Location: Now in Canada, Montreal
Posted on: 13-01-07 20:45:10
To obtain a credit card in Canada is not an easy task because of the credit history checking. Newly landed immigrants has no credit hisotory obviously and has to built up and the way to built it up is through credit card, bank accounts.
Please explain your experience in this field.
I have tried a secured credit card which seems to be the easy way out
Quote:
Originally posted by zakmathew
To obtain a credit card in Canada is not an easy task because of the credit history checking. Newly landed immigrants has no credit hisotory obviously and has to built up and the way to built it up is through credit card, bank accounts.
Please explain your experience in this field.
I have tried a secured credit card which seems to be the easy way out
What is hilarious in this?
Secured card is a good way to build credit. Switch to regular after some time ( i year is good enough)
Other way is to apply for sears or bay cards and build credit history.
Mercury
if you had a credit card earlier and were paying your bills on time then you can give the reference of that Credit card and it may help you getting the CC here in Canada without security amount ...
Quote:
Originally posted by Mercury
What is hilarious in this?
Secured card is a good way to build credit. Switch to regular after some time ( i year is good enough)
Other way is to apply for sears or bay cards and build credit history.
Mercury
What he probably means is 'Herculean' Task.
Well, I initially signed-up for a secure card from TD; they later waived the deposit and converted it to a regular card.
Zak, hope this helps.
hi,
I applied for a visa with TD and got it in just a few weeks of arriving in canada and so was the caseof some of my friends and all with no deposit/security .and that helped me start building my credit history .
we spoke with personal banker and he applied and may be that is why we all got it dont know but worth trying for the new arrivals.
All your credit card applications go into credit record. So do not apply for too many cards at once because it would bring down your credit rating (and score).
Waiting for couple of months after getting a job or going for secured card would be the options.
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