Oh, this sucks

[mousme]

So in spite of being a Very Good Citizen for upwards of two years, my credit rating is still in the toilet because of stuff that happened in 2004-2006.

I found this out because (shock! horror!) I tried to increase my credit card limit from $500 to $1,000. Not a huge leap, eh? I got refused. Even the guy was confused, since I pay my credit card off every month without failing. I never ever carry a balance (maybe the credit card company would rather I did that, so that they can charge me that 24% interest they love so much).

Apparently none of this will go away until 2012, no matter how good a citizen I am and in how timely a fashion I pay my bills. It's almost as long as if I'd declared bankruptcy. Sheesh.

So it doesn't matter at all that I'm solvent, that I pay all my bills on time, that all my finances have been well-managed for two years, and that I have an above-average salary. No no no, bad Phnee! Three years ago you were bad about your bills because you didn't have money. *smack*

You want to hear the worst part? My credit score actually went DOWN this year because I took out an RRSP loan. Isn't that a hoot? I have extra income to put away for my retirement (far away though it might be), I make my payments on time like a good girl, and it HURTS my credit score.

I can't win.

On the plus side, at least now I know why my credit score went down. When the credit card guy told me my score had suffered this year, I had a moment of panic. I hear stories of identity theft every day at work, after all. So at least no one has opened up three lines of credit in my name or anything like that.

Still, I'm not amused.

On another plus side, 2012 was my rough timeline for buying a house. So by the time I get around to looking for a place, my credit score should be back where it belongs.

Comments

[silly-imp.livejournal.com]

Depending on the nature of the debts/problems a few years ago, you may actually be able to get some of the entries removed or reduced. My man had a shitty rating that lost us the first property up north we wanted, and he was able to revise the rating by working with EquiFax and the companies that 'reported' him. I think it turned out that a couple of bad debts had been counted multiple times beause the original creditor had reported the debt, then the collection agency(ies) that bought and once it did he was approved for the mortgage on the house we now have.

[mousme.livejournal.com]

Yeah. From what I can tell, though, that's not the case with me. I have two reports that are sinking me, and they won't be gone for a very long time.

*sigh*

I'll look into it, though. Thanks for the tip!

[dizietsma.livejournal.com]

Hey, at least you can get a credit card. They won't let me have one "because I'm a temporary resident". Except I know for a fact that's bollocks because other TRs I work with all have Visa cards. *shrug* whatever.

[mousme.livejournal.com]

Bah. Credit people are vastly unreasonable. I can't get anything more than this symbolic card, which means that if I ever have to buy something that costs more than $500 in the future (like, say, an airline ticket or something), then I'm screwed.

Living without a credit card is possible (I did it for years), but it's annoying.

[dizietsma.livejournal.com]

Biggest annoyance so far is buying things online. Assuming the vendor accepts PayPal, I have to wait about a week for the "e-check" to clear before they even start working on the order. Joy. And if they don't, I have to pester a friend to buy it for me and reimburse them cash.

[taxlady.livejournal.com]

If you need to buy something for more than $500, call the credit card company. You can probably pay the extra ahead of time and temporarily increase your credit limit.

2012, huh?

[fearsclave.livejournal.com]

Re: 2012, huh?

[mousme.livejournal.com]

Eesh. I really need an apocalypse icon.

So I should aim for 2011 to get a house, is what you're saying? ;)

Re: 2012, huh?

[fearsclave.livejournal.com]

Something like that, yeah :).

[langolier2408.livejournal.com]

Without trying to be an ass did you offer to provide collateral to secure an increase in the credit card limit. Some banks will help you do this, others won't...another area to try is the lender that did the RSP loan for you may be willing to offer you a credit card with a higher limit that is if it isn't saids credit card bank already.... the other thing is to try other banks credit cards some are more leniant than others I know that this doesn't make sense but hey when does a banker make sense....as for the credit bureau anything that is report be it good or bad stays on the report for 7 years

[mousme.livejournal.com]

Do you suppose they'd accept my dining room table as collateral? :P

Seriously, I don't think I have anything that I could offer them. I live in an apartment and have no car.

It's not the end of the world, to be honest. I'll just keep chugging along as I have been so far, and eventually this will all sort itself out. I'm just put out by how long it takes to restore my credit after *one* bad year. It's not even as though I defaulted on my loans or declared bankruptcy.

Meh. I'm trying not to be bitter.

[langolier2408.livejournal.com]

Well you could try other bank credit cards and I would suggest you present yourself in person and divulge the particular problem up front and tell them you only want a small increase. When you deal with the "over the phone" service they are mindless drones that are incapable of overriding problem applications, without seeming to be intrusive could I know the name of the financial institution that you are currently dealing with...after 20 years in banking I have come to know them all and would be able to tell whether it is worth your while to try another...ie . RBc, BMO, TD, Scotia etc

Phnee Pharm

[ankhorite.livejournal.com]

Good for you! Being on target for 2012, I mean, not for the unjust affliction right now.

I don't know if you even have this in Canada, but... try to avoid paying PMI if you can. This means you need 20% down, for most lenders.

Private Mortgage Insurance. It's just... basically, they are stealing. You don't want to hand over money that doesn't actually pay your mortgage.

Re: Phnee Pharm

[mousme.livejournal.com]

Yep, we've got that too. I'm aiming for 20%, but with the recent nosedive the market took, I may have to settle for less than that, which will mean knuckling under to the PMI (or whatever it's called here), which sucks big rocks through bendy straws.

Re: Phnee Pharm

[ankhorite.livejournal.com]

...big rocks through bendy straws.

::: silently awed by your wordsmithing :::

Re: Phnee Pharm

[mousme.livejournal.com]

LOL

Sadly, I cannot claim credit for this. I believe I got it from griffen, if memory serves.

[luvenditti.livejournal.com]

dude, that's dsfinately on the side of SUCK.