winebug

They pay you for the score drop

Probably going off-topic here.

Seriously, first hand experience, if you're not happy with it, file a complaint with the ombudsman saying this was forced upon you under duress (without leaving another option) and you would not have accepted the hard pull should the financial institution have been upfront it was doing a hard pull, including a statement you did not request any credit from them (provided that is the case) and therefore refute the pulls.

Do not contest through equifax or put a consumer statement that you didn't request credit from them, that's "guaranteed" trouble for your score.

The ombudsman takes some time (count ± 6 months), and you won't see a score jump back overnight, but it is the only way to get financial institutions to behave towards credit files, and that financial institution to know you're not to mess with.

Should be like in the US, maximum 30 days complaint resolution, or else removed from the file forever after (I read that somewhere, don't know first had if that is true).

JJonahJ

I've done a fair number of product switches with TD, CIBC, BMO and MBNA. I don't believe any of them resulted in a HP, at least I don't see them in my EQ report. They are the same asset/account/trade line in your credit file, even though it may be a new CC number, so the switch should have no affect on your score. I would try to get a verbal confirmation that there would be no affect to my credit score when I request the product change, but as per other people's reports, you could still get a pull...in this case I would call back and get them to re-play the conversation that assured there would be no credit pull, and have the FI submit a request to cancel/nullify the HP.

As for pre-approved offers, not all of them come with a guarantee that you will not get a HP, so again it's best to ask for confirmation. Personally, I've avoided several pulls with my pre-approves, but then when the new accounts are reported to the bureaus, then the score will eventually drop.

This is good info, thanks for posting!

crimsona

My score has gone up by 2 points since (possibly due to other reasons), so I'm back to where I was. It's really not a big deal.

pokee

The upgrade/downgrade card transfer trick is a great way to churn cards with the credit card accounts you already hold, to avoid pulls but also ensure you get a sign-up bonus! I have done this successfully with BMO, CIBC and now RBC. I know sometimes that certain sign-up bonuses are only good for new applicants/banking customers (CIBC, in particular, seems to have a lot of these deals to draw new customers), which is why it's always good to call to do the transfer (although, RBC appears to be the only bank that allows the online transfers).

FWIW, I get AMAZING value with my Avios, so I churn ANY card that I can get Avios out of! If I hadn't already upgraded to the Avion card with RBC, I may have gone back to the BA Visa! When I originally opened my RBC CC account in 2012, it was with a BA Visa when they had a 50,000 sign up bonus! That was quite the score! Paid for two tickets to Hawaii!

w000t

i can't remember but the agent made no mention that they were going to do a credit check at any point during the call. i only applied through the phone because the application (via GCR) fails if you select existing customer and tell you to visit a branch. had i knew they were going to do a hard pull, i would've just chose new applicant instead and save myself from the headache of trying to get the rebate later

zer0k1

I can't find the RBC page that does the online transfers, could you please send a link/advise?

Genouver

Pokee: Can you elaborate on the up/down-grade issue, and receiving a bonus? I downgraded from RBC Avion to Gold Rewards last year, after being assured that I would not lose the use of my points. I then found out that it's NOT possible to transfer points to AA or BA under the Gold card. I called RBC back to ask for resolution, and despite a lengthy conversation they were willing to do nothing other than inviting me to upgrade back to the Avion -- with no bonus and no AF waiver. They wouldn't even waive the AF.

winebug

People not caring enough is why FI get away with it in the first place...

pokee

The key in your upgrade/downgrade is to always transfer out all of your points first, before downgrading your card (if you cannot keep your points account active in another way - like with Aeroplan, for example). I think in your case, you got bad advice as I think Gold Rewards is RBC Rewards points, NOT Avion points. Different programs.

These were my RBC upgrades/downgrades:

2012/2013-Applied for new BA Visa. $165 annual fee; 50,000 bonus Avios
2014-Downgraded to an RBC Target Redcard Mastercard (no AF)
2015-Upgraded to an RBC Avion Visa. $120 Annual fee; 15,000 bonus Avion Points.

Plan to downgrade in 2016 to a no fee card I've never held; and then upgrade in 2017 to a BA Visa. This leaves at least 4 years in between each card with bonuses which improves my chances of getting the bonus points each time.

pokee

If you are logged into your credit card account, you should see "Account Details" and underneath that "Switch a Credit Card" in the top, left corner.

winebug

When you're traveling abroad, are there any credit cards that have low fees and low currency fees to withdraw money from foreign cash machines? What's the best strategy to have access to cash as and when needed on holiday abroad?

mitelsp

I think the only canadian CC without foreign fees is Chase Marriot. I am not sure how their exchange rate compares to other CC but I don't beleive they differ too much.

crimsona

Chase Amazon Visa and Chase Sears Mastercard have the same fee waiver

pokee

The Amazon Visa is great, too, because it doesn't have an annual fee, and you get 1% cash credit (when you hit $2000 in purchases as a $20 credit on your account). I have both this and the Marriott card. I always like a back-up!

barneyg_

I use the Chase Marriott Visa for purchases abroad because it doesn't have exchange fees but I still use a debit card for cash withdrawals. ATM withdrawals using CC do not give you points/miles/etc and interest is charged right away.