Credit myths
 

Okay guys so I went to go apply for a visa. I already have one with my current bank, but I signed up to a new bank that is better for my needs.

I was speaking with the person working, and she told me that you can get your credit screwed if you don't return books to the library. I had a book I lost, that I borrowed from the library about 2 years ago.

I spent some time actually digging it up and I found it, went to the library, and the girl told me this isnt true. The libraries do NOT share their information with any other organizations.

So who is wrong here? The woman at the bank clearly told me another customer was declined a line-of credit or a loan of some type because her credit was poor, due to a book she hadn't returned.

Also just found night at the roxbury, which I rented from rogers over a year ago. :P Let me know guys! I dropped a bunch of money at the library for a re-stocking fee, since they thought I lost the books.

Any other things out there that can affect this? Unpaid parking tickets at UBC? Etc?

Thanks

You CAN Get a flag on your credit IF the library had over due fines that they sent you to a collection company for. But the library themselves does not report your book borrowing activities to the credit agencies.

That said, the teller you were talking to would not have known that the collections flag had to do with an overdue book, she would only know the person had been declined because they'd had a delinquent account go into collections with some company. So they were totally shitting you.

Hmmmm, so is there a way I can ask the library? I didn't have any collections people approach me..... I should be good?

You can just get copy of your own credit report (there's various services that provide this or you can ask at your bank) and then you will know for a fact what's on there rather then guessing.

you don't ask a barber for financial advice, why would you trust a banker with credit collection info?
go straight to the source and call up transunion or equifax and get a free credit report

I dont feel like paying. I am not going to be taking a loan out any time soon, was just going to hope to get some free advice here.

I didnt trust the banker with anything, she just advised me that library could affect credit

Here's what you need to know.

Not all debt is measured equally. Unpaid parking tickets, library books, cell phone bills and the like that have gone to collection agencies either have very little or no ability to impact your credit score. That's why you'll notice none of us are concerned with paying impark tickets even if they send their collection agency after us.

If you miss or are late on a credit card payment, loan payment or mortgage payment then it has a large impact on your credit score. As does carrying a balance equivalent to a high percentage of the total credit limit on a credit card for an extended period.

Credit unions and banks work very closely with credit bureas and can give advice regarding credit score issues, the problem is Sebteggy was probably speaking to someone just above the teller level and was misinformed. It's like anything else, you just need to be speaking to the right person at the branch.

Hopefully you opened the new account at a credit union, so much better than banks.

what will happen if i racked up $20,000 on my visa, missed the payment for a month, then paid the full amount 2 months later?

also, same situation as above, but instead, i pay off the full balance say 1-2 days past the due date?

Always pay your credit card bills and loans on time, at least the minimum amount. I have seen credit reports before and the information includes how many credit cards and loans/mortgages the person has, the amount of each payment (most recent payment), and how many time they have missed a payment (don't know if it distinguish minimum payment or full payment though).

It doesn't show your library card, your tv bill, or your Brazzer account. So don't worry about those if you missed one or two payments occassionally. :awwyeah:

Credit bureaus look at long term trends to see if you rely on credit to survive, carrying a balance equivalent to a high percentage of your limit indicates that you do. Maxing out the card then paying the card off completely a month later does not have a serious negative impact.

Or do you...

Attachment 10148

TransUnion Canada: Consumer Disclosure

https://help-en.equifax.ca/app/answe...WUUzYllFUWs%3D