Personal Finance

Getting First Credit Card

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  • Mar 23rd, 2013 11:15 am
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Member
Jan 13, 2013
243 posts
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Edmonton

Getting First Credit Card

I will be 18 in June but I have to attend High School one more year. I want to get a credit card when I turn 18, so I can start building my credit but since all student credit cards say "for Post-Secondary Students" I asked RBC if I can get any of their credit cards as student, they said no, they will do regular credit check. I have job, I earn $700-900 monthly and still live with my parents, I get money from them, they pay my cellphone bill etc. So, with no credit history how can I get an UNsecured credit card, which credit card have the lowest requirements? Hard inquiry on no credit.. and if I get declined :facepalm:
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Dec 5, 2008
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yulett wrote: I will be 18 in June but I have to attend High School one more year. I want to get a credit card when I turn 18, so I can start building my credit but since all student credit cards say "for Post-Secondary Students" I asked RBC if I can get any of their credit cards as student, they said no, they will do regular credit check. I have job, I earn $700-900 monthly and still live with my parents, I get money from them, they pay my cellphone bill etc. So, with no credit history how can I get an UNsecured credit card, which credit card have the lowest requirements? Hard inquiry on no credit.. and if I get declined :facepalm:
If I was in your case i would wait till youre in post-secondary. You have a clean record right now and once you are in post-secondary school Banks will line up to give you a credit card. If you still insist on getting one I would try to get a MBNA Mastercard with no fee and a low interest, your credit limit will be very low $1000-$2000 I would assume as you have no history. Good luck.
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Apr 9, 2005
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^ My first CC was from MBNA and had a $500 credit limit.
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Feb 25, 2007
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Woodbridge
Go to BMO and get a Student SPC airmiles cc im 20 go to school. And got approved in 1 day for a 1000 $ limit . They will approve you for sure
Go Big or Go Home! , Chi Chi Get the Yayo!
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Jan 13, 2013
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Edmonton
Newman26 wrote: If I was in your case i would wait till youre in post-secondary. You have a clean record right now and once you are in post-secondary school Banks will line up to give you a credit card. If you still insist on getting one I would try to get a MBNA Mastercard with no fee and a low interest, your credit limit will be very low $1000-$2000 I would assume as you have no history. Good luck.
sw1ft wrote: ^ My first CC was from MBNA and had a $500 credit limit.
I just talked with one of their representatives, they said it is not the same for MBNA CCs, they will see me as student and they won't do regular credit check. So I probably will apply for MBNA SmartCash! I'm using my father's credit card and I use the money I have, so $500 is enough for me. $1000 is not low, it is high :razz: I want to build credit, not go into debt :razz:
cronichead wrote: Go to BMO and get a Student SPC airmiles cc im 20 go to school. And got approved in 1 day for a 1000 $ limit . They will approve you for sure
Thanks I will check BMO too!
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yulett wrote: I just talked with one of their representatives, they said it is not the same for MBNA CCs, they will see me as student and they won't do regular credit check. So I probably will apply for MBNA SmartCash! I'm using my father's credit card and I use the money I have, so $500 is enough for me. $1000 is not low, it is high :razz: I want to build credit, not go into debt :razz:
Thats good to hear, $500 is enough for now as you stated you don't want to do into debt at an early age.
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Dec 1, 2011
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MBNA will most likely decline you because you're still in high school, and have no credit history
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
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Jul 5, 2004
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CIBC have me a credit card when I was in high school. I was working part time and making minimum wage. Things may have changed since then though.

MBNA and CIBC are typically the most lenient with credit.
Jr. Member
Sep 16, 2008
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GTA
sw1ft wrote: ^ My first CC was from MBNA and had a $500 credit limit.
+1 - Just visist a Jays game next month, and sign up right there AND you'll get a free gift. Thats how I got my first CC :p

At the time I was still in highschool, only working a summer job and living at home.
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Apr 29, 2011
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Innisfil
yulett wrote: I will be 18 in June but I have to attend High School one more year. I want to get a credit card when I turn 18, so I can start building my credit but since all student credit cards say "for Post-Secondary Students" I asked RBC if I can get any of their credit cards as student, they said no, they will do regular credit check. I have job, I earn $700-900 monthly and still live with my parents, I get money from them, they pay my cellphone bill etc. So, with no credit history how can I get an UNsecured credit card, which credit card have the lowest requirements? Hard inquiry on no credit.. and if I get declined :facepalm:
What's the rush for building credit, you have so much time, a year or two won't make a difference.
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Feb 28, 2013
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Toronto
RBC gave me a 1000 limit when I was in first year university and hadn't even had a min wage job yet. Why not wait 'til after high school?
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Beans1234 wrote: RBC gave me a 1000 limit when I was in first year university and hadn't even had a min wage job yet. Why not wait 'til after high school?
They did the same thing with me after I recieved my student loan first year (which went directly into my RBC account) they conviently sent me a pre-approved letter for a VISA credit card lol
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Jan 13, 2013
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Edmonton
wayne74 wrote: MBNA will most likely decline you because you're still in high school, and have no credit history
They will see me same as those in Post-Secondary, I don't think most students have credit history?
fuzzy_avocado wrote: What's the rush for building credit, you have so much time, a year or two won't make a difference.
Beans1234 wrote: RBC gave me a 1000 limit when I was in first year university and hadn't even had a min wage job yet. Why not wait 'til after high school?
I'll see what happens with MBNA and if they don't give me I'll just wait until I go to University, thank you all!
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Apr 16, 2007
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yulett wrote: They will see me same as those in Post-Secondary, I don't think most students have credit history?
They (as well as you) don't need credit history at you're age or state.

This is the biggest falsehood I see amongst todays youngins'. Why do you think you actually need credit history?? You're a student and you're not even gainfully employed to service any debt or other loans.

As a student a CC for you is like spending money you don't have for that shiny new bling you really don't care about to show off to people you really don't like.

The CC delinquency rate across Canada is close to 3%(all ages). The CC delinquency rate for students is well over 15%(registered students +1y)


You want credit history?? You'll get it when you graduate by paying your OSAP back.
You want credit history?? You'll get it in a very negative way when you default on this CC you want so badly due to the fact you'll have no means to service it.
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Jan 13, 2013
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mikeymike1 wrote: They (as well as you) don't need credit history at you're age or state.

This is the biggest falsehood I see amongst todays youngins'. Why do you think you actually need credit history?? You're a student and you're not even gainfully employed to service any debt or other loans.

As a student a CC for you is like spending money you don't have for that shiny new bling you really don't care about to show off to people you really don't like.

The CC delinquency rate across Canada is close to 3%(all ages). The CC delinquency rate for students is well over 15%(registered students +1y)


You want credit history?? You'll get it when you graduate by paying your OSAP back.
You want credit history?? You'll get it in a very negative way when you default on this CC you want so badly due to the fact you'll have no means to service it.
Right now I'm authorized user on my father's credit card account, so I have a credit card that has my name on it anyways. I won't ask more than $500-$1000 limit if I get the credit card (I guess I can ask for a lower limit if they give me higher?), so there's no way I can go into big debt (When I go to University, my family will pay most of the fees if not all, and I will live with them; I might not even need a Student Loan. Right now all I earn is extra for me). I know I don't need credit score/history right now, but I'll probably need it when I want to buy a house or something in 10-15 years, then I will have a long-good one if I start at 18.
Jr. Member
Jul 16, 2012
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Vancouver
TD gave me 1000 credit limit with the rebate rewards visa
RBC gave me 1500 credit limit with Signature visa

currently working part time and attending post secondary~
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Jul 12, 2008
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When I was 18 I walked into Td and I was offered $500 CC instant approval a few months later Bmo gave me a $4000 spc card as well when I tried to open a chequing account with them I did have income though so they might help and this was before the credit bubble so things might have changed.
Sr. Member
May 27, 2007
853 posts
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Etobicoke
Usually if you have a long standing relationship with a bank i.e. a youth savings account that you've had since a kid that institution will give you a 500 credit card if you go in and apply when you're 18. I would try. This route first if you've had a long standing account with a bank. Be careful as you have no credit history if you start applying for cards and get declined the # of inquiries will hurt you.
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Aug 15, 2009
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North America
Why is it always the same advice of running to a Visa or MasterCard initially? Start with a department store card, which are generally far easier to be approved for - canadian-department-store-cards-list-1161423/ , to get your credit history rolling. If you drive, get a generic HBC store card (not MasterCard) and use it at Esso for all of your gas. Obviously, pay off your balance each month and then you'll be on Capital One's radar (they run HBC's store card) for other products, such as a Visa or MasterCard.

If you must get a Visa or MasterCard now, establish yourself with a credit union and get a secured credit card by depositing the appropriate funds equal to the credit limit you want. Deposit $1000, get $1000 as a credit limit. Credit unions have more leeway in granting credit. RBC also offers secured Visa and MasterCards that feature rewards and are free, like the new Target MasterCard. Is it that big of a deal to have a secured credit card for a mere year (as you prove your credit worthiness) to get what you want long-term?

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