Comments on: Building a Good Credit Score https://www.moneywehave.com/building-a-good-credit-score/ Personal Finance and Budget Travel for Canadians Sun, 10 May 2020 17:55:27 +0000 hourly 1 https://wordpress.org/?v=7.0 By: Improve Your Credit Score with Borrowell's Credit Coach - Money We Have https://www.moneywehave.com/building-a-good-credit-score/#comment-173212 Tue, 29 Jan 2019 12:38:38 +0000 https://www.moneywehave.com/?p=5513#comment-173212 […] you can imagine, Borrowell’s credit coach is built to help you understand and improve your credit score. When you’re logged in, you can instantly see how your credit score compares to other Canadians […]

]]> By: Susan https://www.moneywehave.com/building-a-good-credit-score/#comment-159512 Sat, 01 Sep 2018 16:22:46 +0000 https://www.moneywehave.com/?p=5513#comment-159512 Yesterday we were at Scotiabank to set up m 18 yo son with a bank account & Visa debit card because the university he is going to is a Scotiabank campus. To avoid interbank charges for ATM withdrawals we wanted to have an account he can use for cash. Then they started to offer him a Visa card. I said “we don’t do credit cards” and he said this will help build his credit rating. I get that but 1) at 18 a credit card and away from home translates to spending too much money and 2) he has plenty of time to build a credit rating once he is closer to graduating. The Scotiabank guy looked at us like we are aliens.

]]> By: Barry Choi https://www.moneywehave.com/building-a-good-credit-score/#comment-159506 Sat, 01 Sep 2018 12:13:42 +0000 https://www.moneywehave.com/?p=5513#comment-159506 In reply to Susan.

Susan,

I agree that the way credit scores are calculated is quite dated and needs an updated. Unfortunately, I don’t we’ll ever see any changes.

]]> By: Susan https://www.moneywehave.com/building-a-good-credit-score/#comment-159494 Sat, 01 Sep 2018 01:13:55 +0000 https://www.moneywehave.com/?p=5513#comment-159494 In this scenario Person A has a utilization of 90% ($4,500/$5,000), while Person B has a utilization of 10% ($500/$5,000). As weird as it sounds, Person B will probably have a higher credit score than Person A because they have a lower credit utilization ratio

And this is the why modern credit scores are stupid and useless. In the scenario where someone doesn’t use credit and has actual money in the bank, that person would have trouble getting a mortgage even though they are the better risk. Lies lies and statistics (I believe that is the quote).

]]> By: Barry Choi https://www.moneywehave.com/building-a-good-credit-score/#comment-2513 Fri, 25 Sep 2015 05:02:46 +0000 https://www.moneywehave.com/?p=5513#comment-2513 In reply to Joe.

Hey Joe,

Yes getting a free credit report once a year is good practice. It doesn’t show you your exact credit score # but at least you’ll know what cards have been opened under your name.

]]> By: Joe https://www.moneywehave.com/building-a-good-credit-score/#comment-2512 Fri, 25 Sep 2015 04:07:25 +0000 https://www.moneywehave.com/?p=5513#comment-2512 Nice read Barry. Most of us never really think about our credit score until we actually need credit. One thing I got in the habit of doing is writing the different companies (Equifax ect.) and requesting a FREE copy of our credit scores once a year. Take care.

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