Credit Card application

Discuss Canadian Credit Cards here.
gonzo13
Posts: 23
Joined: Tue Jun 03, 2008 6:16 pm

Credit Card application

Postby gonzo13 » Wed Jun 04, 2008 2:50 pm

If you apply for a credit card and your application is declined how long do you have to wait to apply again?

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: Credit Card application

Postby spencer » Thu Jun 05, 2008 2:19 pm

Well it will depend on the reason for the decline. If you have bad debt, it will be hard to get a regular credit card. If you don't have any credit history, as most new immigrants to Canada do you will have a hard time getting credit card as well.

What I would suggest is applying for a secured credit card, which is much easier to obtain. Once you have had the secured credit card for a while you can apply for a regular credit card. Most Canadian banks and financial institutions offer secured credit cards and usually you can get a limit of $300 to $1,000.

gonzo13
Posts: 23
Joined: Tue Jun 03, 2008 6:16 pm

Re: Credit Card application

Postby gonzo13 » Thu Jun 05, 2008 3:12 pm

Thanks for the suggestion. I've never even heard about secured credit cards before!

theway
Posts: 26
Joined: Tue Jun 03, 2008 6:33 pm

Re: Credit Card application

Postby theway » Mon Jun 09, 2008 3:26 pm

Secured credit cards are about the only form of credit that could be obtained if you have a really bad credit history or no credit history at all. With a financial discipline (making payments on time, living within your means, saving) you can build your credit history relatively quickly.


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