credit cards when to apply?
Mar 15th 2007 | 12:03 pm
#1
Thread Starter
BE Enthusiast
Joined: Jun 2003
Posts: 476
From: Vancouver
credit cards when to apply?
Good evening everybody,
I know there are a lot of discussion about this topic but I am not sure if this point has been addressed, I followed advice of many members here regarding amex transfer, I obtained amex card from UK before I left and I received my canadian amex with balance $2500, (hint only apply by phone), its still less than the UK balance but now I want to apply for MC or Visa as they are more widely accepted, my concern is since I applied for amex recently would not this make it suspicious and result in denying my application? any experience in this? how long its advised to wait before a second attempt?
I know there are a lot of discussion about this topic but I am not sure if this point has been addressed, I followed advice of many members here regarding amex transfer, I obtained amex card from UK before I left and I received my canadian amex with balance $2500, (hint only apply by phone), its still less than the UK balance but now I want to apply for MC or Visa as they are more widely accepted, my concern is since I applied for amex recently would not this make it suspicious and result in denying my application? any experience in this? how long its advised to wait before a second attempt?
Mar 15th 2007 | 1:36 pm
#2
Just Joined
Joined: Aug 2006
Posts: 23
From: Toronto
Re: credit cards when to apply?
I may be wrong but in the UK once you have applied for, and gained credit, your more likely to get more credit. I would say have a bash.. you have little to lose.
Personally I didnt have any trouble getting a canadian credit card - my bank just gave me one in the first week of being here. (took employment letter and previous bank statements)
Good luck.
Personally I didnt have any trouble getting a canadian credit card - my bank just gave me one in the first week of being here. (took employment letter and previous bank statements)
Good luck.
Mar 15th 2007 | 9:01 pm
#3
BE Forum Addict
Joined: May 2006
Posts: 4,250
From: Lethbridge AB
Re: credit cards when to apply?
Hi guys
My hubby just went to the bank and they arranged one for him. The idea in Canada with a credit card is that you get one with a reasonably low credit level and then buy things on it and pay it straight off - this increases your credit worthiness and then allows an increase on your limit and the chance to apply for other cards, loans etc.
So once you have started to use and pay off the Canadian Amex then the other cards will be open to you to apply for with success
Gaynor
x
My hubby just went to the bank and they arranged one for him. The idea in Canada with a credit card is that you get one with a reasonably low credit level and then buy things on it and pay it straight off - this increases your credit worthiness and then allows an increase on your limit and the chance to apply for other cards, loans etc.
So once you have started to use and pay off the Canadian Amex then the other cards will be open to you to apply for with success
Gaynor
x
Mar 17th 2007 | 1:14 am
#4
Thread Starter
BE Enthusiast
Joined: Jun 2003
Posts: 476
From: Vancouver
Re: credit cards when to apply?
Thank you for your reply, yes I know that I have to use the card to build the credit overtime but I am not sure if its a good idea to apply for more than one credit card in the same period, even if you have a good credit.
Mar 18th 2007 | 12:38 am
#5
BE Enthusiast
Joined: Feb 2004
Posts: 801
From: British Columbia
Re: credit cards when to apply?
You should be fine, from the guide at garlik.com -
There are two basic types of searches recorded on your credit file, a credit application search and an enquiry. Only credit application searches are seen by lenders, so that they can make an assessment of how ‘credit active’ you are.
There are lots of myths about the problems caused by having several credit application searches recorded on your credit file. Certainly, many searches within an hour or two can indicate a possible fraud, and dozens in a month can indicate financial desperation, but up to about 12 searches on file in a year is perfectly normal and is expected.
Very low levels of searches can tell lenders that you are not very credit active, so they may not be so willing to lend to you.
There are lots of myths about the problems caused by having several credit application searches recorded on your credit file. Certainly, many searches within an hour or two can indicate a possible fraud, and dozens in a month can indicate financial desperation, but up to about 12 searches on file in a year is perfectly normal and is expected.
Very low levels of searches can tell lenders that you are not very credit active, so they may not be so willing to lend to you.
Mar 18th 2007 | 11:10 am
#6
Forum Regular
Joined: Mar 2005
Posts: 253
Re: credit cards when to apply?
I may be wrong but in the UK once you have applied for, and gained credit, your more likely to get more credit. I would say have a bash.. you have little to lose.
Personally I didnt have any trouble getting a canadian credit card - my bank just gave me one in the first week of being here. (took employment letter and previous bank statements)
Good luck.
Personally I didnt have any trouble getting a canadian credit card - my bank just gave me one in the first week of being here. (took employment letter and previous bank statements)
Good luck.
Moops:
1- When you said employment letter you meant the one from UK..Right?!!
2- I assume when you said previous bank statements, the ones from a UK bank as you said they gave the credit card from the first week?
3- And if i may ask, what is your bank in Canada?
Thanks
