Is 697 A Good Credit Score – HOW TRANSUNION WORKS REGARDING CREDIT SCORE
Is 697 A Good Credit Score – Highest Rated?
HOW TRANSUNION WORKS REGARDING CREDIT SCORE
Please subscribe to my youtube channel.
So you want to know HOW TRANSUNION WORKS REGARDING CREDIT SCORE? In this video I will share exactly what credit cards I currently use and why. I will also share how to my best understanding how transunion works here in Canada.
CL Stand for credit limit.
I currently have the Capital One Gold $1.00 CL, Capital One Aspire Travel $15,000 CL, Capital One Cash $7,500, PC Financial $1,000, and finally the RBC Infinite Avion $6,000 CL.
$30,500 total credit limit.
Currently the only card that has a balance is my Capital One cash simply becasue I just opened it on Monday.
I try to pay off my credit card within 24-48 hours of a purchase. The best tip I can give is to do this the first 2 weeks of the month. After the 16th of the month you can rack up the card as much as you want. Generally Transunion only reports your credit report once per month. It verys simply becasue it takes time for them to go over every single credit card in Canada. Think about it.
I still have a snap shot of my credit card balance for my gold card as $550 even though I paid it off before January first. But according to transunion its still at $550. And not of my 4 other credit cards are on the report as of today. 15 days later. So my guess is they will take a snap shot between January 15th and January 25th.
This drives my wife crazy with all the reporting etc, but if you treat your credit card like a debit card with a budget you will never have a problem.
We have been using envelope budgeting for the past year and this year we are switching to using credit cards to pay all our bills. But we still keep the envelope budgeting mentality.
If you don’t pay your credit cards in full every month my suggestion is you are not ready for credit cards. Start w a secured credit card for practice.