Personal Finance

Trying to earn rewards with less than perfect credit...

  • Last Updated:
  • Apr 29th, 2006 7:24 am
Tags:
None
Member
User avatar
Apr 10, 2006
254 posts
1 upvote
Vancouver

Trying to earn rewards with less than perfect credit...

Hi everyone,
I'm new here so I hope that this is the right forum for this. My husband and I started our own business a few years ago and we went through some tough times. Things are much better now but my credit is still not perfect. I have one credit card (unsecured capital one card with a $1500.00 limit that I pay every month). And I have an RBC visa that I owe about $900.00 on. We didn't file for bankruptcy but there are some late payments on my credit report. We spend about $2000.00 per month on our credit cards and I'd really like to start collecting airmiles or something so that I can benefit from all of the cash that I spend every month :) A friend of mine said that the West Jet Mosaic mastercard was a really good card to have so I applied but got denied. The letter said that they couldn't approve my account based on the information that they received. Would that be due to credit? I'm just surprised that I got approved for a capital one unsecured card and got declined for this one. Anyway does anyone have any suggestions for other ways to start collecting airmails? Of course I have an airmiles card but the $100.00 a week that I spend at Safeway isn't going to get me very far, lol :) Also any suggestions for getting my credit back in shape would also be appreciated. Thanks in advance!
4 replies
Jr. Member
Mar 16, 2006
135 posts
If you're willing to consider alternative reward programmes to Air Miles, why not call Royal Bank and ask about upgrading your card to one of their reward cards like Classic II or Avion? It isn't the best, but it usually requires no hard credit check since you already have a relationship with that bank.
Member
User avatar
Aug 18, 2004
257 posts
if you suspect you have a credit problem, i guess you can always consult your report with a specialist, but as far as I know the only way to cure a bad credit is time. In my opinion air miles doesn't have a good money to reward ratio, you should check out the no fee credit cards and pick out the best one for you. http://www.redflagdeals.com/deals/main.php/articles/ don't be suprised that you got approved by CapitalOne, they pretty much approves everyone, my friend is an international student, and got a $10,000 card from them, no biggy.
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
shellysoda wrote:Hi everyone,
I'm new here so I hope that this is the right forum for this. My husband and I started our own business a few years ago and we went through some tough times. Things are much better now but my credit is still not perfect. I have one credit card (unsecured capital one card with a $1500.00 limit that I pay every month). And I have an RBC visa that I owe about $900.00 on. We didn't file for bankruptcy but there are some late payments on my credit report. We spend about $2000.00 per month on our credit cards and I'd really like to start collecting airmiles or something so that I can benefit from all of the cash that I spend every month :) A friend of mine said that the West Jet Mosaic mastercard was a really good card to have so I applied but got denied. The letter said that they couldn't approve my account based on the information that they received. Would that be due to credit? I'm just surprised that I got approved for a capital one unsecured card and got declined for this one. Anyway does anyone have any suggestions for other ways to start collecting airmails? Of course I have an airmiles card but the $100.00 a week that I spend at Safeway isn't going to get me very far, lol :) Also any suggestions for getting my credit back in shape would also be appreciated. Thanks in advance!
ask capital one if they can change your card to the 1% cash rebate card. NO tiers, NO annual fees, simply 1% cash rebate per year

or, the PC Financial Mastercard. 1% reward in free groceries.
Member
User avatar
Apr 10, 2006
254 posts
1 upvote
Vancouver
Thanks everyone! I actually called Capital One and they told me that I'd have to apply for their Platinum Card to get any kind of cash back :( They wouldn't just let me switch my current card over. I have one bad thing on my credit report which is a Holt Renfrew card from 5 years ago. There was a payment discrepancy and mistakes were made. I know that I am completely responsible for it. However I was told that since it was already in collections and would stay on my credit report for 7 years there was no point in paying it. It sucks as it's only about $700.00. There are also some late payments but nothing else major. I was hoping that since I pay my Capital One card every month and have for the past year that my credit rating would have improved a bit but no such luck. Well maybe I can start getting some rewards when I'm in my 40's, lol! Thanks for all of the advice!

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)