$500 credit card with BAD credit (as a student)

[hattonlynch]

i got rejected for a credit card, i really need one to start building my credit however.

not sure how bad my credit is, dont htink its SUPER bad i've alwayas paid ins. / car payments on time yet i've missed some cell phone payments.

any ideas?

[Sugarphreak]

Equifax, they are one of the two main credit history operators in Canada

[gen3teggy]

get a Secured Credit Card, so u pay 500.00 and if anything happens they take it, but if u keep up the payments...or keep 0 balance or w/e...u get the 500 back, after a period of time.
Its one way to build up credit again.

[GQBalla]

do you have any credit cards from before hand?

is this your first credit card?

when you applied for your cc did you include your student number?

usually for anyone in post secondary they give you a cc no matter what

[adam c]

capitalone

pay a 75 security deposit, then a 59 yearly fee

[spike98]

^ concur

Capital One will approve anyone with a deposit

[adam c]

i even see the ad for it beside the op

[realazy]

Do the secured credit card route. They just secure your limit amount in your account so that you cant move it.

If it's in your savings account, it still generates interest the same as the rest of your money. The only thing you can't do is move it or use it.

[Isaiah]

Originally posted by hattonlynch
i got rejected for a credit card, i really need one to start building my credit however.

not sure how bad my credit is, dont htink its SUPER bad i've alwayas paid ins. / car payments on time yet i've missed some cell phone payments.

any ideas?
Neither vehicle insurance no wireless phone providers report payment customer payment histories to any bureaus in Canada. The exception is if you default on your contract and refuse to pay the penalty, in which case they do report it.

If you've been declined, it's because you failed to qualify either on income criteria, you have a lot of enquiries on your account, or you've had a bad payment history somewhere along the way with a credit related institution.

As mentioned above, Equifax and Transunion are your best bet. You can get these online (with the use of a credit card but you can use someone else's).

[scat19]

Originally posted by Isaiah

phone providers report payment customer payment histories to any bureaus in Canada.

False.

Rogers reports every month, I pulled my report from equifax a month ago.

[Sugarphreak]

....

[eblend]

MBNA approves anyone...go with them and its free

[hattonlynch]

Originally posted by GQBalla
do you have any credit cards from before hand?

is this your first credit card?

when you applied for your cc did you include your student number?

usually for anyone in post secondary they give you a cc no matter what
i applied with CIBC and they never asked me for ID or proof of college. but TD Square did, hopefully i shall get one.

[flipstah]

Originally posted by eblend
MBNA approves anyone...go with them and its free

:thumbsup: I got approved for a UofC card when I didn't have a job. I just wanted the free t-shirt. :rofl:

Ah, first year.

[911fever]

Originally posted by scat19


False.

Rogers reports every month, I pulled my report from equifax a month ago.

truth. Rogers definitely shows your credit history on paying your bills.

[hattonlynch]

Originally posted by adam c
capitalone

pay a 75 security deposit, then a 59 yearly fee
i just need 500 dollar credit. only reason why i want that is because im going on vacation and want to pay the bills about a couple days later when i have like 2 weeks of work AFTER i pay tuition.

i have the money, just dont want to be a broke ass for a couple weeks, would rather get the paycheque THEN pay for my vacation if you get what i mean?

cna i do that with capital one? 500 credit?

[gatorade]

capital one like everyone else said

[Isaiah]

Originally posted by scat19


False.

Rogers reports every month, I pulled my report from equifax a month ago.

Originally posted by 911fever


truth. Rogers definitely shows your credit history on paying your bills.
I was a regional account manager for Rogers Wireless for 5 years and that was not the case as of 2 years ago. If that is the case, it's a new development.

[JordanAndrew]

Sorry to hack your thread but speaking of equifax, if you pull a report from them will it hurt your credit or not? I'm scared of those credit checking companies because for some reason I keep thinking if I pull a report my credit goes down.

[Rat Fink]

.

[flipstah]

Wait, your credit rating gets affected when you apply for new cards?

Oh snap! I got declined by Amex but accepted by TD. Does that mean my rating is taking hits?

[Isaiah]

Originally posted by flipstah
Wait, your credit rating gets affected when you apply for new cards?

Oh snap! I got declined by Amex but accepted by TD. Does that mean my rating is taking hits?

Every time you apply for credit it is recorded on your file as an 'inquiry'. One or two every so often (as in every few years) won't hurt you but if they start piling up it looks like you're credit shopping.

[JordanAndrew]

Originally posted by flipstah
Wait, your credit rating gets affected when you apply for new cards?

Oh snap! I got declined by Amex but accepted by TD. Does that mean my rating is taking hits?

yup yup, everytime you apply for a new credit card your credit rating takes a hit. The best way to build your credit is to only have 1 or 2 credit card max for your average person. Now if you're balla don't even worry about it. haha!

[flipstah]

Originally posted by JordanAndrew


yup yup, everytime you apply for a new credit card your credit rating takes a hit. The best way to build your credit is to only have 1 or 2 credit card max for your average person. Now if you're balla don't even worry about it. haha!

Haha good to know! :thumbsup:

You always learn something new everyday. Everyday.