Originally Posted by
jerry305
I need help to improve a credit score.
One of the people on my (small) team of churners needs to go get a car loan. But, I recently convinced her to apply for 3 cards (a gold Amex, a BW MBNA MC, and earlier an SPG Amex, in addition to 2 more traditional cards). She also holds a mortgage.
I can't find this info elsewhere for Canada.
• Is the interest rate for a future loan going to be higher because of this mini app-o-rama?
• Should she try to reduce her credit limit? Will it make a difference?
• Should she cancel older cards? Will it make a difference?
Any advice, or direction to a good resource, or PM's, gratefully accepted.
The interest rate will be dictated by her credit score and all the new credit and hard pulls will not help in that dept.
What is the age of each card?
I wouldn't lower the limit either because if anything it will show she is not maxing out her cards (I hope she is not) and wouldn't cancel anything just yet. You may get a lender who will say "you have too much credit" which at that point you can offer to close one or two accounts to appease their concern.