Posted on: 01-12-05 20:36:15
Quote:
Orginally posted by sunanda
Where do you apply for secured credit card? I have TD checking account but they said they do not have such secured credit card !! CIBC rejected my bank account application as I do not have much Canadian credit history.
Can anyone let me know where to apply for this secured credit cards ?
TD Canada Trust does offer secured credit card unless they changed it very recently.
Also according to yourstruly's post bank cannot refuse to open account without credit history.
This is what he posted:
Under an agreement with the Bank of Canada, the Canadian Chartered Banks cannot refuse to open a new account for PRs without any credit history. Under the same agreement the banks agreed to offer chequing accounts without any fixed service charges. That is why every bank has atleast one chequing account where the customer does not pay any monthly charges if a certain minimum amount is on balance throuout the month.
http://www.canadiandesi.com/read.php?TID=7057&page=1#38497
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Quote:
Orginally posted by Snowfall
Hello everybody:
I am a new immigrant landed in Toronto from India. I have got my secured credit
card from a bank with 1000$ credit limit. My intention is to build a good credit history from now on. I have 2 queries.
1.Now can I use the VISA card for all of my bill payments like grocery, walmart shopping, and other all routine expenses? Or should I use the card for limited number of bill payments in a month? Is there any limitation on number of usage?
Use the Visa card anywhere and everywhere that its accepted. Use it to for your bill payments, purchases, etc. Make sure of two things: 1. You never exceed the credit limit. 2. You pay 100% of the balance well before the due date. Dont fall into a credit trap of paying only partial balances.
Quote:
Orginally posted by Snowfall
2.The primary card is in the name of my wife and myself as an add-on card, it 's a joint card a/c.
So is the credit history for only primary card holder or for both of us?
The primary applicant gets most of the credit ! However the secondary applicant will also start a credit history and within time will start getting pre-approved offers in the mailbox.
Quote:
Orginally posted by Canadian Dream
The primary applicant gets most of the credit ! However the secondary applicant will also start a credit history and within time will start getting pre-approved offers in the mailbox.
Bank report only primary cardholders to credit bureau. Secondary add-on cardholders are not reported so there is no credit history created for them by being add-on.
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Give free food http://www.thehungersite.com ||
YOu can pay anythintg on your card. Just pay it off every month. the more history you have the better . we did that our self. and in 6 months we started getting offers for CC s from all over. so you are on the right track
Quote:
Orginally posted by rajcanada
Quote:
Orginally posted by Canadian Dream
The primary applicant gets most of the credit ! However the secondary applicant will also start a credit history and within time will start getting pre-approved offers in the mailbox.
Bank report only primary cardholders to credit bureau. Secondary add-on cardholders are not reported so there is no credit history created for them by being add-on.
Raj, actually that is incorrect. I know from first hand experience that both in the US and Canada, secondary card holder does get some credit history. We had my wife as secondary card holder in both US and Canada (and she did not apply individually for any other credit elsewhere) and she is now getting pre-approved offers. I dont know how the banks report it and how it gets recorded, but there is some credit history in my wifes name now. We plan to do a check of our credit records in Feb prior to buying a house, probably at that time we will see how the record has been built.
Quote:
Orginally posted by Canadian Dream
Quote:
Orginally posted by rajcanada
Quote:
Orginally posted by Canadian Dream
The primary applicant gets most of the credit ! However the secondary applicant will also start a credit history and within time will start getting pre-approved offers in the mailbox.
Bank report only primary cardholders to credit bureau. Secondary add-on cardholders are not reported so there is no credit history created for them by being add-on.
Raj, actually that is incorrect. I know from first hand experience that both in the US and Canada, secondary card holder does get some credit history. We had my wife as secondary card holder in both US and Canada (and she did not apply individually for any other credit elsewhere) and she is now getting pre-approved offers. I dont know how the banks report it and how it gets recorded, but there is some credit history in my wifes name now. We plan to do a check of our credit records in Feb prior to buying a house, probably at that time we will see how the record has been built.
CD,
You are correct.
If the credit card, any loan or line of credit is in joint names, even if the second person is a secondary applicant, the lenders consider both applicant and secondary applicant jointly responsible for the borrowing and as such mostly they report it to the credit bureau in joint names and the bureau records the loan as a joint responsibility. Hence, the secondary person also gets some credit and his/her score starts building.
If you plan to buy a house in February then you should get your credit bureau score checked right now so that if you have to get any thing changed/rectified you would have the time to do so. Moreover, the lender / mortgage broker would have to pull up your credit score again as the one pulled by you is not acceptable to the lenders.
Good luck in your house buying in New Year.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by despremi
Quote:
Orginally posted by sudesingh
......... So ineffect, you'll make your wife's history.... I mean credit history....
I do not know what others do but this is what I have done when I landed in Canada:
- I went straight to CIBC and opened a bank account. I still did not have my SIN card as I had just landed. So used my passport to open the bank account.
- A month later I went and provided them with my SIN. And at the same time, I requested the rep for a credit card and received a card in the mail after 2 weeks. Now I do have to add that it was only $1000.00 in credit limit. But the best part is that it was not secured.
