capable of having a credit product they use for rewards without overspending or applying for multiple cards. I use my cc to pay for everything and pay it off every Friday from a chequing account. I have awesome credit because I do that and I never over leverage myself. Having great credit means lower interest rates on things like a car loan or a mortgage if I choose to get one. I assume this is not what you're describing as credit card hacking.

Damn great advice all around!

Thank you for sharing this video!

I wish I would have known about this stuff years ago ! I just got out of a consumer proposal! It was horrible ! It was only for 10,000$ but I paid it off in full last month and trying to rebuild my credit asap

As someone who has filed a consumer proposal, rebuilding credit is really easy to do and It's not fatal, the banks want to constantly offer you credit products. even during a bankruptcy or consumer proposal.

you should be teaching kids and adults, who do not know better. great job...thank you the paying thing then fighting is a great tip, cause most people threat, fight not pay.

Why not have more available credit even if you don't use it? I probably have about 50-60k in available credit among different lines but most ever using under 5k of it

Biggest issue with "credit scores" by Credit Bureaus; they vary soo wildly that you can't trust these. Not talking about a few points; they vary by 70-80 points or more.

I used "buy now pay later" when I bought my last iphone and the Plan-it option with Amex to buy my last notebook. Does it affect my credit score? This is a no interest and no fee payment option. Does making regular "Buy now pay later" payments on time and in full add to my credit score?

What happens if you your transunion and equifax scores are different? My transunion is over 680 which you said is good credit but my equifax is not.

So if I have an offer from the bank for additional credit and zero need for it, should I be taking the offer anyway to lower my total utilization?

QUESTION
so my understanding, a debt will come off your report after 6 yrs
if you have a debt that 5 years old and you pay it off, what happens to that debt on your report?
is it still there for a year
does the 6 yrs start over
or does it come off right away
or ??

If you don’t have any money what do you do

I do agree credit card hacking isn’t for everyone it’s it’s become so main stream but it’s really only for the 1% with high financial literacy

Hi Nolan I was just wondering if a good credit score play important role in mortgage renewal? Thank you