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Tangerine MasterCard 4% Cash Back Promo
April 8, 2017
11:41 pm
Norman1
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I found Globe & Mail article What qualifies as a good credit score? that explores the relevance of credit score differences.

A woman was surprised to find out that her boyfriend had a higher credit score of 846. She only had 783. She was surprised because he used to have much more debt which has since been paid off.

According to a vice-president of client solutions at Equifax Canada, the difference in their scores is not meaningful to lenders. Lenders consider scores above 700 to be excellent.

Excellent is excellent. There is no so-so excellent, average excellent, or outstanding excellent! sf-laugh

April 9, 2017
4:15 am
Loonie
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So, if it's like in elementary school, A,B,C,D etc., then why do they use numbers? In school, depending on the system, 80 and 100 may both be an A, but 100 is better.

April 9, 2017
9:06 am
Norman1
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I think they use numbers because the FICO scoring model, for example, churns out a numeric score. The raw numeric score allows lenders to set their own boundaries for poor, fair, good, and excellent.

The numeric score also allows lenders to have some discretion. If excellent were 700+ and an applicant scored 698, a lender could then have a closer look.

I suspect a higher score is better as far as the model is concerned. But, between those borrowers who have a score of 700 and higher, there may be no statistically significant difference in the default rates, which is what lenders care about.

In school, 100% is considered better than 95% in a test. But, there may not be much difference in the capabilities or outcome between the 95% student and the 100% one.

December 3, 2017
2:44 pm
Bill
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September 11, 2013
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I apologize if this is not news to anyone (my wife does 99.9% of our shopping, I'm relatively disinterested) but she recently put a purchase on her Costco MasterCard, took it back 6 days later and got credit on her MasterCard but I couldn't find the credit on the monthly statement. Took us a long time but we finally noticed the credit slip showed different 4 digits for the cardnumber - by mistake she had produced her Tangerine MasterCard when she took the goods back, all went well. Sure enough the credit showed up on the Tangerine MasterCard statement. I guess MasterCard's MasterCard. Might save somebody some time some day, knowing this.

December 3, 2017
5:39 pm
Loonie
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The willingness to use an alternate CC for returns may be relatively new. I recall that it used to be impossible to do this, but recently I did it with something I returned to Lands' End. I no longer possessed the original CC and they allowed me to put the refund on an new card. A few years ago, they wouldn't let me do this and insisted on sending a gift card instead.

December 3, 2017
10:14 pm
Need2Learn
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Some stores still don't accept a different CC for returns. For example, I bought something online at Bed, Bath and Beyond then returned the item to the store, they asked for the original CC. When I showed them the CC they didn't take my words for it but went into a different room to verify the info. on computer, while a long lineup was behind me.

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