I need to get myself a credit card, but i'm 19 and have no credit history whatsoever. So what would be a good way to go about getting my first card? I filled out applications for cards from the big three Canadian banks (BMO, Royal and TD) last night, but i doubt they will accept me.
Tips on getting my first credit card?
- Thread starter CaesarX
- Start date
Try a secure creditcard. You make a deposit of lets say $500 and then your credit limit is $500. Someone else might explain it better.
The best advice I can give is: Don't use it or just use it for small purchases to build your credit.
The best advice I can give is: Don't use it or just use it for small purchases to build your credit.
if ever one bank will accept you, be prepared to accept also a HIGH APR and a LOW credit limit.
bottom line............. use your cc wisely!
GOODLUCK!!!
bottom line............. use your cc wisely!
GOODLUCK!!!
ya im a canuck too and im looking right now to get a cc...im planning on filling out a few of those applications they have at the university...for some reason its supposed to be easier to get a cc when im going to U and i have no job - than when i have a full time job and im loaded on cash.
Yeah, i've heard of secure credit cards before, but i don't think any banks around here have them.
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
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I got my first in Canada at 19 years old I think. At the time I had a summer job and was a U student. My salary was good at that time. And for income I also put in things like money my mother would give me throughout the year and what not. You really need to have a nice high income to get the best chances. I didn't make any money items up, but if I was to apply now I would.
Either CIBC or TD has gold secured ones. I know because I applied once and was offered only a secure card. Yeah right like I want that
I'm having trouble finding it on their site, care to link?Originally posted by: Skoorb
I got my first in Canada at 19 years old I think. At the time I had a summer job and was a U student. My salary was good at that time. And for income I also put in things like money my mother would give me throughout the year and what not. You really need to have a nice high income to get the best chances. I didn't make any money items up, but if I was to apply now I would.Either CIBC or TD has gold secured ones. I know because I applied once and was offered only a secure card. Yeah right like I want that
Originally posted by: Skoorb
I got my first in Canada at 19 years old I think. At the time I had a summer job and was a U student. My salary was good at that time. And for income I also put in things like money my mother would give me throughout the year and what not. You really need to have a nice high income to get the best chances. I didn't make any money items up, but if I was to apply now I would.Either CIBC or TD has gold secured ones. I know because I applied once and was offered only a secure card. Yeah right like I want that
A secure card is not a bad idea to get into the loop. Use it to build credit and then you can get a 'real' card.
BingoOriginally posted by: FrustratedUser
Originally posted by: Skoorb
I got my first in Canada at 19 years old I think. At the time I had a summer job and was a U student. My salary was good at that time. And for income I also put in things like money my mother would give me throughout the year and what not. You really need to have a nice high income to get the best chances. I didn't make any money items up, but if I was to apply now I would.Either CIBC or TD has gold secured ones. I know because I applied once and was offered only a secure card. Yeah right like I want that
A secure card is not a bad idea to get into the loop. Use it to build credit and then you can get a 'real' card.
Originally posted by: CaesarX
BingoOriginally posted by: FrustratedUser
Originally posted by: Skoorb
I got my first in Canada at 19 years old I think. At the time I had a summer job and was a U student. My salary was good at that time. And for income I also put in things like money my mother would give me throughout the year and what not. You really need to have a nice high income to get the best chances. I didn't make any money items up, but if I was to apply now I would.Either CIBC or TD has gold secured ones. I know because I applied once and was offered only a secure card. Yeah right like I want that
A secure card is not a bad idea to get into the loop. Use it to build credit and then you can get a 'real' card.
Bling bling bling bling
Called up TD and was told that secure card applications are only available in branches, and not online.Originally posted by: Skoorb
Sorry I have no links
RossMAN
Grand Nagus
- Feb 24, 2000
- 79,015
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Originally posted by: CaesarX
Called up TD and was told that secure card applications are only available in branches, and not online.Originally posted by: Skoorb
Sorry I have no links
What's the rush in getting a credit card?
I agree with the others get a SECURED cc as your first card. You've already screwed up by applying to 3 different cc's at once.
If they're not available online then go into your local branch and apply in person, what's so difficult about that?
Applying for three cards at the same time increases my odds of success, so how did i screw up? As for the rush, yes i'm in a hurry, but that's between me and... me.Originally posted by: RossMAN
Originally posted by: CaesarX
Called up TD and was told that secure card applications are only available in branches, and not online.Originally posted by: Skoorb
Sorry I have no links
What's the rush in getting a credit card?
I agree with the others get a SECURED cc as your first card. You've already screwed up by applying to 3 different cc's at once.
If they're not available online then go into your local branch and apply in person, what's so difficult about that?
Sealy
Platinum Member
- Aug 4, 2002
- 2,438
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When I was 19, and in College, a credit card company had a booth at the school. The limit was 500.00 so I could'nt get into too much trouble.
Make sure you only use your cc for things it's impossible to use your dc or cash for. Then immediately pay onto your card what you spent. Never use it for money you don't have. No matter how much you tell yourself you'll pay it off, something else always comes up!
Make sure you only use your cc for things it's impossible to use your dc or cash for. Then immediately pay onto your card what you spent. Never use it for money you don't have. No matter how much you tell yourself you'll pay it off, something else always comes up!
Originally posted by: RossMAN
Originally posted by: CaesarX
Called up TD and was told that secure card applications are only available in branches, and not online.Originally posted by: Skoorb
Sorry I have no links
What's the rush in getting a credit card?
I think it's a good idea to get a credit card relatively early (19 for example). By the time you're done with college, there's a lot of things you'll be wanting to get such as a cell phone (if you don't have one already), car, (if you don't have one already) and companies such as Verizon require a credit history to sign a contract. Otherwise, they require a $500 deposit. This was the problem I had when I got out of college. I had been using my check card this entire time, I had no credit history at all.
Just be careful not to be reckless with your card.
I actually didn't have any problem applying for a card even without any credit. I just walked into the first bank I saw and applied. They gave me a $hitty card with a $500 limit, but credit is credit.
Thanks for all the advise guys, but i've been using a credit card for many years now. I managed to convinse my old man to let me use one of his exclusively, and since i'm responsible person, i'm still using it to this day. I wish the bank new that, the amount of money i've moved through it over the years would have probably qualified me for a Platinum
I managed to convinse my old man to let me use one of his exclusively, and since i'm responsible person, i'm still using it to this day. I wish the bank new that, the amount of money i've moved through it over the years would have probably qualified me for a Platinum Dont get a secured CC, open a checking account with the money instead and get a Visa check card for the account. You cant go into debt and you should be able to get one that has the same purchase protection as a CC, and it will be accepted everywhere.
I'm not sure how that shows up on a credit report, it may or may help you build credit.
If I could back and change one thing about my finances, it would be to suffer through life without a CC. Instead I suffer through life with the CC bills. I had to have one to travel, but now a Visa check card would do the trick, renting cars and buying plane tickets, that is.
I'm not sure how that shows up on a credit report, it may or may help you build credit.
If I could back and change one thing about my finances, it would be to suffer through life without a CC. Instead I suffer through life with the CC bills. I had to have one to travel, but now a Visa check card would do the trick, renting cars and buying plane tickets, that is.
I don't understand how you can possibly go into debt with a credit card. If you don't have X amount in the bank, you do NOT put X amount on your credit card. Seems like a simple rule to follow.
Originally posted by: CaesarX
I don't understand how you can possibly go into debt with a credit card. If you don't have X amount in the bank, you do NOT put X amount on your credit card. Seems like a simple rule to follow.
If you can stick to that, I applaud you.
Simple rule, yes....
not so easy to follow.
If you can pay off the card every month, great. Cynically speaking here, if you do that you will either lose money in fees, or they will cancel you, or both.
If you can follow that simple rule of yours, the check card is still a better way to go, unless you are trying to build credit.
If you only charge an amount equal to what you have in the bank, then why use a credit card at all? Use a check card.
You should not have submitted 3 applications at once. That is easily recognized by the CC companies as an act of desperation (seriously) and they aren't stupid. The more you want credit, the less they want to give it to you. I could charge a nice honda on my mastercard, and now I get 5-8 "pre approved" credit card offers a week.
If you can, one of the easier ways to establish a credit history is to go with a store credit card. IE a sears card or a best buy card or something like that. They will screw you on the interest rate, but if you use it carefully and pay it off, those companies are notorious for sharing all kinds of info on you with everyone else on the planet, and eventually you'll start getting real CC offers in the mail.
You should not have submitted 3 applications at once. That is easily recognized by the CC companies as an act of desperation (seriously) and they aren't stupid. The more you want credit, the less they want to give it to you. I could charge a nice honda on my mastercard, and now I get 5-8 "pre approved" credit card offers a week.
If you can, one of the easier ways to establish a credit history is to go with a store credit card. IE a sears card or a best buy card or something like that. They will screw you on the interest rate, but if you use it carefully and pay it off, those companies are notorious for sharing all kinds of info on you with everyone else on the planet, and eventually you'll start getting real CC offers in the mail.
See my other post above - i've been using a card for years and never once missed a payment. And yes, i'm trying to build up credit.Originally posted by: MrChicken
Originally posted by: CaesarX
I don't understand how you can possibly go into debt with a credit card. If you don't have X amount in the bank, you do NOT put X amount on your credit card. Seems like a simple rule to follow.
If you can stick to that, I applaud you.
Simple rule, yes....
not so easy to follow.
If you can pay off the card every month, great. Cynically speaking here, if you do that you will either lose money in fees, or they will cancel you, or both.
If you can follow that simple rule of yours, the check card is still a better way to go, unless you are trying to build credit.
Someone suggested that already, but i don't see how i could build up credit with those cards if i never buy anything in those stores.
Originally posted by: flot
If you only charge an amount equal to what you have in the bank, then why use a credit card at all? Use a check card.
Its called dispute resolution and fraud prevention. Familiar with the concepts?
-PAB
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