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Thread: Credit Score Drop [Thread Split]

  1. #16
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    1. I was with Bell for over 4 years and it was never on my credit report or affected my score at any time therefor your statement does not hold true. Why?
    2. Why the hell does it tank your score 80 points a month before it’s even due? lol
    3. Unless you have an actual answer to these questions, feel free to save your time as opposed to spouting speculation

  2. #17
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    That sucks.... I normally pay my koodo bill on the actual due date

    Sent from my SM-G950W using Tapatalk

  3. #18
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    Quote Originally Posted by dbrinch View Post
    That sucks.... I normally pay my koodo bill on the actual due date

    Sent from my SM-G950W using Tapatalk
    And never was my credit score get affected. I pay via CC... I should probably pay 2 days before the due date moving forward


    Sent from my SM-G950W using Tapatalk

  4. #19
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    Quote Originally Posted by WAxlRose11 View Post
    1. I was with Bell for over 4 years and it was never on my credit report or affected my score at any time therefor your statement does not hold true. Why?
    2. Why the hell does it tank your score 80 points a month before it’s even due? lol
    3. Unless you have an actual answer to these questions, feel free to save your time as opposed to spouting speculation
    spouting speculation? You’re speculating that Koodo has anything to do with your tanking credit score. Further, you’re speculating that it is specifically because they are reporting your balance (even though all carriers do it). I get it, you don’t see anything else that caused it but that doesn’t mean it must be Koodo. Could be something that hasn’t appeared yet. Could be that you left one of your oldest accounts when you left Bell. It’s. All. Speculation.

    my score dropped to 855 when I left Fido after 15 years, which was roughly a 15 point drop. ***** happens.
    Edit: and actually, I just noticed it's down another 5 points since July, with nothing having changed. Things fluctuate.
    Last edited by ceredon; 10-12-2017 at 01:04 PM.
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  5. #20
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    Quote Originally Posted by ceredon View Post
    spouting speculation? You’re speculating that Koodo has anything to do with your tanking credit score. Further, you’re speculating that it is specifically because they are reporting your balance (even though all carriers do it). I get it, you don’t see anything else that caused it but that doesn’t mean it must be Koodo. Could be something that hasn’t appeared yet. Could be that you left one of your oldest accounts when you left Bell. It’s. All. Speculation.

    my score dropped to 855 when I left Fido after 15 years, which was roughly a 15 point drop. ***** happens.
    Edit: and actually, I just noticed it's down another 5 points since July, with nothing having changed. Things fluctuate.
    Sorry, it’s not speculation when you have firm evidence (such as it going down 80 points on the exact same day the balance was reported) also I’m 21, you may dozens of things on your credit report but I only have 3... so it’s pretty easy to narrow it down. I know things fluctuate but there’s a difference between 5-15 points and 80!

  6. #21
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    Quote Originally Posted by WAxlRose11 View Post
    Sorry, it’s not speculation when you have firm evidence (such as it going down 80 points on the exact same day the balance was reported) also I’m 21, you may dozens of things on your credit report but I only have 3... so it’s pretty easy to narrow it down. I know things fluctuate but there’s a difference between 5-15 points and 80!
    Well that answers your question...your credit was hit hard due to you only have such limited accounts (3).

    Your credit history is NEW still, you are bound to get hit with credit points until you actually "BUILD UP" Credit over time.

    New Individuals who only have a couple of accounts dont start and stay at the top of the points, Your Total Credit Score determines available credit you can get, but also your credit history will determine how much of your points will actually allow you to get.

    If that makes any sense.

    Someone with LARGE amounts of Credit (Available Credit via Credit Cards / Line of Credit / Equity etc), High Credit Score with Minimal DEBT on that HIGH CREDIT will take lighter hits than someone with NEW Credit History and minimal Accounts.

    Most people associate less # of credit cards with GOOD CREDIT, but thats not really the case, any Creditor wants to know your history, how reliable / responsible you actually are.
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  7. #22
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    Quote Originally Posted by 5714 View Post
    Credit card issuers and cellphone providers report the balance on the statement. Good luck finding any kind of credit that reports the account balance on the due date.
    ^This

    Same goes for my credit cards; even though I pay them in full every month, they still report the statement balances out to the credit bureaus. Owing a balance, in and of itself, will not lower your credit score. As others have said, there are many factors that go into forming your credit score.

    A common mistake credit seekers make is too many inquiries. Every time a creditor pulls your credit via a full/hard inquiry, your score will likely drop a few points. An 80 point drop for a single inquiry does seem substantial though. Are you sure that you have no late payments reporting on any of your trade lines? Have you had lots of inquiries on your credit (not counting your own inquires through Credit Karma)? Do you pay all your trade lines on time? Have you gone over your credit limit ever? Do you pay everything in full, or just minimum payments? How long have you had an established credit rating (i.e. when did you get your first credit facility)? As others have suggested, it could just be that you have a thin credit file, so any activity (such as a new inquiry) could drop your score.

  8. #23
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    I was just wondering where to check the scores at for free. Is creditkarma.ca safe and reliable source?

  9. #24
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    Quote Originally Posted by wes786 View Post
    I was just wondering where to check the scores at for free. Is creditkarma.ca safe and reliable source?
    I read their entire terms and conditions and actually found it to be really clean. I figured they'd sell your info to lenders as part of the deal for getting the free service, but that's not the case. You should make your own assessment, but I'm comfortable with using their service.

  10. #25
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    Quote Originally Posted by wes786 View Post
    I was just wondering where to check the scores at for free. Is creditkarma.ca safe and reliable source?
    I use creditkarma.ca for TransUnion and borrowell.com for Equifax.
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  11. #26
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    Quote Originally Posted by WAxlRose11 View Post
    Sorry, it’s not speculation when you have firm evidence (such as it going down 80 points on the exact same day the balance was reported) also I’m 21, you may dozens of things on your credit report but I only have 3... so it’s pretty easy to narrow it down. I know things fluctuate but there’s a difference between 5-15 points and 80!
    Still speculation.

    I speculate that it is much more likely that the drop is due to you closing one of your oldest and most stable accounts (Bell) and unlikely to be at all related to Koodo reporting your balance. You speculate the opposite. Speculation is fun.

  12. #27
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    I have had CreditKarma for years. I have no problems with it. I have not noticed any spike in junk mail or phone calls. They make their money by presenting financial offers (ads) for things like credit cards and banking products. They are not very intrusive and easy to ignore. You do have to give them your real Social Security number. It couldn't work otherwise.

    As someone mentioned, I think they are using Transunion now for the score. This is better than they were early on. When they started they did not use one of the big three agencies. The score number did not correlate very well with the big three. The change trend was ok. Doesn't matter now anyway.

    Some of my credit cards let me check the score too.

  13. #28
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    Quote Originally Posted by WAxlRose11 View Post
    Sorry, it’s not speculation when you have firm evidence (such as it going down 80 points on the exact same day the balance was reported) also I’m 21, you may dozens of things on your credit report but I only have 3... so it’s pretty easy to narrow it down. I know things fluctuate but there’s a difference between 5-15 points and 80!
    I would think that the fact that you had signed up for a monthly service, your credit score would drop. For instance, if my score is 900 and I go out and finance a new car over six years, I would expect that I would be at a higher risk for any further loans, so my score would go down. The fact that you are 21 probably makes your score more susceptible to fluctuation as well because the relatively small amount of a phone bill likely represents a greater percentage of your monthly income.

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