I could’nt believe it. The wife and I were in CT and you know those guys who walk around asking you to sign up. Well the guy came up to me and asked if I wanted a one. I did’nt hear him say it was a Master Card and I misstook him for saying it was just an card you swipe to gain extra CT money. So I filled out the application.
Well in the mail yesterday was my very own NEW Master Card. Now I have just about the worst credit, an R9 rating, and if there was an R100 I’d have it. Some how though I managed to get it. I have a $3200.00 credit limit, no annual fee and the interest rate is around what most cards are at 18.90%.
Now when you use the card at CT instead of cash, you earn 20% more Canadian Tire money. When it’s used, anywhere Master Card is accepted, you earn 1%, of your total purchase, in CT money. So it’s a good deal I think and Im sooooooooooooooooo very happy you have no idea. One thing is for sure, I won’t be f_kin around with this second chance like I did when I was younger.
So go to your local CT and see what happens. Hell, if I can get one most of you guys should be able to as well.
Doesnt sound too bad.
Is there any gas discount? I know theres a credit card that takes 2c off every litre @ petro Canada if I remember correctly.
If anyone here already has a few credit cards, be careful of signing up for more, it can hurt your credit rating.
Hint to all younger guys applying for this card … do not state you are a student.
And glad to hear you are happy Bruce. I persoanlly think it is a great card. I’ve worked in credit card loyalty for a number of years now and it is in my wallet.
(FYI - I actually work for Canadian Tire Financial Services … responsible for Customer Acquisition Marketing)
First card I applied for was a Visa Student Classic or something… they denied me. So then I applied for an Amex, and now I have a gold air miles card. Fcuk you Visa :evil:
Remember, the more you have credit card credit you have the lower the mortgage you can get. Yes it will count against you when applying for a mortgage, not what you owe, what your limit is, dollar for dollar.
Everytime they bump my limit i call and ask them to lower it…
Well you the eaisest way is to go online at EquiFax or Trans Canada Credit. Those are the two MAIN bureaus. You simpley register an account which is free, pay 10 or 15 bucks and then you can view your entire history. The fee is good for one year so you can check as many times as you like. There’s also the phone method but that takes forever.
Ummmm no. I started to talk to the bank about 2 years ago about my options for getting a mortgage on a new home and at the time they were concerned that, although I didn’t have a bad credit rating, I didn’t have a huge limit on my CC (at the time I had about a $5000 limit). Since then my available credit has more than tripled and I remain debt free. I’ve talked to the bank since then and they said my clean credit rating and higher CC limit would both contribute to increase the amount of $$$ the bank would be willing to give me if I was looking to buy a new home.
I don’t know what you did to piss off bank lol
I don’t think so. Even a line of credit will lower what a bank will loan you. I’ve had these so called financial planners try to sell me a line of credit claming it will not affect mortgage pre-approval and they were dead wrong. If I had signed up for my $20,000 line of credit I would not have been eligible.
What ever you do in a bank just remember it’s all about money. They never have your best interest and only want to increase their performance numbers. They will tell you what you want to hear in order to sell a product (line of credit) regardless of your future planning. (Yes I’m disillusioned however this is direct experience as I have family in the banking industry.)
I’ve always kept a 0 balance on my CC’s and the only thing it does for me is increase my limit, nothing else.
Bomex, I believe it’s you being debt free that helps you the most. If you goto the RBC mortgage calculator or pre-approval calculator and adjust how much credit you have you’ll see the difference. In my experience I was maxing out what I could borrow and what I wanted was just out of reach if I had more CC Credit or a line of credit.
No, mortgages are given based on your income x 3, minus your debts owing be it a credit card, line of credit or load. Then what is left is what the bank will give you.
So lets say you earn $50,000.00 a year. Times 3 that’s $150,000.00. Then lets say you owe $25,000.00. That comes off the 150 and your mortgage offered to you would be $125,000.00.
Having a lot or a little credit does’nt matter to much as you can see. It’s how much of the credit you owe!
If you make $50,000 the bank will use $150,00.00 as a max mortgage. Then deduct whatever you owe + credit available. So you owe 25,000 and have another 25,000 in credit, you’ll only get a $100,000.00 mortgage.
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