Bordentown, NJ · Member since 2015 · 15 posts · 0 votes
10y
Hi Dan,
Do they offer free credit reporting websites in Canada? We have sites like credit karma here that you can get your score and report for free. You score is based on more than inquiries here in the USA. Your increase in outstanding debt and the type of loans you have in place will affect your score as well. For instance if you used revolving debt v. fixed to make purchases, your score will be worse with the revolving. 15 inquiries in a very short time period like 30-60 days would cause your score to go down significantly. But if they were spread out over 12 months equally it would affect you less.
You should really ask that of credit expert. I have one, but he focuses on U.S. credit and legislation.
Also, if you're buying properties on your own credit with traditional financing, you'll want to explore more flexible options. Not sure what the Canadian options might be, though.
The enquires will show on your credit history (perhaps flagged), but with 10-properties and, presumably, several mortgages and/or LoCs, the reason for the pulls will be evident. Of more concern than the enquires might be the percentage of your total credit outstanding.
You can view your own credit profile by simply visiting the website of a bureau (i.e. Equifax) and you pull your score for a small fee ($20 - $25). Alternatively, every Canadian citizen is entitled to one free pull of their credit report per year - however, you will need to submit an application via snail mail to take advantage of this service.