Local credit union vs. a Multinational Bank
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I think you'll find that you need a credit history everywhere. Or at least a history of savings. Christian Graus - Microsoft MVP - C++
Christian Graus wrote:
I think you'll find that you need a credit history everywhere. Or at least a history of savings.
In the US and Canada, savings don't help much - you need to use a credit card or a loan to build up a credit repayment history. If you've never been in debt in your life and never bought anything on credit, then your credit history is deemed to be non-existent.
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How about a checking account? They're just about free around here, and you get a debit card that you can use online. They were also the first to give me a CC when i was trying to build credit history.
Shog9 wrote:
How about a checking account? They're just about free around here, and you get a debit card that you can use online.
Not in Canada - unlike in the US, where major bank debit cards double up as a Visa or a Mastercard, in Canada, none of the banks give a debit card that's also a Visa or a Mastercard. So while I have two checking accounts in 2 banks and thus different debit cards, neither of them can be used online to make a purchase :-(
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Nishant Sivakumar wrote:
I can't get a credit card as I don't have good credit and to get good credit I need to use a credit card.
That's surely not true ? How do people get their first card ? I'd say it's through having a reasonable employment history and a reasonable income/monthy expenses ratio. Having said that, I have a VISA debit card, I have no credit at all, but I can buy stuff online, I avoid fees ( paying from my bank account otherwise costs .40 a time ), and all the money I spend is my own. That's what I did in the US, I raided our home loan, put all the extra we'd paid into my savings, and when I got back, I moved what was left back into the home loan. And it feels good to know when I buy something, it's mine and not the banks. Christian Graus - Microsoft MVP - C++
Christian Graus wrote:
Having said that, I have a VISA debit card,
None of the Canadian banks give Visa or Mastercard debit cards :-(
Christian Graus wrote:
That's surely not true ? How do people get their first card ?
People who grew up here usually get student cards when they are in college to build up credit. For new people, building credit is an absolute pain in the ass.
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Shog9 wrote:
How about a checking account? They're just about free around here, and you get a debit card that you can use online.
Not in Canada - unlike in the US, where major bank debit cards double up as a Visa or a Mastercard, in Canada, none of the banks give a debit card that's also a Visa or a Mastercard. So while I have two checking accounts in 2 banks and thus different debit cards, neither of them can be used online to make a purchase :-(
Try Etrade Bank[^] They refund ATM fees since they're not a bricks-and-mortar bank. I think they have debit/credit cards easily available. You could also try applying for a credit card with a low credit limit, like $250.00 bucks.
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Christian Graus wrote:
I think you'll find that you need a credit history everywhere. Or at least a history of savings.
In the US and Canada, savings don't help much - you need to use a credit card or a loan to build up a credit repayment history. If you've never been in debt in your life and never bought anything on credit, then your credit history is deemed to be non-existent.
When I was 20 I had ZERO credit history. I went to the bank, borrowed $500 bucks and paid it back over 2 or 3 months, just for the simple reason of building the credit history. I didn't need the money, I didn't spend the loan on anything. I just did it to build credit history. Yes I paid a little in interest, but it was the price I had to pay in order to get a credit history. Also, if you buy a car, they will almost always give you a loan on it. That gives you credit history. If you already have a car that you own, then you can use it as collateral for a small loan ($500) from the bank. Pay it back over 2 or three months, it will give you credit history.
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When I was 20 I had ZERO credit history. I went to the bank, borrowed $500 bucks and paid it back over 2 or 3 months, just for the simple reason of building the credit history. I didn't need the money, I didn't spend the loan on anything. I just did it to build credit history. Yes I paid a little in interest, but it was the price I had to pay in order to get a credit history. Also, if you buy a car, they will almost always give you a loan on it. That gives you credit history. If you already have a car that you own, then you can use it as collateral for a small loan ($500) from the bank. Pay it back over 2 or three months, it will give you credit history.
Interesting idea - but I wonder if any bank will give me a loan. It's something I'll definitely explore. Thanks :-)
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Interesting idea - but I wonder if any bank will give me a loan. It's something I'll definitely explore. Thanks :-)
Also if you need to purchase a big item, you could possible get a co-signer. Someone with good credit that will make your payment if you cannot. This is how I got a loan for my first car. Brett A. Whittington Application Developer