Personal Finance

I got rejected by CIBC Visa

  • Last Updated:
  • Nov 28th, 2005 4:36 am
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83 replies
Member
Apr 8, 2004
478 posts
5 upvotes
whey wrote:I got rejected when i applied for CIBC Student Visa. What does this mean? Is it bad towards my reputation with the bank? Will I have less chance of getting a loan in the future? ....

It means that you are not making enough to qualify for a visa. It doesn't mean anything.

If it makes you feel better, I worked for CIBC and I got rejected too.

CIBC has a horrible risk management team that doesn't understand that Students brings in FUTURE businesses. Rejecting students is a bad way to bring in business.
Deal Addict
Jul 19, 2005
4737 posts
262 upvotes
Toronto
apply to td student visa
i got one
and it doesnt ask you for your income
Member
Feb 7, 2005
419 posts
2 upvotes
i got cibc visa when i wasnt working, gave me a nice limit too :) i got rejected by scotia bank
Deal Addict
Jul 18, 2005
2747 posts
68 upvotes
GTA
Yeah TD will always give to students, the limit may not be as high but they will ALWAYS issue you a card.

You just need to build up a credit rating, that is all. My suggestion would be to get the TD GM Visa Card.
Deal Expert
User avatar
Sep 4, 2003
18714 posts
222 upvotes
Toronto
I got rejected too, its sad, cuz I spend so much and I make a decent student pay cheque.

However, I went to teh shoppers optimum sign up desk and they wrote down the info for me (might have been false) and I got the Shoppers visa instead of a Student Visa.

Anyways, can I get into trouble if I/Shopppers Guy provided wrong income information?
For Sale:

HEATWARE
Deal Addict
Jul 18, 2005
2747 posts
68 upvotes
GTA
CSR wrote:I got rejected too, its sad, cuz I spend so much and I make a decent student pay cheque.

However, I went to teh shoppers optimum sign up desk and they wrote down the info for me (might have been false) and I got the Shoppers visa instead of a Student Visa.

Anyways, can I get into trouble if I/Shopppers Guy provided wrong income information?
You shouldn't get into trouble. Under normal circumstances they don't even check your assets and stuff so you could tell them you make $10 000 a year when in reality you only make around $6 000 or $7 000.

Of course you get a higher credit limit, just be sure not to max out your card as you prolly won't have the funds to pay it off. Then the real trouble starts...
Deal Addict
Jul 18, 2005
2747 posts
68 upvotes
GTA
lonelydriver wrote:does that effect your credit rating
Does what effect? Getting rejected? Well if it's your first card no. Simply because you have no credit rating yet.

But if this is your second or more, it will affect your rating. Each time you apply for a credit card, they do a credit check on you. With each check done your credit rating lowers slightly becasue they pull that information. Slowly over time as long as you pay your bills, you rating will gradually grow again.

I hope that wasn't confusing.
Member
Apr 8, 2004
478 posts
5 upvotes
lonelydriver wrote:does that effect your credit rating

The credit checks that cc companies do will affect your credit rating a little.
Deal Addict
User avatar
Feb 21, 2003
1769 posts
4 upvotes
Seattle
lonelydriver wrote:does that effect your credit rating
the rejection does not hurt your credit rating...but credit checks will affect your rating...especially if there is a lot of credit checks within a sort time period...there are exceptions, for instance applying for mortgage or car loan and you want to shop around for the best interest rate...then they allow many credit checks for these type of loans within a short time period....
Member
Apr 8, 2004
478 posts
5 upvotes
j3fan wrote:the rejection does not hurt your credit rating...but credit checks will affect your rating...especially if there is a lot of credit checks within a sort time period...there are exceptions, for instance applying for mortgage or car loan and you want to shop around for the best interest rate...then they allow many credit checks for these type of loans within a short time period....
Interest rates for mortgages will have nothing to do with your credit history.

If i really wanted to, I can offer a morgage AT COST as long as you qualify which depends on your credit history.
Newbie
Sep 28, 2003
13 posts
Toronto
Kind sir. be great full, is different game, they want to charge u for spending ur money no way round that,- VISA is privledge it is EXPENSIVE. DEBT is EZ
Deal Addict
User avatar
Sep 11, 2004
1062 posts
38 upvotes
hehehe.....

I've had my CIBC visa since I was 17, I got it when working part time at Loblaws making ony about $400 bi weekly. Weird....
Deal Guru
Dec 10, 2004
13194 posts
7650 upvotes
Kanata
the first credit card I ever got was from CIBC Visa. I did it while walking by a kiosk at University.

After that, TD sent me one.
Sears.
Zellers.
[rfdlink=/forums/autolink/redirectpage.php?linkid=185]HBC[/rfdlink].
Citibank.
Bank of Montreal.

I couldn't get them to stop. Maybe try your college/university for an application? I can't remember exactly what the details were but it was for student credit cards. I filled one form out, and they sent me a ton.
Deal Addict
User avatar
Feb 21, 2003
1769 posts
4 upvotes
Seattle
Cake wrote:Interest rates for mortgages will have nothing to do with your credit history.

If i really wanted to, I can offer a morgage AT COST as long as you qualify which depends on your credit history.
the higher your credit score...the lower your interest will be for mortgage and/or car loan....i'm not talking about whether you will be approved for mortgage...i'm talking about the interest rates that will be offerred when you apply for mortgage....
Deal Addict
Feb 9, 2005
2986 posts
3 upvotes
Vancouver
I got rejected by Holt Renfrew AE and CIBC visa before, credit card evaluation does wonders, I was able to apply for Costco Platnium AE and a couple of non CIBC visas no problem (1 gold, 1 regular). All of them gave me the maximum credit too.
Deal Addict
User avatar
Mar 8, 2002
4235 posts
880 upvotes
Ottawa
The only CC company that has turned me down is CIBC, and I have a great credit rating.
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
the people at bayhouse know a LOT about Credit Scoring.

http://www.bayhouse.com/discus/messages ... ?962170897
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