tuyen said:
If you've already applied (and were approved) for Capital One, that means they already pulled your credit profile. I would recommend you go with them at this point, because too many inquiries on your credit profile in a short period of time will also negatively affect your credit rating. If you apply for 3-4 different credit cards in a short period of time, then from a lender's perspective, you appear to be desperate for credit, and will be more likely to be denied credit during the next couple of years.
This isn't exactly true. Multiple checks in a short time for the same thing aren't counted negatively--if you're buying a car, and 4 car dealers check your credit score last week, it's assumed that you bought/will buy a car (not 4 cars). What's bad is lots of different kinds of recent checks in a short period, like checks for car loans, for new credit cards, and for a mortgage. Then it's assumed that you're opening a new credit card, buying a new car, and getting a new mortgage all at once, and your score might dip until you've proven you can handle all that.
cdnmom said:
Canadian financial institutions are able to request foreign/international credit bureaus to assist with obtaining credit in Canada. When applying for mortgage financing when you are new to Canada or for those who don't have a Canadian credit history... You can use alternative forms of credit history... Copy of rental agreement, utility bills, etc...
I'm not sure that this is true. I was told by several financial institutions that my US credit history did not count, even when I printed copies of my US credit reports and brought them with me. Rental history, utility bills, etc may help with a few things that use credit checks (like getting a first credit card, or renting an apartment) but should not impact your credit score at all.
AnaMaria said:
Don't close the credit card. You will need history, meaning length of credit, to improve credit score. When you close the credit card, then your history will be gone, affect your score negatively. Some credit cards are easier to get, including retail ones. But they add larger minus points to your credit score. Don't rely on credit cards only. You will need different types of credit, credit card, line of credit, mortgage, etc. in order to improve credit score. Don't max out your credit. Keep the balance as low as 50% if possible.
This is true, though you want to keep your balance lower (around 30%) if possible. Closing a relatively new credit card with a low limit will impact your credit score less than closing a really old one or one with a high limit. This is because creditors look at length of credit history, as well as what % of your total available credit you're using. Using a lower % of total available credit gives you a higher credit score. Closing an old credit card reduces your total available credit as well as your history, but can still be worth it sometimes.
Huzzah!
