REVscene Automotive Forum

REVscene Automotive Forum (https://www.revscene.net/forums/)

- The Business and Financial Forum (https://www.revscene.net/forums/business-financial-forum_303/)

- - Credit score (https://www.revscene.net/forums/599331-credit-score.html)

How to build up credit score? What's involve ? Could you guys list out all the possible ways ?

Things I know for sure are Credit card payment and Consistant incomes

Not sure if the following has any effect on the scores : phone bills, student loan bill, ICBC insurance ..etc.

any where u owe money , and skip payments, can and does effect ur score.
just paying ur bills on time helps.

i had bad score because i left $15 outstanding (interest), that was applied after i had paid of my FS card. and i moved province. so was untracable.

anyhow i paid my bills on time and now im in the green.

Do not take out too many CC, as more the credit , higher the risk when u go for a mortgage..etc.

given that you pay all your bills on time, the only way to build up credit is time.

every time someone does a credit check on you, you lose 6 pts.

keep your balance's low. never max out your cards or get close to max. don't ask for any credit for 1 year or more. contact Equifax and make sure you information is up to date. don't close your oldest credit accounts (the ones with most payment history) pay more than the minimum. don't make any inquiries about your credit account unless its with a credit bureau. you will asked by banks if you want other products that would help you, don't take them because to qualify they will need to make an inquiry that would result in negative points. Only thing I would consider is a line of credit with a low interest rate to pay off high interest accounts. if you got a best buy card you can take advantage of their "Credit alert" service that provides a free credit score and personal credit information. that service does charge a monthly fee but when you receive your score you then cancel the service before the 30 day trial period is up. you can do that every 6 months or yearly. Remember, you just have to call the number on your best buy card and ask for the service.

I did that and my score is over 800 now. if you got any questions just message me.

Quote:

Originally Posted by to0n (Post 6723637)

keep your balance's low. never max out your cards or get close to max.

don't ask for any credit for 1 year or more. contact Equifax and make sure you information is up to date.

don't close your oldest credit accounts (the ones with most payment history)

pay more than the minimum.

don't make any inquiries about your credit account unless its with a credit bureau. you will asked by banks if you want other products that would help you, don't take them because to qualify they will need to make an inquiry that would result in negative points.

Only thing I would consider is a line of credit with a low interest rate to pay off high interest accounts. if you got a best buy card you can take advantage of their "Credit alert" service that provides a free credit score and personal credit information. that service does charge a monthly fee but when you receive your score you then cancel the service before the 30 day trial period is up. you can do that every 6 months or yearly. Remember, you just have to call the number on your best buy card and ask for the service.

I did that and my score is over 800 now. if you got any questions just message me.

Usually when i make a big purchase, I tend to pay more than 50% of it the next day, followed up with smaller payments way before the due date.

My credit increases depending on how much I spend, I don't even ask.

Well so far I've held onto the same Visa for 3+ years, never signed up for any other cards.

I make payments way before the due date.

And the last couple of points can't really answer cause I haven't experienced them yet.

nice tips..... our credit score only good in BC ? If you go down to Alberta or out of country, you start with a new score ?

Credit score is good for all of Canada, probably the USA if your stuff reports to Trans Union.

Your score does not follow you to Australia as my friend learned.

She considered defaulting on her loans and declaring Canadian bankruptcy. If she stays out of Canada 7 years, all the hassles of a bankruptcy will be over by the time she returns.

Interesting eh? Go get a large loan then skip the country! :thumbsup:

7 yrs ??? what i heard is 10 yrs and everything will be cleared ?

Quote:

Originally Posted by taylor192 (Post 6727741)

hahahaha, it's happening quite a bit in States.

File / get someone to take care of a bankruptcy agency/ go away for 10 years.

COme back rich and loaded :P

one of my freind told me their relative once withdraw xxxxx amount of money from ATM and flee back to HK and never return..this was happening like 15 or so years ago

Quote:

Originally Posted by taylor192 (Post 6727741)

Have a friend that took a huge ass loan (unsecured $500,000). He sold his house and moved to Australia to start up a company.

The funny thing is, he has about $120,000 in RSP's which the government can't touch. The only problem is that if he wants to come back to Canada in 7 years he's in trouble.