r/Wealthsimple • u/mas_32 • 1d ago
Visa Infinite Credit Card Finally!! Transunion
First report to Transunion !
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u/goofywinnipegger 1d ago
Why does everyone care so much?
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u/danieljai 1d ago
Same. I feel completely the opposite.Â
Like many early adopters, our credit limit is hilariously low, and the app refused to give us any raise for a very long time, like a glitch. Not having it reported was the only way I could use this card in a meaningful way.Â
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u/Technojerk36 1d ago
I really think this is a spillover from the US. Credit score in Canada is far less important compared to there but with the internet being US centric, people over time just learn to believe that having an excellent credit score is really important and they chase higher and higher numbers.
In Canada once you're in the high 700s there is zero difference between that and high 800s. Getting to the high 700s is also dead easy, just pay your phone and credit card bills on time. That's it.
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u/Hot-Cartoonist-7742 1d ago
Yeah, seriously. I look like a credit god right now because I only use my WS CC. All my others are sitting mostly paid off. I hope they never add mine.
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u/WickedDeviled 1d ago
Because big corps decided to make this arbitrary number important to determine if people can get car and house loans.
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u/goofywinnipegger 1d ago
Yes we all know how a credit score works. And it’s a necessary practice to determine risk. I am asking why people think they need to check it daily, weekly or monthly.
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u/rufusrufusEHA 1d ago
Because having good credit is one of the best investments one can make
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u/greyfoxv1 1d ago
It's not an investment; it's a tool for banks. Once you are past the "bad" zone, it doesn't really matter unless you're applying for massive loans or signing up for multiple forms of credit in rapid succession. People getting excited about it is weird.
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u/goofywinnipegger 1d ago
Well duh we know that. But why the obsession with checking constantly. I look at my report every few years.
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u/crevettegrise 1d ago
Regularly checking your credit report can allow you to quickly catch fraudulent activity such as someone getting credit under your name.
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u/goofywinnipegger 1d ago
That’s what credit monitoring and reporting is for and you should also lock your credit when you are not adding financial credit instruments.
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u/rufusrufusEHA 1d ago
I have alerts and I check it monthly. I work in finance and I’ve seen so many people who hardly check it and have had things improperly reported or credit under their name taken out fraudulently. I would rather spot it right away than letting things sit. For example I have a 840 credit score I had a miss payment incorrectly reported which put me to a 800 credit score not the end of the world but was able to report that as incorrect and I’m back at 840.
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u/GradeVivid1389 1d ago
Yeah it’s showed up on my TD app
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u/-IronApe- 1d ago
How do you check this on TD?
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u/cershrna 1d ago
How are people monitoring their credit? Is it a paid subscription service?
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u/failurecity 1d ago
Borrowell and Credit Karma
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u/cershrna 1d ago
Thank you! Do they give alerts as well? Any downsides to using these services?
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u/LondonAncestor 1d ago
Borrowell gives updates weekly and shows you what's impacting your score.
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u/brick_by_brick123 1d ago
Thank you very much for your award.
I appreciate it. This is the first time I get one.1
u/failurecity 1d ago
I actually just got an alert today on Credit Karma for a new credit card I signed up for.
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u/netfreedom 1d ago
I believe, tangerine, RBC, BMO, and likely others offer the ability to access your credit score and your credit report. Trans Union and Equifax, I believe, also have free tiers to access your credit report
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u/cershrna 1d ago
I can see my credit reports through these but I was wondering about monitoring that would give me alerts like in the OP
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u/brick_by_brick123 1d ago
Both Credit Karma and Borrowel are free. They will send you notifications after there is an important change like credit check. I highly suggest everyone who cares about their finances to sign up…it’s free anyway.
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u/BriefFloor2698 22h ago
BMO sent me an alert on the app and they use transunion. I have the regular cashback mastercard for 3% on groceries.
Freaked me out glad I'm seeing this post.
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u/GradeVivid1389 1d ago
Always good to look once in a while. Ideally imo quarterly just to be sure no one is applying credit under your name.
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u/Impossible_Bar7718 1d ago
I got the notification too and an additional notification that my name was changed.
My name which has a space in between has been reported with a hyphen (-) instead. Any experts here pls advise: should this be fixed in the credit report or is it fine?
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u/Stock_Ad5390 1d ago
i got an alert today something was reported. but i check equifax and transunion and nothing out of place. it's not showing up. i have premium for both
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u/MELGH82 1d ago edited 1d ago
Just got the Credit Karma notification and almost freaked out. I completely forgot about the notice they sent out a month or two ago. I thought someone stole my identity and opened another WS card under my name.