Credit Check Superthread- Merged Topics

[girlfiredup]

Pretty good turn-around time. 

Thanks Bossi.

 

[casing]

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:

 

[girlfiredup]

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

 

[Fogpatrol 1.0]

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.

 

[casing]

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.

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.

 

[rdschultz]

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.

 

[girlfiredup]

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.

 

[Harrier101]

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.

 

[rdschultz]

Mine was R5, and I needed the letter. 

 

[lfejoel25]

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!

 

[Harrier101]

I just want to let you all know that I am with Credit Counselling, non profit, out of Toronto, I have been with them for over 18 months now, and it has helped big time. I was initially applying for the Police here in Ontario and they are a little more sticky on the credit thing than the CF is. If you have bad credit, regardless of who is after you, you should do regular credit checks through Equifax and Trans Union every 6 months, it's the same info the CF looks at. If you Have R9's on there, get to a credit counselling agency ASAP. It can then be changed from R9...Bad debt, unable to locate,  too R7 payments made through credit counselling or similar arrangement. It's well worth it. It also, shows you are taking charge of your debt.

In my situation, I had a kid, the wife went on Mat leave and was making squat on Mat Benefits, we had to move from our apartment in Scarborough, all the way out to belleville, get another job, living in a smaller apartment and it goes on and on. To make it short, I was stuck with bills, and less income.It was manageable for many years, then i went to not being able to make payments. So, I had to do it. You should be alright if you have the proper letters. I am getting one from my credit counselling agency just stating that I am making regular payments and that my debt is being lowered.

 

[lfejoel25]

Harrier 101
that's kind of a coincidence.  I used to live in Belleville, I worked for nortel, and that's where all all my credit problems started.  They shut down production at the plant in ....Nov 99???  Too bad too, they paid good.

 

[Harrier101]

Yea, Belleville is alright. Better than Toronto. Too smelly and the not the right place to bring up a kid in my opinion. Anyhow, I am with stream right now doing phone tech support. Pays pretty good, at least my bills are now being paid and I have food on the table. Wasn't so about a year and a half ago. Things have improved, and hopefully will get better over the next year when I get into the Forces.  

 

[autumnweapon]

I hoping to here from any who was in this situation before entering the forces. I just had my interview and did well problem is I have a load of debt to pay off ( laid off, out of work for 1year and just finally made past 3 months at my new job). I was on u.i for year, didn't get alot of money and had to pay rent and get food, didn't have much to pay my bills. My job now pays $50 more than I got on U.i. I really want to get in, but was told I have to clear up my debt a bit?
has anyone gone through this? and any suggestions? 310-debt?

 

[Freight_Train]

There's some info on this here - http://army.ca/forums/threads/13553.0.html
I would suggest as others already have on the above thread, that you look into signing up with a non profit credit counselling service.  They are life savers.

 

[jay74]

I am hoping that someone could help me out.  I would really like to join CF but currently I am holding debt in the form of a student loan.  I have been told by some sources that CF will not take me due to this debt.  Is this true?  If so,  is there anything I could do to help the matter besides paying it off in full?

 

[Ex-Dragoon]

Have you read the Recruiting FAQ section?

http://army.ca/forums/index.php/board,18.0.html

 

[George Wallace]

Years ago when I joined, I had a Student Loan.  As I was young and it was my first Job, I set up a Pay Assignment to the bank that held the Loan and paid it off.  It came out of my pay before going to the bank I was using for cash and I never even missed it.  I did that at the same time I was setting up my direct deposit banking at the Pay Office.

Same thing goes for an RSP.  As soon as you join set up a RSP and you won't even notice the money going.  Your living standards will not change for the worse so drastically if you do all this when you first join, because you won't have that many pays to readjust to a regular paycheck, if you catch my drift.

GW

 

[spacedog]

I am hoping that someone could help me out.   I would really like to join CF but currently I am holding debt in the form of a student loan.   I have been told by some sources that CF will not take me due to this debt.   Is this true?   If so,   is there anything I could do to help the matter besides paying it off in full?

I know a lot of people in the CF who joined with significant outstanding debt and/or student loans.  If you go through the application process, they'll ask you about that kind of stuff.  Just be honest.

 

[CDNBlackhawk]

I owe 20k in student Loans, and still got in, their biggest concern inst necessarily how much you owe,they are more concerned with whether or not you can pay all your bills, and whether or not if you have a good credit history.