Author Topic: Credit Check Superthread- Merged Topics  (Read 219252 times)

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Offline Spr.Earl

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Re: The Credit Check Superthread- Merged Topics
« Reply #25 on: May 31, 2004, 22:45:47 »
Sorry guys :-[
Yes ,R.C. = Recruiting Center

Also if you have debts, those debt's can stop or may delay your enlistment.

Just another tid bit.
« Last Edit: May 31, 2004, 22:51:20 by Spr.Earl »
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Harrier101

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Re: The Credit Check Superthread- Merged Topics
« Reply #26 on: June 01, 2004, 22:47:33 »
I have actually a small amount of debt, roughly 4000$, I have consolidated all of my debt with a credit counseling service. When my daughter was born, my wife stopped work and we were lost a fair amount of income that UI did not make up for. So, I started to run into trouble making my payments, hence the credit counseling. All of my debt's are currently listed as R7, paid through credit counselling or consolidation agreement. By what some of you are saying, does this mean it may disqualify me as an applicant to the Canadian forces? 

Offline hoser

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Re: The Credit Check Superthread- Merged Topics
« Reply #27 on: June 01, 2004, 22:58:23 »
That depends, I'm sure, on specific circumstances.

I've got a student loan that I defaulted on, and it was listed as an R5 (I think).  When they did the security check, I had to get a letter from the bank who issued the loan saying that I had reached an agreement with them, and that I was working on paying the money back.  I also had to take in a copy of the issued money-order proving that I had made the first payment.   I was told by Military Career Counsellor that without the letter, the debt was a showstopper.  With the letter, it supposedly became a non-issue.  I should find out in the next couple weeks if he was right. 

kbowes

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Re: The Credit Check Superthread- Merged Topics
« Reply #28 on: June 02, 2004, 07:52:02 »
I was told by Military Career Counsellor that without the letter, the debt was a showstopper.   With the letter, it supposedly became a non-issue.   I should find out in the next couple weeks if he was right.  

Showstopper because of the amount of debt?

maphewz

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Re: The Credit Check Superthread- Merged Topics
« Reply #29 on: June 02, 2004, 12:27:40 »
oN tHE Topic,

If you have a debt: as long as you make the monthly payments, and never super late all is well with a credit check. I process some of them through my civie job! :sniper: now eat lead!!

Offline Casing

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Re: The Credit Check Superthread- Merged Topics
« Reply #30 on: June 02, 2004, 16:19:39 »
I was told by Military Career Counsellor that without the letter, the debt was a showstopper.   With the letter, it supposedly became a non-issue.   I should find out in the next couple weeks if he was right.  

Showstopper because of the amount of debt?

Not because of the amount of debt, but because without the letter the CFRC would assume that the debt was not being dealt with by the indebted person. And lack of responsibility definitely is a show stopper. Remember, showing a lack of responsibility in your history that has never been rectified by you (for example!) is a good indication that you will continue to act irresponsible. Not something the CF wants in candidates. Your history showing a lack of responsibility which has since been thoroughly taken care of by the offending party shows a growth in maturity and responsibility. Two characteristics that the CF does like.

Offline space_sldr

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Re: The Credit Check Superthread- Merged Topics
« Reply #31 on: June 02, 2004, 19:02:41 »
Do they check the library too? hope not cuz I've lost a book that cost over $60 and haven't payed it for months now... ??? ???

"Recruiter:...you owe the library money sooooo your application is going have to be delayed for a month"
"These days, all it takes for your dreams to come true is money and power" (FFVII)

Offline hoser

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Re: The Credit Check Superthread- Merged Topics
« Reply #32 on: June 02, 2004, 19:24:40 »
I was told by Military Career Counsellor that without the letter, the debt was a showstopper.  With the letter, it supposedly became a non-issue.  I should find out in the next couple weeks if he was right. 

Showstopper because of the amount of debt?

I'm not absolutely sure, but my understanding was that it was a showstopper not because of the amount, but because of the fact that a debt was there that had the indication that it wasn't being taken care of.

EDIT:  I guess I should read all the replies before I respond... Basically yeah, what Casing said.

Offline hoser

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Re: The Credit Check Superthread- Merged Topics
« Reply #33 on: June 02, 2004, 19:30:25 »
Do they check the library too? hope not cuz I've lost a book that cost over $60 and haven't payed it for months now... ??? ???

"Recruiter:...you owe the library money sooooo your application is going have to be delayed for a month"


If the library sends the debt to collections,  it might be a problem.  They might look at the amount and basically say "hey, if you pay this off, you're golden".  I have no idea if they take an amount that small into account, but it will show up on your credit rating, and its better to be safe than sorry.

Not to mention the fact that if you probably want to pay it off if you ever plan on borrowing money for anything (mortgage, financing a car, even getting a cell phone in some cases).  A good credit rating will certainly help you later on life, even if the amount is small.   

Offline yot

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Re: The Credit Check Superthread- Merged Topics
« Reply #34 on: June 02, 2004, 19:36:07 »
Do they check the library too? hope not cuz I've lost a book that cost over $60 and haven't payed it for months now... ??? ???

"Recruiter:...you owe the library money sooooo your application is going have to be delayed for a month"


If the library sends the debt to collections,   it might be a problem.   They might look at the amount and basically say "hey, if you pay this off, you're golden".   I have no idea if they take an amount that small into account, but it will show up on your credit rating, and its better to be safe than sorry.

Not to mention the fact that if you probably want to pay it off if you ever plan on borrowing money for anything (mortgage, financing a car, even getting a cell phone in some cases).   A good credit rating will certainly help you later on life, even if the amount is small.     

haha you know what, I dont think they will check that if you didnt tell them.. I forgot to return the books to library for 2 weeks. End up, I had to pay $20. However, I hadn't paid them for 2 months. And now, my security check is proved, and get sworn in next week..


"Recruiter:...you owe the library money sooooo your application is going have to be delayed for a month" is this a joke or what? I don't know he my application was delayed or what. Because I have only live in Canada for 7yrs, this may also cause the security check taking longer than others.
- Nameless

Offline hoser

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Re: The Credit Check Superthread- Merged Topics
« Reply #35 on: June 02, 2004, 21:52:21 »
Part of the security check is a credit check.  You're right, they don't check every possible place you might have a debt, they just get your credit rating from the credit bureau.  If the library sends it off to a collection agency (which I've seen a library do to my sister, without ever mentioning any action otherwise), it will have a negative impact on your credit rating. 

Offline bossi

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Re: The Credit Check Superthread- Merged Topics
« Reply #36 on: June 03, 2004, 00:45:26 »
Bummer - when I wrote a paper about this in university, you could get a copy of your credit rating for free.
However, I just checked and discovered it costs money now
(although there's something about getting a report for free via "snail mail" ...)

As far as I remember, Equifax was the big name in Canada:  
Equifax consumer products  

and here's the link for the free report:   Your credit report and sample downloads

If you're concerned, don't be shy - ask questions, and avoid misunderstandings
(after all, if you've got a 'black mark' on your record, it's not going to go away through wishful thinking ...)
Junior officers and NCOs who neglect to guide the thinking of their men are shirking a command responsibility.
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Those who appreciate true valour should in their daily intercourse set gentleness first and aim to win the love and esteem of others. If you affect valour and act with violence, the world will in the end detest you and look upon you as wild beasts. Of this you should take heed.
-Emperor Meiji: Rescript to Soldiers and Sailors, 4 January 1883

kbowes

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Re: The Credit Check Superthread- Merged Topics
« Reply #37 on: June 03, 2004, 09:19:16 »
As far as I remember, Equifax was the big name in Canada:  
Equifax consumer products  

and here's the link for the free report:   Your credit report and sample downloads

If you're concerned, don't be shy - ask questions, and avoid misunderstandings
(after all, if you've got a 'black mark' on your record, it's not going to go away through wishful thinking ...)

There's also TransUnion Canada - http://www.tuc.ca/

You can pay the $15-20 and get them online....or do a snail-mail request for free. It's a good idea to get your reports, IMO. There can be descrepancies of which you may not be aware.  Bossi is dead-on...any des'crps won't just disappear on their own.

Offline GirlFiredUp

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Re: The Credit Check Superthread- Merged Topics
« Reply #38 on: June 03, 2004, 09:42:52 »
Has anyone ever ordered their credit history via mail?   If so, do you remember how long it took?
You can employ men and hire hands to work 'for' you, but you must win their hearts to have them work 'with' you. - Malcolm Forbes

Offline bossi

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Re: The Credit Check Superthread- Merged Topics
« Reply #39 on: June 03, 2004, 09:57:22 »
(chuckle)  Obviously, my information is "dated" (i.e. when I was in university, e-mail hadn't really been invented yet ... so, "snail mail" was state of the art - replacing dino mail ...) ;)

I think it takes between one and two weeks - depending on how busy they are, and how marvelous the postal service is between Equifax and your burb.
Junior officers and NCOs who neglect to guide the thinking of their men are shirking a command responsibility.
-Feb 1955 Cbt Forces Journal
Those who appreciate true valour should in their daily intercourse set gentleness first and aim to win the love and esteem of others. If you affect valour and act with violence, the world will in the end detest you and look upon you as wild beasts. Of this you should take heed.
-Emperor Meiji: Rescript to Soldiers and Sailors, 4 January 1883

Offline GirlFiredUp

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Re: The Credit Check Superthread- Merged Topics
« Reply #40 on: June 03, 2004, 10:06:44 »
Pretty good turn-around time. 

Thanks Bossi.
You can employ men and hire hands to work 'for' you, but you must win their hearts to have them work 'with' you. - Malcolm Forbes

Offline Casing

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Re: The Credit Check Superthread- Merged Topics
« Reply #41 on: June 03, 2004, 18:32:57 »
GirlFiredUp, I ordered my credit reports via snail mail from both Equifax and Trans Union less than one year ago (before I submitted my app for the Regs). It took about 3 weeks to get any form of response back. Because they didn't have current info on me, they both sent a response asking for further clarification on who I was. Once I sent the updated requests in, I got the credit reports in about 1.5 weeks. I'm sure that if they were satisfied with my first request, it would have only take 1.5 to 2 weeks total.

Also, my credit reports did not contain the exact same information.   A couple of things were the same, but others were not (ie: one had something that the other didn't, and the other had something that the one didn't). So make sure you request from both credit agencies and not just one.  

Oh, one more thing.   Unless you are in a huge hurry, just request it via mail. Why spend $$ when you don't need to? Especially giving those $$ to a credit agency.   :rage:

Offline GirlFiredUp

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Re: The Credit Check Superthread- Merged Topics
« Reply #42 on: June 03, 2004, 21:27:20 »
Thanks Casing.   I don't need the report but it's good to have I suppose.   I'm curious more than anything so they can take as long as they want with mine. :D   By the way, what sort of info did they say you were missing?  
You can employ men and hire hands to work 'for' you, but you must win their hearts to have them work 'with' you. - Malcolm Forbes

Fogpatrol 1.0

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Re: The Credit Check Superthread- Merged Topics
« Reply #43 on: June 04, 2004, 02:32:30 »
I have a terrible credit mostly because of a student loan.   I never thought this would affect my enlisting this much.   Is there a chance they will let me in even with a bad credit?

Edit: I just sent an Email to my recruiter asking if there's anything I can do.
« Last Edit: June 04, 2004, 03:09:25 by Fogpatrol 1.0 »

Offline Casing

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Re: The Credit Check Superthread- Merged Topics
« Reply #44 on: June 04, 2004, 12:12:46 »
I don't need the report but it's good to have I suppose.

You might think you don't need it, but it's actually a very good idea to get your cred reports every two or three years anyway. Just to make sure that there isn't eroneous information on them that might be harmful to your rating. It happens. Not only that, but you'll be able to see who has been making enquiries about your cred rating. If people/companies are enquiring about your rating that you don't expect to see or didn't authorize to do so, that could be a red flag for you to be wary and you might want to look into it.

Quote
By the way, what sort of info did they say you were missing?

Didn't have current address, or employer information.   So, when I tell them my address is such and such and it doesn't match up with what they have as my "current" address, they want me to verify the truth of what I'm saying. Stuff like that.

Offline hoser

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Re: The Credit Check Superthread- Merged Topics
« Reply #45 on: June 04, 2004, 12:53:06 »
I have a terrible credit mostly because of a student loan.  I never thought this would affect my enlisting this much.  Is there a chance they will let me in even with a bad credit?

Edit: I just sent an Email to my recruiter asking if there's anything I can do.

Thats about my position, too.   I had a student loan go sour for a completely stupid reason, and the bank decided they wanted me to start making payments on the loan.  Problem was, I still had a year left of university, they refused to allocate more funds that I had been counting on, and  they didn't return any of my numerous calls to let me know until my first day of classes.  Basically, it amounted to my defaulting on the loan.

But, when I decided to apply to the military, I contacted them, let them know what was happening, and asked them to write a letter to say that we had reached an agreement.   I was told the military didn't care what the arragnements were (The recruiter told me even if it was as small as $10/month that they agreed to, then that was fine, as long I was straightened up with them somewhat.  Of course, the bank demanded much more than that).  Because of the letter, I was able to pass my enhanced reliablity check.  As far as I've been told, as long as I pass that, I'm good to go.

Offline GirlFiredUp

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Re: The Credit Check Superthread- Merged Topics
« Reply #46 on: June 04, 2004, 13:28:11 »
Not only that, but you'll be able to see who has been making enquiries about your cred rating. If people/companies are enquiring about your rating that you don't expect to see or didn't authorize to do so, that could be a red flag for you to be wary and you might want to look into it.

Interesting.  All the more reason to request one. 

Thanks. :)
You can employ men and hire hands to work 'for' you, but you must win their hearts to have them work 'with' you. - Malcolm Forbes

Harrier101

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Re: The Credit Check Superthread- Merged Topics
« Reply #47 on: June 05, 2004, 21:58:11 »
Well, I have been in touch with both of the credit reporting agencies and have received my reports. After that, I did contact a recruiter at the Kingston office to explain my situation. As I posted above, I have been with the Credit Counselling Service of Toronto for 18 months, and I owe about 4400$ on combined credit cards. My regular payments are 200$ a month. The recruiter told me that as long as it is verifiable that regular payments are being made, on time, and in accordance with the lending banks, creditor's, etc. then it will be fine. In fact, the recruiter indicated to me that it shows more on your character and reliability, that you are willing to show good faith on paying a debt, wether or not it has been defaulted on, missed payments, or Bad Debt, placed for collection in the past. What matters is that the present rating indicates that it is being paid in some form. If a debt is placed as R9(Bad debt. Placed for collection), that would probably require a letter from the bank saying you are making regular payments. All in all, if you have bad debt, stay in touch with the bank. Set up a regular schedule for payments. If you can make regular payments, on time with the lending bank, they will work with you and assist you with a letter of some sort I am sure.

Offline hoser

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Re: The Credit Check Superthread- Merged Topics
« Reply #48 on: June 06, 2004, 13:31:49 »
Mine was R5, and I needed the letter. 

lfejoel25

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Re: The Credit Check Superthread- Merged Topics
« Reply #49 on: August 07, 2004, 23:37:23 »
Hey everybody,
Just a note, i'm the guy that origonally posted this. (the user name is different, i think my user name was cancelled after i haven't been on in a while).  Anyways, i said i would let you all know what hapenned after i went through it all, for anybody that has a similar problem.

The recruiter said that all i have to do is start making payments, as was mentioned in some of the responses.  which i'm going to get on with relatively soon.  they don't have to be a lot, just as long as i'm making payments.  she also wanted to know whether or not i would be able to pay my bills with the starting salary i would be getting in the forces.  (to which i told her my starting pay would be twice the gross that i make now).  But i passed the physical, medical, and aced the aptitude test, so the only thing i'm waiting on is credit payments.

I'm applying for sigs so hopefully i'll be in around christmas.  lots of thanks to this forum and everybody who replied, i'll definately keep on here in case i can helpanybody else. once again, thanks!