scrubbedexpat091

For some its simply too low of income.

pinzo

[QUOTE=ethan2;11542208]Yes, Pinzo, i really do have a problem giving my private financial and personal information online, and anyone who isn't concerned is, in my estimation - foolish.

A touch OTT in my opinion.
Of all of the millions and millions of transactions performed online it is a very small percentage who get compromised...and it is unfortunate, and I'm sorry to hear it happened to you.
However I think you've taken it a bit to the extreme. Your choice though.
I think I'll continue to "foolishly" use my c/c frivolously on t'internet.

Don't forget your quill to write out the cheque

BristolUK

Depends how low that is. And they can start you on a low credit limit. My issue was lack of credit/financial history for my time in Canada.

Banks weren't interested in giving me a bank account until I had PR - I know others had different experiences - and thanks to CIC cock ups I was here for nearly three years before they got their act together.

So everything was done using UK cards and my wife's account.

I was initially refused Canadian credit cards but sent them statements showing ongoing use of my UK cards and they changed their mind.

I think the original limit was $500 but it didn't take long for that to start going up.

sharkus

Low that the bank /CC company won't issue one? even a low secured one? If the bank / cc company will issue one, then is it that the limit is too low, or the yearly fee too high?

I will admit at the time I got the capital one card my finances weren't in the best shape, and that a $200 deposit was a little painful, but I did it as I knew I needed to somehow build up credit history, if only at a slow pace.

scrubbedexpat091

Most banks even for secured have a minimum income to issue a credit card, some banks are open with it and some are not, typically it's in the 18,000 to 24,000 range.

They also shy away from folks on disability with limited income from working even if their income exceeds the min income requirements.

Even the Capital One I have now, it's secured with a 200 limit, they will only raise it if I send more money in, they show no interest anytime soon in upping the limit without a secured deposit.

It's been paid on time since opened, but I don't use it much, once a month for gas and then it's paid off completely.

My GF has an unsecured Capital One with a 500 limit, we use it once a month for netflix and car insurance, and paid off at the end, never carry a balance, but they won't raise her limit either, she has had it 9 years now, never been late or missed a payment.

Same issue when we went car shopping, banks shy away from people like us, only bank that would provide a loan was Scotia Bank, everyone else said no when the dealer shopped around.

Her credit is what is considered good, but our income isn't all that high, 24,000 probably in 2014, and we have a bulk of it from disability, and work part-time.

Lots of other factors in credit approval then just credit score, you can have a good score and still be considered high risk.


Now my credit is less then stellar, but I wasn't on the application for the car. I got behind on student loans for a bit, and that destroyed my credit, but other then that never been late on anything else. Student loans are a quick way to ruin credit. Government has no mercy. But the student loan issue explains why I can't get an unsecured card, but doesn't explain why they won't raise my GF's limit.

We just wan't it raised so when we travel, there isn't enough for the extra holds hotels and car rental places do, one week in budget hotel can hold the entire credit limit for example.

BristolUK

Interesting.

Cutting a long story short, for a time I chose to pay off as much as I could on a credit card each month, virtually ignoring property tax, because the property tax penalty was lower than the interest on the c/c.

One imagines the penalties added each month might damage a credit rating, but an unrelated c/c made a significant increase in my credit limit during that time.

scrubbedexpat091

At the time I was on general assistance and living on 610 a month, so except for rent and food, nothing else could be paid.

I am caught up now on the student loans and paid off just about, only 270 to go, but the damage was done during 2012 when I wasn't able to pay anything.

Well I should say the federal government was very cooperative and understanding and they had no issue deferring the payments for 1 year with no damage, it was the BC portion of the loan that did it as BC wasn't willing to work with me on a temporary deferral, but it's all in the past now, eventually it will all drop off.

I am not planning or in need of financing anything at the moment, so not a huge concern.

Mike Gas

Capital One do not do credit increases on there cards has been there policy for years apply for another card even from them for an increase