Well it seems to me that increasing your credit score costs alot of money.....go into debt, paying annual fees on CCs and high interest rates on loans, just to prove you are credit worthy. Hopefully it will pay off in the end when I can get the best interest rates available on larger items.

I am thinking that maybe I can get a loan, and throw the money into RRSPs. Get the tax refund and hopefully it is enough to offset the interest .

I have found that increasing a credit score came become addictive.....I have risen from 539 about 15 months ago, to 650. Now the next step is getting it above 700 by the end of summer....just for kicks.

Yeah, I'm going to have to do that myself, probably... maybe. On the other hand, I don't really need any new credit any time soon, so maybe I won't bother. Seems stupid to go into debt if you don't have to just for a credit score.

Would be different if I was thinking about a mortgage or new car or something any time soon, but my mortgage isn't up for renewal for another 3 1/2 years, and my car is a 2006, purchased brand new.

Yes, I guess for me personally, it will help. It should help most people that have the little collection items like cell phone bills and the like. Although I guess I better take out a loan or something and sock it away, since I don't have any installment accounts currently open. Just two revolving accounts (two CC accounts).

Yes, but types of credit and balances will affect your more.

I read something about FICO 08 (TM), by the sounds of it, it will alleviate all the small collection accounts under a couple hundred dollars from counting against your score, a positive for once if that is infact correct.

Here are a few links regarding the new FICO scoring:

http://www.fairisaac.com/NR/rdonlyres/8B85C519-DBDB-4E26-99E2-4BA66339BCEB/0/FICO_08_Score_2456PS_EN.pdf

(See second paragraph, page two)

http://finance.yahoo.com/banking-budgeting/article/104062/Default-Lines-The-New-Math-of-Credit-Scores

http://www.mortgagenewsdaily.com/172008_FICO_08.asp

http://www.money-zine.com/Financial-Planning/Debt-Consolidation/Understanding-FICO-08/

http://www.reuters.com/article/pressRelease/idUS224495+22-Feb-2008+PRN20080222

Keep the old one open. Keep it paid off to avoid the interest.

Applying for the new card will not hit your score significantly if you're not applying for loads of new credit. Opening a new one shouldn't do a whole lot of damage either... although the FICO is changing... as long as you haven't opened a lot of new ones recently.

Cancelling credit cards can actually lower your credit rating. I'd keep the old one use it as little as possible and try to pay it off each month so you don't get hit with interest.

I am looking at a TD Emerald card, and wondering if anyone knows the minimum credit score to obtain it.

I have a long standing perfect payment history on my current Wells Fargo Mastercard (somewhere around 45 months I believe), and it expires in March of this year. The interest rate is 18.99%.

My credit score has increased significantly in the last year to approx. 650, and I am wondering if that will be sufficient to obtain this low interest CC.

Also, does anyone have any recommendations regarding closing the Wells Fargo CC if I obtain a new TD Emerald, or since it is a long standing good payment (the most substancial good mark on my credit report I believe), should I renew it and use it VERY sparringly but keep the additional credit limit involved.

Thanks,

DBG

I have a GM card, but if I switch, does it not close my Gm Visa account and start a new Emerald account.

In return will it not drop my credit score for:

1) applying for new credit (hard pull)?
2) show that I have "new" credit that hasnt been established long enough?

I spoke to TD GM Visa today as my card was just renewed.

I thought that I would try to negotiate a better rate because I've been a good, long term customer.

Currently the interest rate for TD GM Visa is 19.50% . This is pretty expensive and I wanted to negotiate a better rate. After all, Canadian Tire MC reduced my interest rate from 19.99% to 9.99%, just for having good credit.

The TD Visa representative explained that if I wanted a better interest rate I would have to go with their TD Emerald card. The TD Emerald card's rate is approximately prime + 3.75%. So that's 4.5% + 3.75% = 8.25%. That is a whole bunch different than 19.99%

So... the point of my story is that if you're just using TD GM Visa to collect your 3% savings, you're not getting a very good deal. You're paying an extra 11% to save 3% on your next General Motors vehicle.

If you're using the TD GM Visa and you want a lower rate, I recommend that you switch to a TD Emerald card. There's a $25 yearly fee which can be waived if you've got certain packages with TD Canada Trust.

I hope that saves you some money. Let me know if you're able to switch and what happens.