How to fix my bad credit with my new sin?
I got my new sin number recently, and also I have bad credit score when I was international status in Canada. With my new sin, I applied my hsbc bank golden master card and it's approved.. How is these situation to be? I am confused. Can I cancle my first credit card and used my new credit card to build up my new credit? How's my old credit history? Thank you for your answer!
Public Comments
- DO NOT cancel your old credit card. The age of your accounts is probably the most important long term factor in your credit. If I look at your credit report (because you came to me to borrow money), I will definitely see how old your accounts are because that tells me that you have been financially responsible for a while (as opposed to just this last month). Keep your old card, don't use it if you don't want to. But do not cancel it.
- Look, unlike the US system which uses SSNs as the primary identifier for credit files Canadian Credit Bureaus are not entirely reliant on the SIN to locate your credit file. Your name, Date of Birth, residence address and so forth can be used to identify your file. One of two situations exists, either you have a new credit file based on the new SIN, or your credit wasn't as bad as you thought. You need to know which one is true, and the easiest way to find out is to request a copy of your credit report and see if the information on it is all new, or if it includes your old credit lines, addresses and so forth. Don't cancel anything until you've verified PRECISELY where you stand. I'd recommend applying for your credit reports in writing and use your drivers licence and the NEW credit card as the required identification documents. http://www.equifax.com/EFX_Canada/consumer_information_centre/ownreport_e.html http://www.transunion.ca/ca/personal/creditreport/consumerdisclosure/mail_en.page http://www.creditbureau.ca/ENGLISH/your_file.htm Good luck!
* Some answers may have been provided by Yahoo! Answers.