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Will this hurt my credit score?
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05-28-2015, 07:28 AM | #23 |
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So he has his own cards with higher limits, but uses yours to fill up trucks, and you use yours for $25 each month? Why doesn't he use his own? Why do you have so many? Why do you have 15 cards to just use on gas, instead of having 2 and gaining benefits since you don't use them anyways?
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05-28-2015, 07:29 AM | #24 | |
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The fastest (only?) way to an 800 for your example new immigrant is getting added as an authorized user to 2-3 aged (10+ years) revolving accounts with perfect payment history and near-zero utilization. |
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05-28-2015, 07:38 AM | #25 | |
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In credit 1M = 1 thousand. 1MM is 1 Million. Did you even read anything I said about limited credit history. I'm sure you know since between the two of us, you're the one that runs a Credit Card Center for one of the biggest banks in north america and deals with the credit bureaus on a daily basis. Here is an example. Removed...but proved that you can be a new immigrant and have a 800 bureau with LHC, which is what I've been saying all this time.
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Last edited by CANGRKE70; 05-28-2015 at 08:59 AM.. |
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05-28-2015, 08:54 AM | #26 |
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I was shocked too when i saw it. I've been paying utility bills since the age of 18. I took an auto loan for my BMW which was paid regularly on time until i paid it off. I've had a mortgage for almost 6yrs now. I make descent income. I have no other loans except College tuition.
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05-28-2015, 09:03 AM | #27 |
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I love how you guys "play" humble.
Credit score? Come on!! I know most of you guys/gals can buy a car&house with cash.
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05-28-2015, 09:03 AM | #28 | |
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05-28-2015, 09:04 AM | #29 | |
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05-28-2015, 12:03 PM | #30 |
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I have a question for whostheboss: you've been apprehensive about getting a credit card, even though we all said it was a good idea. And here you are applying for line of credit to buy a gold chain? Why not get a credit card, and buy a gold chain with that?
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05-28-2015, 12:42 PM | #33 | |
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Billup does have a point. Assuming the numerous cards you have are rewards cards earning cash back or flight miles, you are spreading those rewards across many cards meaning it will take much longer to reap the benefits of each card. Those rewards will rack up much more quickly if you frequently use just a few cards. Depending on the limits of all those cards, you may also be hurting the credit utilization portion of your credit score.
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05-28-2015, 12:42 PM | #34 |
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It's done a bit different in 'Merica compared to Canada. A credit score gives you leverage on lenders to provide you with the best rate possible depending on your credit score. That is why they are all so aware. Here it's pretty much this is the rate regardless if you're a 720 or 820.
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05-28-2015, 12:48 PM | #35 | |
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It is how financial risk of an individual is determined. How does it not come up in other countries? Do banks just issue credit cards or approve loans for anyone regardless of their financial situation?
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05-28-2015, 01:02 PM | #36 |
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No, they look at your income and credit payment history as well as potential credit load and make a call. Seems to work, the US seems OBSESSED by this score that can be fudged or screwed up for better or worse.
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05-28-2015, 01:02 PM | #37 | |
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We base our adjudication in Character / Creditworthiness, Capacity / Debt Serviceability and Collateral / Security Pretty simple framework...doesn't hurt that the average Canadian Credit score is 750.
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05-28-2015, 01:24 PM | #38 |
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Make sure you check all of the big 3,guys, and not just one.
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05-28-2015, 02:22 PM | #39 |
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Yea, it was a last minute thing. I was traveling and thought it will be a good idea to get the chain before i traveled. Soon after i applied for the card... i thought to myself, "Damn, i should have just applied for regular CC then used that to buy the jewelry" But that thought came too late.
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05-28-2015, 03:44 PM | #40 | |
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Plus, it gave me extra cash to buy that stripper pole I've always wanted. |
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05-28-2015, 03:57 PM | #41 | |
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05-28-2015, 04:05 PM | #42 |
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05-28-2015, 04:06 PM | #43 |
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Cash is subprime ... No points/rewards back! I charge then pay the full balance but I try to keep it under 10% utilization on those cards
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05-28-2015, 04:09 PM | #44 | |
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