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Shop around elsewhere. With two years of income and $46/yr someone will want your business, unless perhaps you have absolutely no credit history at all or have black marks already.Originally Posted by tomcaca
TD has a reputation of giving LOC to anyone, but their rates are higher (bank prime+3/4/5.) I would also try the ING Direct type places online.
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Jul 31st, 2007 04:41 PM #1Newbie
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Is there any other option left for me?
Just got a call from BMO and the rep told me that my application for 6k LOC needs a co-signer and they would give me a loan instead of a loc if I could find one.
The main reason was of the lack of credit history.Only a few months.That's their major concern and I have no security to provide.I have been working for 2 years full time and last year's T4 was 46000.All I need is 6k.Shall I try somewhere else like CitiFinancial or basically without a co-signer there's no way out at all for me?
Thanx if anyone could give me some ideas.
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Jul 31st, 2007 04:57 PM #2_______________
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Jul 31st, 2007 05:14 PM #3Newbie
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thank you for the reply!
what the rep said was "Sir,your credit file looks clean which is good,however it's too short,that's our major concern.". I also worry about too many inquries in a short period of time would look bad on my short credit file.
I think I am gonna try one more place,and that's it.TD? ING? MBNA? CitiFinancial? Reply With Quote
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Jul 31st, 2007 05:17 PM #4Sr. Member
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Money Mart?
If you will be using the 6K to purchase something (car, furniture, etc.), perhaps it could serve as partial security for the loan? Reply With Quote
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Jul 31st, 2007 05:23 PM #5 Originally Posted by Atomic Chip
I hope that's a joke! Reply With Quote
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Jul 31st, 2007 05:28 PM #6Sr. Member
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Gotcha!
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Jul 31st, 2007 08:28 PM #7Deal Fanatic
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What do you need the money for? Could you put it on a credit card, then transfer the balance to one of the low interest balance transfer deals floating around?
Could work out to a cheaper option, as well as easier to qualify for. Reply With Quote
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Aug 1st, 2007 12:45 AM #8Newbie
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thanx for the reply guys,however,with only a few months' credit history,I highly doubt that any bank would give me a credit car with 5000 limit.sighs.
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Aug 2nd, 2007 05:07 PM #9Member
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I don't think so. I got a TD Visa Gold with 10K limit no sooner I landed in canada (within 2 months) and I have not yet started working at that time, and not to mention no credit history at all... Originally Posted by tomcaca
thanx for the reply guys,however,with only a few months' credit history,I highly doubt that any bank would give me a credit car with 5000 limit.sighs.
on the other hand, BMO could only give me a Mastercard with 1K limit (both applied at the same time). Reply With Quote
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Aug 2nd, 2007 05:15 PM #10Member
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^^maybe you had 10k with them on term/gic for you to get a credit card with a 10k limit.
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Aug 2nd, 2007 05:43 PM #11
That would be more likely. TD is more lax when it comes to credit than BMO (I have this from my friend who works at BMO, who used to work for TD) but would never give $10K of unsecured credit to a newly landed immigrant.
Tomcaca, if your beacon score is well north of 650 I'd give TD a try. Rate on a $5K ULOC would be prime plus 5.75%. Reply With Quote
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Aug 2nd, 2007 06:25 PM #12Will a co-signer help you to get a $6K LOC? Or, it will not even help you to get that. That is if you have a co-signer, they will give you a loan only (not LOC). Originally Posted by tomcaca
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Aug 2nd, 2007 07:52 PM #13
As the above posters said try TD, if you walk in breathing you have a good chance.
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Aug 7th, 2007 12:50 PM #14Newbie
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NO,they will only give me a loan with a co-signer...... shall I try get a loan somewhere else? any place that can give a loan without a co-signer? Originally Posted by gman
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Aug 7th, 2007 01:05 PM #15
I can't see TD rejecting you. Say you'll switch the payroll to the TD account and if they do see it coming up, they'll easily get you one.
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