Personal Finance

Does BMO ask for T4s/payslip

  • Last Updated:
  • Nov 13th, 2018 10:44 am
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[OP]
Sr. Member
Oct 22, 2015
958 posts
240 upvotes

Does BMO ask for T4s/payslip

When applying for a credit line that was offered like Scotia bank does?
21 replies
Newbie
Aug 2, 2018
34 posts
32 upvotes
wra45mon wrote:
Nov 8th, 2018 4:30 pm
When applying for a credit line that was offered like Scotia bank does?
Yes, all lenders need to verify employment/income, unless you are pre-approved.
[OP]
Sr. Member
Oct 22, 2015
958 posts
240 upvotes
I was pre approved. But I guess it makes sense if they still asked.
Deal Addict
Jan 30, 2012
1397 posts
615 upvotes
TORONTO
wra45mon wrote:
Nov 8th, 2018 4:30 pm
When applying for a credit line that was offered like Scotia bank does?
Not once have I ever been asked for a T4 or payslip when applying for a credit card or line of credit from any bank (including from BMO and Scotia).
Newbie
Aug 2, 2018
34 posts
32 upvotes
M8Rxmjsik wrote:
Nov 8th, 2018 10:16 pm
Not once have I ever been asked for a T4 or payslip when applying for a credit card or line of credit from any bank (including from BMO and Scotia).
When you have substantial assets/relationships with the bank, the banker can ask for an exception to income verification.
Newbie
Nov 2, 2016
22 posts
4 upvotes
I have a line of credit with BMO that was pre-approved and they didn't require any sort of income verification.
Member
Feb 17, 2015
475 posts
125 upvotes
Windsor, ON
Makes sure both credit reports have your updated employment on them particularly Equifax, they have never asked me but both my jobs are also on my report properly under employment info
[OP]
Sr. Member
Oct 22, 2015
958 posts
240 upvotes
Ehulk101 wrote:
Nov 9th, 2018 3:56 am
I have a line of credit with BMO that was pre-approved and they didn't require any sort of income verification.
Can you accept the pre approval over the phone? I don't want to go in for upselling.
Deal Addict
Jan 30, 2012
1397 posts
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TORONTO
wra45mon wrote:
Nov 9th, 2018 8:32 am
Can you accept the pre approval over the phone? I don't want to go in for upselling.
Only one way to find out - call them :)

Did they send you a preapproved offer in the mail or by email? The offer would say how you accept the offer (phone, website, etc.)
goingaround1 wrote:
Nov 9th, 2018 2:34 am
When you have substantial assets/relationships with the bank, the banker can ask for an exception to income verification.
I had no relationship or assets with BMO and they gave me a credit card.
I had no relationship or assets with RBC and they gave me a credit card.
I had no relationship or assets with Amex and they gave me a credit card.
I had no relationship or assets with MBNA and they gave me a credit card.

None of them asked for a T4 or payslip.
Deal Addict
Apr 21, 2014
1811 posts
608 upvotes
Alberta
M8Rxmjsik wrote:
Nov 9th, 2018 8:45 am
Only one way to find out - call them :)

Did they send you a preapproved offer in the mail or by email? The offer would say how you accept the offer (phone, website, etc.)



I had no relationship or assets with BMO and they gave me a credit card.
I had no relationship or assets with RBC and they gave me a credit card.
I had no relationship or assets with Amex and they gave me a credit card.
I had no relationship or assets with MBNA and they gave me a credit card.

None of them asked for a T4 or payslip.
Credit card is not the same as a Line of Credit.
Deal Addict
Jul 3, 2017
3010 posts
2049 upvotes
Pre-approval generally means nothing - it's a marketing term meaning that they have identified you as a potential customer for their credit card. You will still go through the exact same approval process as everyone else if you apply.

I've never been asked for proof of income for any credit card. I guess it depends on what information they already have about you, or what they can obtain from credit rating agencies.
Deal Addict
Jan 30, 2012
1397 posts
615 upvotes
TORONTO
abc123yyz wrote:
Nov 9th, 2018 9:51 am
Credit card is not the same as a Line of Credit.
Correct, but they are both unsecured debts where the customer can choose to borrow at will.
Deal Addict
May 4, 2014
3263 posts
3001 upvotes
Toronto, ON
M8Rxmjsik wrote:
Nov 9th, 2018 10:14 am
Correct, but they are both unsecured debts where the customer can choose to borrow at will.
At significantly different levels of risk vs. return for the lender... that's why they are much more willing and lenient with giving out credit cards without doing much more verification... and regardless, they will have carried out credit checks before accepting your application.
Newbie
Aug 2, 2018
34 posts
32 upvotes
wra45mon wrote:
Nov 9th, 2018 8:32 am
Can you accept the pre approval over the phone? I don't want to go in for upselling.
With RBC, you can accept via online banking - they send doc to your inbox and you click accept. But not sure about other banks.

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