Credit Card - No Credit History
Dec 22nd 2006, 1:19 pm
#31
Forum Regular
Joined: Mar 2006
Location: Newmarket Ontario
Posts: 194
Re: Credit Card - No Credit History
I had an equifax report as long as your arm , between hubby and me we had 10 credit cards in uk , holds no water here , our credit rating was excellant but made no difference , hydro , gas and rogers did not want deposits though so that was a bonus. Got a mortgage through maple leaf with an insurance attached , banks were not interested i could ( sadly ) produce 23 years of proof i never missed a mortgage payment , still no good. we decided just to plough on at the moment and hope the utility and mortgage help our credit, we use 2 uk cards here.
Dec 22nd 2006, 1:26 pm
#32
Forum Regular
Joined: Oct 2005
Location: Thunder Bay
Posts: 36
Re: Credit Card - No Credit History
We seem to have had a pretty easy ride compared to some! Here's a quick rundown:
-arrived end of January 06 on 3 yr work permit. Opened bank account with TD the next day. Had no trouble there.
- about a month later bought a car on a 3yr lease type deal. The only stipulation here was the lease could not go beyond the validity period of the work permit (makes sense). No need to provide credit references, just showed them UK bank statements, letter from Canadian employer showing salary and a payslip.
- feeling a little cocky after getting the car applied for a Canadian Tire Mastercard. DENIED. Bugger! However I did put my SIN number beginning with a 9 on the application, lesson learned.
- Bought a bed from local furniture store ($2000). Salesman offered us 12 months interest free credit. I declined based on lack of credit history but he insisted he could work something out. "Go for it" I said. He came back with "They'll give you $1000 on credit". Decided to take it and pay it off early to try and boost the credit score.
- applied for a Mortgage in June. Pre approved on the spot for upto $350,000 with only a 5% deposit
. This was done through a local mortgage broker, the only stipulation being I had to take out mortgage protection insurance due to lack of credit history. (The broker ran a credit score on me and said I was "golden", an excellent repayment history but the short duration of my credit history may count against me with some lenders)
- at around the same time TD "pre approved" us for a credit card, "just sign here and return". Did so (nothing ventured nothing gained). Credit card arrived about a week later with a $3000 limit and no security. The rate was a little high though; prime + 6.9%. We don't usually run a balance on it though, tend to pay it off early. Although it's taken a hammering running upto Xmas.
- went to buy a snowblower from Home Depot. Offered me a storecard "no payments for 6 months interest free!". Snowblower came to $1400, Home Depot approved card with a limit of $500. About as useful as tits on a bull. Smiled politely, paid cash for the Snowblower and tossed the Home Depot card in the drawer ( may come in useful one day ).
- a couple of days ago TD raised my Credit Card limit to $5000, which was nice.
Having read other peoples difficulties I'd have to consider myself "lucky".
Merry Xmas from an unseasonally warm Thunder Bay!
-arrived end of January 06 on 3 yr work permit. Opened bank account with TD the next day. Had no trouble there.
- about a month later bought a car on a 3yr lease type deal. The only stipulation here was the lease could not go beyond the validity period of the work permit (makes sense). No need to provide credit references, just showed them UK bank statements, letter from Canadian employer showing salary and a payslip.
- feeling a little cocky after getting the car applied for a Canadian Tire Mastercard. DENIED. Bugger! However I did put my SIN number beginning with a 9 on the application, lesson learned.
- Bought a bed from local furniture store ($2000). Salesman offered us 12 months interest free credit. I declined based on lack of credit history but he insisted he could work something out. "Go for it" I said. He came back with "They'll give you $1000 on credit". Decided to take it and pay it off early to try and boost the credit score.
- applied for a Mortgage in June. Pre approved on the spot for upto $350,000 with only a 5% deposit
. This was done through a local mortgage broker, the only stipulation being I had to take out mortgage protection insurance due to lack of credit history. (The broker ran a credit score on me and said I was "golden", an excellent repayment history but the short duration of my credit history may count against me with some lenders)- at around the same time TD "pre approved" us for a credit card, "just sign here and return". Did so (nothing ventured nothing gained). Credit card arrived about a week later with a $3000 limit and no security. The rate was a little high though; prime + 6.9%. We don't usually run a balance on it though, tend to pay it off early. Although it's taken a hammering running upto Xmas.
- went to buy a snowblower from Home Depot. Offered me a storecard "no payments for 6 months interest free!". Snowblower came to $1400, Home Depot approved card with a limit of $500. About as useful as tits on a bull. Smiled politely, paid cash for the Snowblower and tossed the Home Depot card in the drawer ( may come in useful one day ).
- a couple of days ago TD raised my Credit Card limit to $5000, which was nice.
Having read other peoples difficulties I'd have to consider myself "lucky".
Merry Xmas from an unseasonally warm Thunder Bay!
Dec 23rd 2006, 1:29 am
#33
Cynically amused.
Joined: Oct 2002
Location: BC
Posts: 3,648
Re: Credit Card - No Credit History
Originally Posted by dbd33
It's also true that woman are disadvantaged in Ontario. I find it to be peculiar that, in the case of divorce, the courts increasingly take the view that the solution is alimony; women in general are financially disadvantaged so individual divorced women are to be kept forever by their former husbands. (Banks treat alimony payments as income in qualifying for a mortgage in the same way as salary so my "ex" has a gold Amex in her own name as well as Visa and Mastercards even though she's never been employed in Canada.) I find it even more odd that support for this arrangment is the "feminist" position as I see it as a move to make women chattels rather than people. Obviously I've an axe to grind but I think it would be preferable to move towards equality rather than towards defined roles of work and financially rewarded homemaking.
That said, every few years my accountant looks at the tax position and it's always better financially to keep two "wives" at home than for them to work, women generally cannot make enough as a second household income to cover the costs of working. Ontario's great if you want to be a mother who stays home with her children, and lots of people do want that, but it's not so hot if you're a woman who wants to be both married and pursuing a career independent of your husband. I blame them Christians.
That said, every few years my accountant looks at the tax position and it's always better financially to keep two "wives" at home than for them to work, women generally cannot make enough as a second household income to cover the costs of working. Ontario's great if you want to be a mother who stays home with her children, and lots of people do want that, but it's not so hot if you're a woman who wants to be both married and pursuing a career independent of your husband. I blame them Christians.
I do not understand any system that puts anyone (male or female) into a position of never ending financial dependency upon another individual. Despite being reasonably feminist in my outlook, I have no time for people who come out of a relationship with the cast iron belief that someone else should support them for the rest of their working lives. Support the children - absolutely. I would eat jellied eels before I took a penny from my ex, when I want to work and enjoy working. The kicker, however is the cost of daycare. If you do not qualify for a subsidy, you cannot afford to work, as most women (in BC) are better off on welfare if they have more than two kids under seven. I just about even out, but I accrue invaluable and internationally sought after experience doing what I do...so I look to my future and just keep going. I will wake up one day without an overdraft, I will! 
Spousal support (alimony) is often not recognised by financial institutions as income here, despite it being taxable income for tax purposes. BC banks are a law unto themselves, especially the bank with the big comfy chair.. 
