Actually 28.99 is not the highest , highest was 29.99% by CitiFinancial and that too when my score was 575. I didn't take the loan. I had the loan from Dell Financial for just 3 months , I paid them off.

On a side note: When my score was 627 I got approved for a Desjardin Modulo Visa Card with an annual APR of 9.9%. Even today that is the credit card in Canada with the lowest APR.

Hey torontobk...
That's terrible that they charged you that much..
It's good though for people to know that they're going to pay very high interest rates if they have bad credit.

Raymond,
I posted that FORM 7A on my photo album.
/album/index.php?cat=1

This will centralize it for our readers.

If you have any other pdf's that you think we should post, please let me know. As well, I can set up a membership for you to post pdf's by yourself if you want.

Beacon is an Fair Isaac product marketed by Equifax. I guess it's possible that you could have some R9's on your report and still have a credit score of around 600. However, the R9's would have to be pretty old and you would need some current tradelines with R1 standings.

The R9's will influence the score increasingly less, the older they get, up until the 6 year mark. A friend of mine who's in credit scoring tells me SOME of the banks may lend to someone that's got 600 or a tad lower score. But 600 is the generally pretty close to the cutoff point.

Nothing heals a bad credit score like time and maintaining current tradelines at R1 and not "maxing yourself out" in credit lines or new applications.

Ray

They charged me 28.99% for 48 month !! Loan amount was 877 dollars for a notebook computer.

hey torontobk,

That's amusing... but it's good to know..

At credit score 459... what was the interest rate they charged you?

I'm sure that your interest rate must have been pretty high as you were very high risk.

Dell Financial gave me a loan when my score was 459. I think I should report that to the Guinness Book of World Records!

Get a few secured credit cards and keep them up to date for several months. Putting good credit on your credit report will help your credit score.

At a certain level the creditors won't give you credit. However at 625, you're going to get credit, but you're going to pay much higher interest rates .

The best score is 850

How low is is too low for a beacon score?
I thought my beacon score woud be lower than what it is - I have severa r9's on my credit report yet my banker tells me my score is not too low... I think he said it was 589 and he likes to see at least 625. What is good? How would I move from a 589 to a 625 when I suspect my R9's won't be removed for a while?