Canadian Tire Credit Card

the other day i went to Canadian tire and there was a lady there giving out cards that said you get $10 off gas and i blindly signed up. but as it turns out it was for a credit card!!!!
what should i do??
they already mailed me the card.
will this lower my credit rating?

Congratulations, you lowered your credit score 5 points. (for the credit inquiry made to open the new account). It's not a big deal. I would call the 800 number on the back of the card, tell them that you want to cancel the card, and then cut up the card. You score will be down 5 points, and recover in a couple of months.

Unless you were right on the cusp of a cutoff and are applying for a big loan (like a mortgage) there's nothing to worry about.

Below is an answer from the FAQ section of myfico.com (the inventor of the FICO score)

"Fallacy: My score will drop if I apply for new credit.
Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called “inquiries”) will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
"

2007-07-31 13:08:42 by zzzzzz

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Hey I am wondering what the best kind of credit card would be?
I have never owned one in my life, but i don't want to pay to own a credit card. Which ones have good benefits and what not, and i heard if you get them from stores like Canadian tire or Sears or something that is bad?

Get a debit card. There are no good credit cards.

2009-07-06 19:16:13 by Seth M

Hi, I am 18, live on my own and have a job and I want a credit card. The only problem is, I have no credit and have been refused by The bay, Canadian Tire, Mastercard and Capital one.

I use a pre paid mastercard when I have to purchase online or over the phone but that is annoying because I have to deposit money into it all the time. I am a little leary because I love to shop and I mainly want to buy really expensive jewelry, clothes, etc. that I can't afford to pay with in cash!

Are credit cards good? Do you think they are necessary? What are some good websites where I can apply for a credit card? My bank is CIBC and I am in Canada.

here you'll find a few comprehensive & FREE sites that explain it all quite nicely.
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!

2006-08-16 21:00:57 by catanomicsunset

I became a permanent resident in Canada in February. I have no credit history and I am trying to build one. I’ve applied already to several, my own bank ( which turned me down, for secured credit card they want $1000 and I’ve had my checking account since February too!). I have a full time job since February ( making around $2000 a month). I’ve applied for credit with Canadian Tire( got turned down), Capital One ( asking for secured deposit as well), Zellers ( got turned down) I am not able to find a cosigner, and don’t have family to put me as their extension. I’ve pulled my credit report and there is nothing on it,
1. How else can I establish credit?
2. Will this numerous applications for credit show up on my report ( my recent credit report form Equifax showed nothing on it.)
4. And I had this Columbia movie house thing sent me dvd ( that I never signed up for) and now they said im extremely past due ( sent to NCO Financial)?Will this show up in my up in my credit report as well

Go to www.Prosper.com and get a really small loan from them. Your loan will go on your credit.

You may not get the best rate, but it doesn't really matter if it's only for $1,000 or so.

The loans are for 3 years, and by the end of it (if you do every payment on time), your credit will be a lot better.

Good luck!

2007-10-17 12:26:03 by sheishei