So I'm trying to get a credit card. I don't think I have any credit rating (or very little, although I do have regular Payroll Deposits going into a chequing account) so I'm not sure if I'm going to be approved for ANY card.
I tried applying for a PC Financial Mastercard, but was automatically rejected because Equifax Canada has no (or insuffienct) information about me. I am a student (High School right now, but I have been accepted to a Queens U for next year) and I just want a low limit ($500 would be enough) Credit Card for emergencies/online purchases. Monthly interest rates don't matter as I have no intention of building up any debt on this.
I do have a decent amount of income I can declare (a part time job + $12,000 yearly scholarship which I can declare as income) so I don't think this will be the problem. <b>I am wondering whether ehMacers have found any Credit Cards that are easy to get approved for (or "guaranteed" approval). Sure, you pay a higher interest rate, but I won't be carrying any balances from month to month so its not an issue. I do not want to simply be included under my parent's credit card. Any recommendations would be greatly appreciated </b> (Yes, I know the temptation which is associated with credit cards, but my parents and I agree that it is a good idea and anyways, I have been managing my own money for long enough now ).
__________________
When my fist clenches, crack it open...
So I'm trying to get a credit card. I don't think I have any credit rating (or very little, although I do have regular Payroll Deposits going into a chequing account) so I'm not sure if I'm going to be approved for ANY card.
....
I tried applying for a PC Financial Mastercard, but was automatically rejected because Equifax Canada has no (or insuffienct) information about me. I am a student (High School right now, but I have been accepted to a Queens U for next year) and I just want a low limit ($500 would be enough) Credit Card for emergencies/online purchases. Monthly interest rates don't matter as I have no intention of building up any debt on this.
I do have a decent amount of income I can declare (a part time job + $12,000 yearly scholarship which I can declare as income) so I don't think this will be the problem. <b>I am wondering whether ehMacers have found any Credit Cards that are easy to get approved for (or "guaranteed" approval). Sure, you pay a higher interest rate, but I won't be carrying any balances from month to month so its not an issue. I do not want to simply be included under my parent's credit card. Any recommendations would be greatly appreciated </b> (Yes, I know the temptation which is associated with credit cards, but my parents and I agree that it is a good idea and anyways, I have been managing my own money for long enough now ).
Payroll deposits aren't a part of a credit rating.
...
There are cards promoted specifically on university campuses, if you can wait. Mastercard used to be the leader in that respect.
There are also cards for people trying to (re)build credit that require a deposit from you (essentially they operate like a cash card). In the long run it is a good idea to build a solid credit rating. Note: applications for credit are a part of your rating so only apply for what you need; the shotgun approach is not recommended.
Some googling should turn up the deposit-type credit cards.
when i arrived in Canada, i went to TD and made a locked 3 year investment as collateral for a credit card with the same limit as the investment. If you can spare $500, this should be available to anyone. But i had NO HISTORY, you got some, so the bank should be accomodating.
__________________
"il mondo è grigio il mondo è blu"
Payroll deposits aren't a part of a credit rating.
...
There are cards promoted specifically on university campuses, if you can wait. Mastercard used to be the leader in that respect.
There are also cards for people trying to (re)build credit that require a deposit from you (essentially they operate like a cash card). In the long run it is a good idea to build a solid credit rating. Note: applications for credit are a part of your rating so only apply for what you need; the shotgun approach is not recommended.
Some googling should turn up the deposit-type credit cards.
Thanks for the reply! PC Financial must have given me the wrong impression with regards to Payroll Deposits...when I called them, they referred to my Payroll Deposits as though it would help my application (which doesn't make too much sense) but I must have misunderstood.
If I can't get an actual credit card, I may just have to wait until I am officially enrolled at University, and then go for a student one. I would rather not go for the prepaid cards, but at least i know they are an option.
__________________
When my fist clenches, crack it open...
Do the TD route - I set my daughter up that way - good way to build a credit rating and after 2 years you get the deposit back. If you ante up $5k you can even get a Gold travel points Visa - if you happen to hav that much cash about it's not a bad way to launch a credit rating and these days you can use VISA for just about all expenses so travel points build quickly.
__________________ Spring Cleaning Sale email for flyer..sweet prices across the board • Many Retina's, Airs, new iMacs all on sale - great • OWC at par Trades welcome
No fees and you can choose between multiple rewards such as annual 0.5% cash back or Air Miles. Or pay an annual fee and get 1% back or more Air Miles.
Your payroll doesn't affect your credit rating with any credit bureau, but most applications will ask for your income, and your answer will affect how the issuer assesses you.
Thanks for the reply! PC Financial must have given me the wrong impression with regards to Payroll Deposits...when I called them, they referred to my Payroll Deposits as though it would help my application (which doesn't make too much sense) but I must have misunderstood.
A verifiable income may matter (most important is a steady full-time income for 6+months from the same employer for mortgages) but when I've applied for cards it's just an unverified question like 'did you pack your bags'. When I've received my credit reports, 'payroll deposits' play no role and their employment information for me is way out of date. Thus the importance of credit history: pay on time everytime or it can stick to you for many years (7?) and not loading up on credit applications, which also stick around on your report.
You can get your report (I'd recommend it) from Equifax for free using a snail-mail process or for about $20 on the internet plus you'll get some scores (of questionable value to you now...you can't do anything about them.
Strange that you couldn't get a credit card - very. Are you 19+ years old? I remember when I got my job back in Oct. 2004, I went to the bank for a completely unrelated matter in November of the same year, and they offered me a Credit Card on the side. Does it make a difference if you work part-time or full-time, maybe? Since then, my credit limit on that same card has hit $3000.00.
Some advice: If you do end up being approved for a credit card, even if only with a $500 limit, use it to buy most to everything. The more you put on your credit card, and assuming you pay the minimum (or everything), you'll start building positive credit ratings for future limit increases, and the ability to get credit for other things later on. After spending a tad over 12 months putting every single I bought on my credit card, I've built a very strong credit rating with TD (never once did I fail to pay my balance), and even secured a $15,000 Line of Credit without breaking a sweat when I wanted one. Based on that, I could probably get any type of additional credit in the future without issue or questions.
__________________ ACMT Mac mini (Mid 2011) 2.7 GHz i7, 8GB RAM, Crucial M4 256GB SSD + 500GB + 1TB FW800 OWC Mercury Elite Pro mini iPhone 4S • iPod nano 8GB • Sound System Audio Engine A2 • Display UltraSharp U2412M 24"
The second I turned 18 I signed up for a credit card with royal bank. I was almost instantly approved, with a $1000 limit. Then I applied for a ctc mastercard and was approved too. Once you have one card you can get as many as you want really.
It's one of the most wonderful times of the year for the banking industry's most lucrative business: credit cards. In the coming weeks, millions of Americans will reach into their wallets and use plastic to buy an estimated $100 billion in holiday gifts. But at what cost?
).
Spring Cleaning Sale email for flyer..sweet prices across the board • Many Retina's, Airs, new iMacs all on sale - great • OWC at par Trades welcome
Linear Mode
