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hi.
i have just moved to canada from abroad and the whole credit thing is confusing.... |
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Date:
March 19, 2007, 8:36 pm |
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hi.
i have just moved to canada from abroad and the whole credit thing is confusing. I have absolutely no credit. And i want to establish mine. Just opened my checking account, started work a month ago. I know getting secured credit card is one way. But how about department store cards? can i apply for those now?
I was also wondering if I do apply now, and I get declined, does it affect my credit ( since i have none yet) i know that applying for line of credit lowers score down ( and i dont know how it can lower mine since I have zero) do you know of any credit cards i can apply now
Thanks |
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Answer:
Indeed, each time you apply for a new credit card, your credit report gets checked and, of course, it lowers your score down if you are constantly declined. Having no credit does not mean that you can't get an approval. The best solution of this problem is to find the card you are eligible for. If you are trying to build your credit, it is possible that department store credit cards are a good solution of this problem. They are easier to get than the standard bank credit cards. But you must remember that with their help you build your credit history or you can quickly find yourself in debt. Department store cards are more expensive than other credit cards, and have higher interest rates. Just pay your bills on time and you'll have minimum problems. If you have no credit, you can look through our cards for no credit and choose the best card to begin your credit with. Secured credit cards can really help you to establish your credit history. They demand a deposit to the bank so that the issuers can be sure in your financial stability. You can try unsecured credit cards which can also be a good step towards building your credit. In this case you must have enough income as these cards charge higher fees and rates. One more solution is with the help of a co-signer, a friend or a relative, who will have to pay your debt in case you fail to do it. He applies for a credit card, and when approved, makes you a co-borrower. |
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