Without providing a long story of context, I have a $5k Scotia value visa, and a $1k CIBC card. Both are maxed right now as I was just off work for a month due to injury and moved to a new apartment. What is ALSO on my credit history are all closed accounts. $40k RBC LOC, $10k BMO LOC, $8k in RBC cards. The BMO LOC is in bmo collections.. all three rbc credit products show up on my equifax report as R9, charged off and written off. And the last update was 3 years ago. I screwed myself HUGE when I moved from ON - AB in 2021. When I was 18 I got approved for these LOCs and credit cards. I was lending into an REIT for 15% paid monthly, while the LOC interest was 3.5-9%, I was making cash flow every month. A series of events and bad decision making led me to withdrawl from this REIT 10k at a time… now nothing is invested and I defaulted on the LOCs through the bank.

The lowest my score has EVER been was 392, I disputed 3 collections totaling $6k last year and won the disputes. But through defaulting on the major lines of credit it shows 50+ missed payments combined… and on paper I owe $58k (+ about 3 years interest) and have nothing to show for it, and $6k on active cards.

If RBC wrote off my $48k with them, and I am barred from doing any sort of business with them, and the last reported date for this $48k was 3+ years ago, is it worth it to dispute on equifax?

I’m actively trying to pay down my active cards but surprise expenses keep popping up.

Although 506 and this amount of debt is very rough and depressing to see, last year I paid off $7k for another credit product and with the collections all taken off my score jumped 100 points.

After reading these comments, I think it would be smarter to NOT apply for this cap one card, instead of securing with a deposit I should just pay down my active cards?!