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RE: New credit cards

Postby Ottawa_Chap » Tue Oct 22, 2013 09:53:14 AM

@Abe.... Will definitely keep that suggestion in the brain when applying around. I'm not really on a hunt for additional credit, guess I just wanted to A) Test the waters, and B) See how XYZ would react towards an application to their promo offer they SPAMMED me on. I guess the bank holding a chunk of my investments felt safe, hence why they approved me for a decent promo within 5min of online app - where as XYZ holds no securities and burned once, opted to decline me this round.

Also fair to say that in one wk, the last of my credit blemishes will fall from my T/U and Equifax reports. I betting that'll help the cause, too.. Baby steps - so be it - I'm in no rush.
Infuriating one C/A at a time..
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RE: New credit cards

Postby HonestAbe » Tue Oct 22, 2013 08:36:06 AM

Ottawa Chap, it's good that you are re-establishing your credit: A reminder though to not keep any money in a bank account that's in an institution which had a credit instrument you defaulted on because of the perpetual right of offset. In most cases, they will not notice, but you never know what computer programs will end up flagging.

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RE: New credit cards

Postby Ottawa_Chap » Tue Oct 22, 2013 07:00:50 AM

Ok Steve, you're used your chance to address the question I put forth. You failed to do so, now crawl back to your wormhole and plan how you'll embarrass yourself in November.
Infuriating one C/A at a time..
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RE: New credit cards

Postby Concerned_Canadian » Tue Oct 22, 2013 02:36:35 AM

Chap:

Given your past history with credit, I would suggest,

1. Pay off your existing credit card debt
2. Stick with cash, it's interest free
3."flashy promo offers" are made for the company in the long run,
and you will be the one that ends up paying for it. As my dad use to say
"Not all that glitters is gold"

If you can't afford it today, save up and buy it tomorrow...
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RE: New credit cards

Postby Ottawa_Chap » Mon Oct 21, 2013 08:33:21 PM

Doing a little digging to settle my own curiosity here... In summary: I'm trying to figure out how long one should wait before applying for credit with a firm you once defaulted on? ... I'm going to assume that if the debt was sold to a 3rd party that would help the applicant as it wouldn't still be on the creditor's books. I'm also going to assume having these scars off one's credit files before applying is beneficial, too.. This isn't to say that a "Bank" wouldn't keep one's default on file - the question is how long do they really care about it before giving someone a second chance?

In my case I have a couple open cards now but would like to take advantage of some of these flashy promo offers going around. One bank that I had never dealt with (exception: investments) approved me on the spot for a 6mos promo rate. Another that I defaulted on ~7yrs ago simply said Nope.

My bank told me my credit was in the 'Good' range, but to refrain from over credit shopping all at once - as that will hammer one's beacon score pretty hard. Not really an issue here, but do want to take my banker's advice and take the better credit when it's available (seems to make sense).

On that note I'll leave this to the forum for debate. Surely others may have found themselves in a similar position at some point.. Cheers!!
Infuriating one C/A at a time..
Ottawa_Chap
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New credit cards

Postby Mark1988 » Wed Aug 08, 2012 03:50:19 PM

Hi,

I am new here and looking into advices to how to build my credit.

I am 23 years old and got approved for 3 different credit cards in the last 3 weeks.

At 18 years old, i got 3 credit cards also, but being young and not responsible i never paid them off.

These are the cards i had back then ;

Visa desjardins classic II : 500CL
Future shop : 1000CL
The source : 1500CL

As i said i never paid them off and went into never paying them, not even as of now.

This made my credit really bad and i could not when needed (after i had my 2 kids) get a new car.

Recently i made a couple of applications online to get credit cards, i have been approved for 3 of them until now and denied for 1 of them.

Here are the cards i have been approved and have now ;

Amazon.ca rewards visa : 5000CL
CIBC select visa : 3500CL
PC financial Mastercard : 2000CL

I want to build my credit now and make myself a name to buy a house in 5 to 10 years from now.

If lets say i use 50% of my credit limits and spread them into all three cards and pay 400$ on each of those cards monthly would it help my credit ?

Here is examples of things i would like to get checked out and what is better for my credit.

A : I pay 400$ on each cards per month
B : I pay the minimum payment on two of those cards and pay a full 1200 on the last one.

Thank you for your help

Mark
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