General Goals 1) to be debt free in 3.5 years 2) save lots of money

Saturday, February 4, 2012

Credit Card Dilemma

As I am sure everyone knows I work for one of Canada’s major banks, if you didn’t know; well now you do. Without giving to much detail ways I want to ask you advice on something.

But first let me give you some back ground information:

Recently my Company created a contest for its credit card clients to enter, as an employee I am not entitled to enter the contest. However, now the Company are offering its employees (with a Company credit card) the option of entering a separate employee version of the contest.  I currently don’t have a Company credit Card. I did apply for one when I first joined the company but was turned down; truthfully I jumped the gun and should not have applied. I deserved the rejection I had more debt than income and had been with the Company less than a month.  

Last July I pulled my credit report and it was less than ideal. TD has my credit score 100+ points higher than Equifax. And Equifax shows a hold on my TD LoC account which I suspect is what being the score down. Last week I went into TD to ask to have the hold taken off. The agent at TD I talked to said not only had my score gone upon there end, but they show no hold on the account. He also said the only way to sort this discrepancy out was to A) do a bogus credit app thus pulling my Equifax credit score however it would get a hit on my score OR B) have me pull my credit report. Than bring it in to have him see it so he can figure out why there is a discrepancy, and have it changed for me.  Option A I have no interest in taking and option B can’t happen until July of this year; as that’s when I last pulled the report. Equifax get’s fussy about only doing it once a year. I opted to just leave it until next July and take the info into him than.

Now this contest opportunity has come up and I would like to enter it. However I don’t have a Company card. I do intend on getting one just not until this summer when I get this credit report issue sorted out. If I wait I will miss the chance of entering the contest. If I apply for the card and take the leap of faith I could get declined again; something that will also result in a hit on my credit score.

What do you think I should do? Take the leap of faith or suck it up and sit this one out??

PS it would a once in a life time trip if I won in!


  1. Are you sure that you can't get another credit report from Equifax? I didn't know about the once a year thing (until a little while ago) but have always pulled my credit report from Equifax at least 2 times a year. If I were you I'd call and pull another credit report, or at least try to. All they can say is no. I bet you get it.

  2. I always err on the side of caution, so I'd probably wait. But of course, it's your decision!

  3. I think I would wait, it's only a contest after all. Saving more money or working to reduce more debt is a sure thing!!!!

  4. I think I would skip it unless little lambs suggestion of getting another credit report works in your favor.

    I had a similar situation for Christmas 2010. I knew you had to be working for two years to get a credit card but they had a competition I wanted to enter so I jumped the gun and applied for one knowing my work history was only 6 months. I got shot down. Funny thing is, now that I will more than likely be approve for one, I don't think I want it anymore.