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Very informative read, I was hoping for a Canadian story as well but I'll be keeping my eye on the thread. Six years ago, I went belly up on an unsecured line of credit with a major Canadian bank for ~15K. I also had another 2K on a Visa with the bank. The minimum payments got out of hand, blah blah personal story nobody cares about that ultimately results in being irresponsible. I received a couple of letters around the 90 day mark, but ended up moving, and moving again several times over the next few years. It's almost 7 years now and I haven't heard a peep. Three years ago one of the big box stores gave me a $500 card through hsbc, I actually worked at the store too so I was familiar with the financing options. Someone hosed up the promotion code when I was buying something, and I didn't end up with 6 months no int/no pay, and got a letter asking where the payment was after a month...on a deferral. I wasn't pleased, raised hell with the financing company, who blamed the store. I disputed it with the store, they basically said "too bad." Got letters for awhile on that one, haven't heard from them in quite some time either. I'm not sure how the system works in Canada, but it seems banks can look at each others records. I don't know if they all tie into the same database, but my current bank RBC was able to tell me all about what happened with the line of credit mentioned above, and went as far as to tell me it was "written off." I haven't had a look at my Credit report, and know that is step 1. We can go as far as to assume its ugly. The "pay for delete" option in the US is very intriguing. I was making 50+K a year for the last 2 years, and couldn't get even a $500 secured card, which is incredibly limiting when it comes to online transactions, traveling, etc. It's kind of sad driving a brand new vehicle and being unable to book a hotel room! Any Canadian credit expert goons able to lend some insight?
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Dec 13, 2009 11:25
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| # ¿ May 2, 2024 18:55 |
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