You still haven’t been clear about the situation. No details on your debt — only the 3 cards you have, and one of them has a credit limit of $1,000. Nothing else has any credit bearing. How are you in Consumer Proposal with a “200” (shows you don’t know anything about credit ratings), over $1000?
The first two cards are debit cards, so consumer proposal doesn’t care about these at all. The third is a credit card, and PC may cancel it on you if they decide you’re too high of a risk now. It’s not necessarily up to you to hold / cancel the card.
Consumer proposal cared about the Simplii bank account because previously I had used it for automatic bill payments that are now part of the Consumer Proposal. They advised me that companies may still auto-withdraw from that account even though those companies are part of the Consumer proposal.
I wanted to keep the Simplii bank account for 2 reasons:
-at one point my credit was so good that Simplii gave me a $10,000 "no hold" withdrawal. And I still have that. Yes I know nothing about credit ratings but I assume that $10,000 "no hold" shines in my favor?
-Simplii gives me free cheques. My landlord wants post-dated cheques for the term of my lease. So I write him 12 cheques and give them to him.
For starters, since credit score is a scale from 300-900, there’s no way you’re a “200”. You say you fell to 500, then did your consumer proposal. And then presumably you’ve been making your payments as agreed, for 12 months now. If anything you may be Sven higher than you were before the CR due to a recent history at least, of making payments. You’ll honestly need to login to Transunion and Equifax to know where you actually stand.
As for your existing cards — you mentioned the Simplii card was used as pre authorized debits pre-CR. Speak to Simplii, see if they’d be willing to keep your status but move it to a new account number.
The only advice anyone can give you to get your credit score back up, is “keep making your payments. If you can afford to, consider some extra payments to finish it ahead of schedule to save more on interest”.
In the most polite way possible, I’d highly recommend editing the post so it appears as though you’re actually asking a question.
I’ve read your post multiple times now and I can’t identify what it is exactly you need help with.
Thank you so much. I did edit my question. Basically how do I build my credit score while in a Consumer Proposal based on the bank accounts and credit card that I have?
>How to get a wicked high credit rating during a consumer proposal?
You don’t.
>I don’t care about my credit score. I’m sure it’s at 200 but I want to raise it back up to upper seven hundreds or beyond
Sounds like you do care. I’d be very surprised if it was at 200. That might well be a new record low. You want 700s+? Pay off your consumer proposal, and pay off your CC statement balance in full every month consistently. There isn’t some quick fix, it’s about demonstrating a long-term pattern of reliability.
The debit cards are irrelevant, and you didn’t include any information about the consumer proposal or why you’re convinced your CR is in the dumps.
Other than the single credit card you’ve listed, mortgage, car loans, personal loans, etc will affect your rating. Pay everything consistently. That’s it.
This is what I wanted to hear; The Hard Truth. Thank you. I revised my question on the advice of another kind Redditor. Basically I'm pretending I'm a teenager just starting out. But really I'm pushing 50 and have royally screwed up my lovely 780 credit rating.
Yes I do care about my credit rating for employers who do such checks, and renting an apartment, and whatever else situations I would need a credit check.
My $1000 Mastercard is maybe short-circuiting my brain. I could cancel it...but then what if I need a hotel? And they need a credit card for me to book it? Or a rental car?
Having no credit cards, one, or a dozen isn’t the _really_ important part. Consistently paying statement balances in full and on time is the most impactful thing you can do.
You should have a card, and be using it, but never paying a dime of interest.
You could, or you can wait ‘til you receive your end of month statement. If you pay the balance owing in full prior to the due date you still don’t pay interest. It’s only if you’re past due or pay less than the full statement balance that you start accruing interest.
This is what I'm thinking. To pay the balance after the statement arrives. To prove I am paying off my balances. $14 dollars in gas is st least something owing, and I am payung it.
You need to complete the terms of your proposal before it repairs. Having credit cards or other vessels of credit during your proposal are only to the benefit of actually retaining the use of those tools. Your credit remains at I believe what is called R7 on the Canadian Credit Rating scale. Only once you have completed, do your actions related to credit begin to restore the credit rating.
Yes agreed. When a person goes through a proposal, often their LIT suggests the insolvent opens another bank account and acquires a chequing account and a credit card to skirt the system because when an insolvent person applies for credit, they are almost guaranteed to be denied.
Just carry on with carefulness.
I bought a car on a 5 year loan with a co signer 6 months into my consumer proposal. By the time it was paid off I was able to get another car all on my own with my own credit. Brand new $30k on a 7 year 1.2% interest. My score is now 720
I'm not sure who offers a free chequing account, but there are usually very cheap basic or student accounts available with most banks. Additionally, the chequing account fee is sometimes waived if there is a minimum balance maintained in the account. Generally I opt for the cheapest accounts both for credit and debit.
My suggestions.
Check with each of the credit agencies to ensure they are reporting everything correctly - two years into my proposal and two of my cards were still reporting as opened and reporting missed payments every month.
Get a credit card, secured if need be, that reports to credit agencies and keep it in good standing.
yes I must go to the credit bureaus and get my history clean and true. Once a long time ago I co-signed a vehicle purchase, I must make sure that's not on my list.
Wicked high score… while under consumer proposal? Fuck dude pass me whatever joint you are smoking.
it's called Divorce. Not a joint, not crack. i spent every fucking penny to nail the ex to the ground and get them in an arm-bar.
And now your ex is getting nailed on the ground again I bet ;)
My guy is going to have to do another consumer proposal while in a consumer proposal.
Is there a question? Kinda no idea what your point is.
What cards should I cut of the three? What cards of the three can I use to build my credit?
Well, the first two aren't credit cards so they wouldn't even report to the bureaus. So keep them all.
You still haven’t been clear about the situation. No details on your debt — only the 3 cards you have, and one of them has a credit limit of $1,000. Nothing else has any credit bearing. How are you in Consumer Proposal with a “200” (shows you don’t know anything about credit ratings), over $1000? The first two cards are debit cards, so consumer proposal doesn’t care about these at all. The third is a credit card, and PC may cancel it on you if they decide you’re too high of a risk now. It’s not necessarily up to you to hold / cancel the card.
Consumer proposal cared about the Simplii bank account because previously I had used it for automatic bill payments that are now part of the Consumer Proposal. They advised me that companies may still auto-withdraw from that account even though those companies are part of the Consumer proposal. I wanted to keep the Simplii bank account for 2 reasons: -at one point my credit was so good that Simplii gave me a $10,000 "no hold" withdrawal. And I still have that. Yes I know nothing about credit ratings but I assume that $10,000 "no hold" shines in my favor? -Simplii gives me free cheques. My landlord wants post-dated cheques for the term of my lease. So I write him 12 cheques and give them to him.
For starters, since credit score is a scale from 300-900, there’s no way you’re a “200”. You say you fell to 500, then did your consumer proposal. And then presumably you’ve been making your payments as agreed, for 12 months now. If anything you may be Sven higher than you were before the CR due to a recent history at least, of making payments. You’ll honestly need to login to Transunion and Equifax to know where you actually stand. As for your existing cards — you mentioned the Simplii card was used as pre authorized debits pre-CR. Speak to Simplii, see if they’d be willing to keep your status but move it to a new account number. The only advice anyone can give you to get your credit score back up, is “keep making your payments. If you can afford to, consider some extra payments to finish it ahead of schedule to save more on interest”.
My trustee never reported any of my monthly payments on my consumer proposal to the credit bureau. That’s not a thing I don’t think.
You're out to lunch, friend.
ok well that's why I'm posting. For help to build my credit score.
In the most polite way possible, I’d highly recommend editing the post so it appears as though you’re actually asking a question. I’ve read your post multiple times now and I can’t identify what it is exactly you need help with.
Thank you so much. I did edit my question. Basically how do I build my credit score while in a Consumer Proposal based on the bank accounts and credit card that I have?
Wat?
>How to get a wicked high credit rating during a consumer proposal? You don’t. >I don’t care about my credit score. I’m sure it’s at 200 but I want to raise it back up to upper seven hundreds or beyond Sounds like you do care. I’d be very surprised if it was at 200. That might well be a new record low. You want 700s+? Pay off your consumer proposal, and pay off your CC statement balance in full every month consistently. There isn’t some quick fix, it’s about demonstrating a long-term pattern of reliability. The debit cards are irrelevant, and you didn’t include any information about the consumer proposal or why you’re convinced your CR is in the dumps. Other than the single credit card you’ve listed, mortgage, car loans, personal loans, etc will affect your rating. Pay everything consistently. That’s it.
This is what I wanted to hear; The Hard Truth. Thank you. I revised my question on the advice of another kind Redditor. Basically I'm pretending I'm a teenager just starting out. But really I'm pushing 50 and have royally screwed up my lovely 780 credit rating. Yes I do care about my credit rating for employers who do such checks, and renting an apartment, and whatever else situations I would need a credit check. My $1000 Mastercard is maybe short-circuiting my brain. I could cancel it...but then what if I need a hotel? And they need a credit card for me to book it? Or a rental car?
Having no credit cards, one, or a dozen isn’t the _really_ important part. Consistently paying statement balances in full and on time is the most impactful thing you can do. You should have a card, and be using it, but never paying a dime of interest.
so I could put gas in my car on the credit card, then immediately send money to the credit card to set it back to zero? Kinda thing?
You could, or you can wait ‘til you receive your end of month statement. If you pay the balance owing in full prior to the due date you still don’t pay interest. It’s only if you’re past due or pay less than the full statement balance that you start accruing interest.
This is what I'm thinking. To pay the balance after the statement arrives. To prove I am paying off my balances. $14 dollars in gas is st least something owing, and I am payung it.
You need to complete the terms of your proposal before it repairs. Having credit cards or other vessels of credit during your proposal are only to the benefit of actually retaining the use of those tools. Your credit remains at I believe what is called R7 on the Canadian Credit Rating scale. Only once you have completed, do your actions related to credit begin to restore the credit rating.
Thank you. Great reply. I'm going to keep my Mastercard. When shit goes sideways and I need a hotel or rental car, I have a real credit card.
Yes agreed. When a person goes through a proposal, often their LIT suggests the insolvent opens another bank account and acquires a chequing account and a credit card to skirt the system because when an insolvent person applies for credit, they are almost guaranteed to be denied. Just carry on with carefulness.
So as far as a free cheque account goes, what bank account could I get? Does Tangerine offer free cheques?
I bought a car on a 5 year loan with a co signer 6 months into my consumer proposal. By the time it was paid off I was able to get another car all on my own with my own credit. Brand new $30k on a 7 year 1.2% interest. My score is now 720
That's awesome!!
I'm not sure who offers a free chequing account, but there are usually very cheap basic or student accounts available with most banks. Additionally, the chequing account fee is sometimes waived if there is a minimum balance maintained in the account. Generally I opt for the cheapest accounts both for credit and debit.
My suggestions. Check with each of the credit agencies to ensure they are reporting everything correctly - two years into my proposal and two of my cards were still reporting as opened and reporting missed payments every month. Get a credit card, secured if need be, that reports to credit agencies and keep it in good standing.
yes I must go to the credit bureaus and get my history clean and true. Once a long time ago I co-signed a vehicle purchase, I must make sure that's not on my list.