Applying for credit card on TWP
 

So I've recently received a few "pre-approved" credit card applications in the mail, the latest being from MBNA. Looks like a great deal, no fee, 0% balance transfers etc (not seen any deals close to this good in Canada yet) - BUT, as we are not yet PRs (still waiting COPR, PPR, etc) I'm dubious whether we can class ourselves as Canadian residents (part of the T&Cs) - I don't want to apply if I don't stand a chance of being approved/accepted as this would obviously affect my credit rating. Do any of you wise sages out there know whether I would get away with classing myself as a Canadian resident even though I'm currently here on a TWP? We've been here for almost 2 years btw.....

Thank-you!!

Re: Applying for credit card on TWP
 

We got a credit card whilst still on TWP.
If you live in Canada, you're a resident (not to be confused with PR:)).
Personally, I would check your credit score to see what it looks like. If it's anything below 650 ish, I think you'll get rejected.

Re: Applying for credit card on TWP
 

Did you have to prove you have collateral equal to the allowable credit though? I know we could get one from the bank if we show we have the same amount in savings, but defeats the object to me....if I have the dosh, why would I need credit?

Re: Applying for credit card on TWP
 

Nope, just applied, and was accepted.
I think it was $5,000 at first, then they bumped it up to $7,500.

Re: Applying for credit card on TWP
 

Ah ok, interesting.....! Guess I have to pay to see my current credit score though, right??

Re: Applying for credit card on TWP
 

I would just go speak with your bank. Ours told us there and then.

Re: Applying for credit card on TWP
 

I will! Thank-you!!

Re: Applying for credit card on TWP
 

I got lots of junk mail saying I was pre approved when on a TWP, and none of it led to a credit card.

I dont think applying a couple of times will hurt your credit rating, but you are better of arranging it via your own bank with a guaranteed card (leave money in a GIC). Preapproved by junk mail does not mean preapproved to receive a card Im afraid.

Re: Applying for credit card on TWP
 

Equifax will give you a free 30 days, and then it's something like $15 a month... but you can cancel after the free trial if you want. You do need a credit card to register though.

Banks wont usually tell you what your credit score is.

If you've been with your bank since you arrived, have some credit (eg/ car loan, etc), and no missed payments, you should be OK.

The TWP thing is only really a hindrance in the beginning. Once you start to build a credit score, it gets easier... but it's the usual chicken and egg story. You cannot get credit without a credit score... but you cannot get a credit score without having credit.

I know Ian mentioned a guaranteed credit card... each to their own, but personally I find them a bit insulting. If your bank doesnt trust you with $1000 (or whatever), close down your account and go elsewhere.

Good luck.

Re: Applying for credit card on TWP
 

I tried the "I'm taking my business elsewhere" line.

I now bank elsewhere.

and I didnt get a credit card there either on a TWP with a 9xx sin. Didnt know about guaranteed cards then , but as you say, its insulting anyway.

Maybe things are better now, but I know Im not the only one to struggle as a temp resident, and its not like I didnt have other credit (car lease, furniture on credit etc) and a steady income. Really I only wanted the convenience. Im still bitter towards TD as a result, they lost a customer for life.

Re: Applying for credit card on TWP
 

I did too, but after 6 months or so, it wasnt a problem.:)
That was with RBC in 2009, just after the credit nonsense, so definitely not an easy time to get credit.

Re: Applying for credit card on TWP
 

Do you have a link ? I just had a look at the equifax site as was interested just to get my score online but looks like you have to sign up straight away with no free trial. The offer may have finished.

Re: Applying for credit card on TWP
 

Sorry - bit of googling and I found it !

https://www.econsumer.equifax.ca/trial_en.html

Re: Applying for credit card on TWP
 

I got a Visa with CIBC while on TWP ($1,000 dollar limit, but they've raised it since) - but then they rejected me when I applied for a different variety of card. Turns out in the meantime I'd opened a TFSA and so had to give them my SIN.

Luckily, the SIN box on most card applications is optional, so just don't give it to them...

I found it surprisingly annoying to live without a credit card - no online shopping, can't rent a car, often can't book a hotel room.

Re: Applying for credit card on TWP
 

My bank (SB) have let me have a CC my credit limit is $500. They have also told it will never increase as i am on a TWP.
I was advised by my Senior Banking Advisor, never borrow more than 50% of my limit. (I've ended up using my debit card more often.)

Re: Applying for credit card on TWP
 

I suspect most banks prefer you to use your debit card... thats one transaction per purchase for them. Buy 50 things on a credit card, and paying the bill is still only one transaction, so they lose out.

Also, Im not sure what the transaction fees are for the merchants, but I did find a pizza hut recently that charged an extra surcharge for interac users as the bank sticks it to them for the service.

Plus the grocery points on my mastercard all add up over the year, using the MC is probably worth several hundred a year in effective cash back. I've had free banking for years now, but still remember the bad old days of 30 "free" transactions or whatever it was with TD as long as I maintained a minimum $1000 balance:eek:

Re: Applying for credit card on TWP
 

It's changed a lot in the 2.5 years I've been here, but in Vancouver a lot of bars/restaurants will take Visa/MC but not Interac. Which made it even more annoying to be denied a CC. Of course, they provide an ATM (At $3+ per withdrawal).

Re: Applying for credit card on TWP
 

I got one, limit $2000 from TD, if you have money going in and have been working a while, they will give it to you no problem. My friend, who is African, had some problems trying to get his they said no he had to front the money to get the card, so he paid them $1000 for a credit card. Very strange!

Re: Applying for credit card on TWP
 

Trouble is it's not so simple as your statement suggests. I had over 50% equity in a business/property when I first moved here, $20k per month gross income being deposited, a $100k credit line and commercial mortgage. Vehicle leasing was easy to obtain and low rate financing for machinery that went beyond the length of my TWP. No credit card offered for almost 2 years though.

Re: Applying for credit card on TWP
 

http://www.scotiabank.com/cda/conten..._LIDen,00.html

Scotiabank do a bank account / credit card etc for FW's

StartRight Program for Foreign Workers
The Scotiabank StartRight® Program†for Foreign Workers is a complete financial package designed specifically for you.

When you open your bank account, bring:
Work Permit or Confirmation of Immigration Status in Canada
Letter from your Employer in Canada
One (1) additional piece of personal identification (e.g. valid passport, driver's licence issued in Canada etc.)

They also do mortgages for foreign workers http://www.scotiabank.com/ca/en/0,,225,00.html

:)

Re: Applying for credit card on TWP
 

We came over on TWP but with an HSBC Premier account and got a 5K CC straight away!