The other day I went to the bank to open a business account.
There surprise they said they would do a credit check on me. I asked why knowing that any credit check means a hit that would affect the score itself. “For overdraft” I was told. “I do not need any overdraft” I said but the lady was adamant saying this was the bank’s policy and they would not open the account (mind you I already have a personal line of credit in good standing with them) so in the end I agreed with it as I did not want to go to other bank.
So she ran the credit check and she showed me the score (called beacon in Canada): 780. I asked for a printout but she said she could not do it but she was allowed to show me my credit check on the screen. I found out that my bank that I have the mortgage with does not report it – they would if I defaulted on the payments – but the lady told me her bank always reports the mortgages so it depends from bank to bank. Then I asked her what a very good credit score would be and she said around 850 and we got talking about credit cards and how having many credit cards doesn’t affect your score as she used to have a score in the 800′s with more than 10 credit cards over 100k limit. It is only a problem when you need a mortgage or ask for a loan.
As I already have a mortgage I might start applying for credit cards in order to get the points and the miles (I have only 2 credit cards at the moment).