You don't need to be 800 to get credit at prime rates.

Just ask the institution for information on your old account Didn't you save any information at all? All financial institutions have to keep their records for 7 years, even if they're in their archives.

PS. Is there a way to find out when the account went into default? I cannot remember it and it seems transunion or visa can't get this information either.

Anthony

Thanks again. This is so great to have this information.

Hopefully I will be able to get a better understanding if the credit reporting system and what credit scores are usually required for car loans, mortgage and the like. I sure hope I can get my score up around 800, I think I read on here that's what someone had and they were getting the advertised OAC rates.

Anthony

The negative reporting period starts when the account originally went into default. To keep things simple, the bureaus use the last payment date as the start date NO MATTER what you do with the card after that.

Incidentally, here are the credit reporting periods for the 2 bureaus across Canada.

http://www.fcac-acfc.gc.ca/eng/publications/CreditReportScore/UCreditScore-eng.asp

For example: You stop making payments on an account on Dec. 31, 2008, but you start making payments again on Sept. 30, 2009. You pay it off completely by August 31, 2010. Then the date of last activity on the account is Dec. 31, 2008 - NOT August 31, 2010. Obviously, if you missed only one or two payments, then the account would not be shown as having gone into default or R9. But once an account gets charged off, cancelled or R9'd, the date of last activity doesn't change, no matter whether you pay it off or skip town.

Hey Daniel,

Thanks for the response. Do you know how to determine when the negative reporting ended? I thought it went off the date of last activity, positive or negative.

It sounds like by what your saying is that having the new card may help me out, as long as I don't go over the 20% mark. I think I way just accept their offer when it comes around again.

Thanks again

Anthony

In principle, no one can remove the derogatory item from your report until 6 years have passed since the account originally went into default. Subsequent payments have nothing to do with when the 6 year negative reporting period starts. Perhaps in your case, it's up already. If it's not, well, you never know what a motivated creditor might be willing to do for you on the side. I just wouldn't count on it.

Having a card with a higher limit means (hopefully, unless you run it up too) you will have a lower credit utilization ratio, and therefore a slightly higher credit score. If you run a balance, it's best to stay under 15% or 20% of the limit. Or if you do max it, pay it off by the due date.

Of course, from a creditor's point of view, in theory, the perfect client would be someome who maxes out all their cards but always makes the minimum payment. Naturally, credit scoring algorithms recognize such cases virtually never happen without risk going through the roof, and so they heavily penalize Maxed Out's" or "Mad Max's." Naturally, I misused the term "perfect client." Such people are really termed "patsies" as their jacked up interest rates largely cover the more creditworthy clients' largely free services as well.

Hi there,

Newbie here, I tried searching for the answer to my questions but there was so much stuff that came up and I couldn't clearly find the answer. Questions are; How do you remove derogatory items from your CR? Who can do this? (Credit Report Bureau?, Creditor?)
I'll start by explaining what i want removed, I had a Credit Card that got cancelled due to late payment. However it never went to collection because I continued to pay the debt and there is no outstanding balance. Last activity was in May 2007. (last payment of debt)
I know I can't dispute it because it was me and the debt was real, so no sense doing that. Since then my FICO score has risen (672) and same credit card company is now offering me a gold card ($15000 limit). Can I deal with them? Could I say I will accept the gold card if they remove the derogatory item? Either way should I get this card to improve my score or will it hurt it? I don't need a card right now.
Any help is greatly appreciated. Thanks

Anthony