Comments on: Steps to Re-build Your Credit

By: Lexi in Victoria

Lexi in Victoria — Wed, 23 Sep 2009 19:51:32 +0000

K, I did something similar about 3 years ago, going from renting in town to owning with only a 30 min commute. I’m still living with the consequences. Commuting when you have a busy family is a nightmare. My early teenagers hated it too. The older house we bought ended up urgently needing repairs (no inspector could possibly have found these problems, it was a fluke that we found them) so we ended up with a LOC. Because of our finances, we don’t feel we can sell until we pay off the LOC. I was stressed and gained 15-20lbs in the first 2 years. So if you choose to do this, it may not be easy to reverse your decision, there will be costs you can’t predict and you will be STRESSED. Now, the teens are getting old enough (ie, driving themselves) so that I’m finally achieving some balance and getting my life back. I can’t imagine this life with younger kids who are only going to need your presence and your time more as they get older.

For younger kids, ten hours in daycare is probably not what you envisioned when you decided to raise a family, no matter how good the daycare is. You would get to see them for, what, an hour a day?

If you really feel the need to explain it to your folks (I wouldn’t, but you may), ask them how they feel about you missing most of the grandkids’ young little lives and feeding them fast food and griping at them all of the time because you will be EXHAUSTED from commuting every day.

When you are thinking about this, it is not just cost of renting vs. cost of owning. It is cost of owning plus cost of commuting plus cost of older home maintenance plus additional cost of daycare plus cost of fast food and many other conveniences. I know this is a financial website, but most especially, it is the cost to your emotional and physical well-being (and that of your family) caused by 2+ hours in the car every day.

I can’t believe your parents (and others) have all of the facts or they would not be pushing you in this direction. Stay where you are ($1200 for a place like that is like gold!). Get them to put the $50k into RESPs for the kids if they don’t want to give it to you. Keep saving/investing. Your opportunity to own will come along when the time is right.

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Fri, 18 Sep 2009 11:53:53 +0000

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By: Shelley

Shelley — Tue, 15 Sep 2009 15:09:45 +0000

I just called the Equifax 800 # and followed the prompts – should receive my free report next week!

By: Donna

Donna — Mon, 14 Sep 2009 15:45:38 +0000

How about getting credit when you have no history?

I haven’t had a credit card or loan for over 15 years. We had very low income for several years and I stopped using my cards and cancelled them. I realize now that was not a good move as I do not have any credit hisotry. My husband and I have a mortgage (joint) but it doesn’t show on my credit report (not sure why not).

Am I in the same situation as someone with bad credit or do I need to follow a different path to establish credit?

By: Erik

Erik — Sun, 13 Sep 2009 10:14:46 +0000

The ONE free credit report a year thing is actually incorrect. In Canada you can order your credit report from Equifax and Transunion as often as once a month FOR FREE.

You can use their automated 1-800 numbers (and follow the voice prompts and identity verification questions) or send in the written request (along with a copy of your Drivers Licence showing current address and a copy of a utility bill or credit card).

I order a copy of each credit report once every three months or so right now and have never run into a problem.

Of course if you want your credit “score” you’re going to have to pay them.

Just my $0.02

By: Lexi in Victoria

Lexi in Victoria — Fri, 11 Sep 2009 16:04:43 +0000

Judy, they have all of your information anyway. But good for you for saying no. That is a ridiculous thing to spend money on.

By: Judy

Judy — Fri, 11 Sep 2009 02:36:22 +0000

I just received a phone call from a department store credit card company (I just finished paying off the card in full this month!) who offered to monitor the credit bureaus for me and notify me of any suspicious activity for $19 a month (that’s $228/year). I declined, mainly because I didn’t want that company to have all my credit information.

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By: Tara

Tara — Thu, 10 Sep 2009 22:41:22 +0000

Another thing you can do to protect yourself, it you are not actively seeking credit, is to put a freeze on your account at all 3 credit reporting agencies. You must fill out a particular form and pay a fee (I think it’s about $10) but this way NO ONE can obtain credit in your name without your knowledge.
Oops…forgot to say great post! Looking forward to your next one.

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Steps to Re-build Your Credit « gailvazoxlade.com | my credit pro — Thu, 10 Sep 2009 22:02:42 +0000

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By: Tara

Tara — Thu, 10 Sep 2009 21:40:49 +0000

By: Stacey

Stacey — Thu, 10 Sep 2009 20:56:50 +0000

Checking your credit report has NO effect on your score what so ever. Self checking is called a soft hit, whereas if a credit company checks that is considered hard hit. Hard hits are the ones that effect your credit score/worthiness. I check my credit score every three months with both bureaus. I always say (since I was bitten by someone taking my ID) better to be safe than sorry. My continual checking hasnt effected my credit what so ever. However if you are looking for your actual credit score then the only way to obtain this is through the internet and yes you have to pay for it…….go figure something that is yours you have to pay for…….I think these bureaus are run by banks……LOL…….
Regardless both Transunion & Equifax will mail you copies of your reports and they also give yout he forms for any disputes. If you have even the smallest dispute USE THE FORM!!!!!! You never know the smallest dispute may at some point bite your ass in a big way…….example a 100$ dispute may eventually be 1000$ if not taken care of right away.
Anyways happy credit monitoring everyone, it has saved me more than once being anal about it and its paid off many folds!!!!!!!!

By: Catherine

Catherine — Thu, 10 Sep 2009 19:08:14 +0000

Thanks for the information! ‘In all my born days’ I’ve never checked our credit rating ourselves. Have been told by our bank many times, but, will check it out. Hope what I’ve copied and pasted here works for you. I’ve copied the forms to fill out. Who knew I might be the computer guru who could do this? I’m SO NOT computer saavy LOL.

http://www.equifax.com/ecm/canada/EFXCreditReportRequestForm.pdf

http://www.transunion.ca/docs/personal/Consumer%20Disclosure%20Request%20Form%20_en.pdf

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Steps to Re-build Your Credit - official loans — Thu, 10 Sep 2009 17:57:25 +0000

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