Q: Does inquiring about your credit score hurt it?
A: No, it does not. Inquiries made by the file holder are not counted as "hard" inquiries. inquiries made by lenders for the purposes of loan applications are considered "hard" inquiries and will slightly reduce your score. Inquiries made by institutions for non-loan purposes (marketing), or by the file holder are considered "soft inquiries" and do not have any detrimental effect.
Q: Should I cosign on a loan for my friend/family?
A: Unless you are willing to pay off the loan if your friend/family doesn't pay, don't do it.
Q: Are there shortcuts to repair bad credit?
A: YES. there are many tricks and tips to improve your credit score.
buying a property is a shortcut to improving creditworthiness. 1 year mortgage, establish fresh credit history. move on to bigger application.
Canada Credit Score provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. Canada Credit Score informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies.
No comments:
Post a Comment