Personal Finance

Is 5000 a hard credit limit

  • Last Updated:
  • Sep 7th, 2020 3:02 am
[OP]
Newbie
Nov 6, 2019
43 posts
13 upvotes
Montreal

Is 5000 a hard credit limit

Is 5000 the max credit limit for any credit card for temp worker? I was told 5000 is max credit limit for bank and for customer irrespective of number of cards .

Amex is an exception as they can look at US credit history and given me 15K. all other bank credit cards are limited to 5000.

Thanks
25 replies
Deal Addict
Apr 9, 2010
3381 posts
1649 upvotes
Montreal
Rutils wrote: Is 5000 the max credit limit for any credit card for temp worker? I was told 5000 is max credit limit for bank and for customer irrespective of number of cards .

Amex is an exception as they can look at US credit history and given me 15K. all other bank credit cards are limited to 5000.

Thanks
For some credit cards 5K is the minimum but it may be different if you're not a permanent resident.
[OP]
Newbie
Nov 6, 2019
43 posts
13 upvotes
Montreal
kenze wrote: For some credit cards 5K is the minimum but it may be different if you're not a permanent resident.
thanks, I am referring to credit cards like Visa infinite or WE mastercard whose min is 5000 for everyone and max is 5000 for temp workers if I understand correctly.
Deal Addict
Feb 17, 2017
1314 posts
1130 upvotes
Calgary
Rutils wrote: Is 5000 the max credit limit for any credit card for temp worker? I was told 5000 is max credit limit for bank and for customer irrespective of number of cards .

Amex is an exception as they can look at US credit history and given me 15K. all other bank credit cards are limited to 5000.

Thanks
If you don’t give the institution your SIN they won’t know your not a PR/Citizen. It’s not mandatory on a credit card.
[OP]
Newbie
Nov 6, 2019
43 posts
13 upvotes
Montreal
CanadianSpruce wrote: If you don’t give the institution your SIN they won’t know your not a PR/Citizen. It’s not mandatory on a credit card.
Good to know. I was offering the SIN so that they get confidence issuing the credit card.
Deal Guru
User avatar
Jan 9, 2011
14248 posts
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Vancouver
CanadianSpruce wrote: If you don’t give the institution your SIN they won’t know your not a PR/Citizen. It’s not mandatory on a credit card.
But issuers require you to be a permanent resident. They ask you to confirm this before you proceed.
Deal Addict
Feb 17, 2017
1314 posts
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Calgary
Kiraly wrote: But issuers require you to be a permanent resident. They ask you to confirm this before you proceed.
The vast majority of issuers don’t ask for proof of citizenship/permanent residence status.
Deal Guru
Dec 5, 2006
12270 posts
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Markham
Kiraly wrote:
But issuers require you to be a permanent resident. They ask you to confirm this before you proceed.
CanadianSpruce wrote: The vast majority of issuers don’t ask for proof of citizenship/permanent residence status.
You two are talking same thing

They require but most don't need proof

Same for income requirements
Deal Addict
Feb 17, 2017
1314 posts
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Calgary
Kiraly wrote: They may not ask for proof, but they do ask you to declare it to be true.
Most banks define a permanent resident as “ Permanent resident means a person who resides in Canada for at least six (6) months of the year. However, individuals otherwise eligible for coverage who are members of the Canadian Foreign Service need not satisfy this requirement.”
Deal Addict
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Sep 14, 2012
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Montreal, QC
CanadianSpruce wrote: If you don’t give the institution your SIN they won’t know your not a PR/Citizen. It’s not mandatory on a credit card.
It isn't mandatory to give the SIN for them to properly identify you BUT I'm sure that they probably have it after you've been approved for the credit card.
Deal Addict
Feb 17, 2017
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Calgary
lmcjipo wrote: It isn't mandatory to give the SIN for them to properly identify you BUT I'm sure that they probably have it after you've been approved for the credit card.
The credit reference agency will only disclose the last 4 digits of a SIN.
Deal Guru
Dec 5, 2006
12270 posts
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Markham
CanadianSpruce wrote: I was giving the banks definition not the CIC definition.
Could you show me the link you got definition? I always thought it's the same

In TD Site, for newcomers program, it said
"Have been a Permanent Resident or Temporary Resident of Canada for 5 years or less"
Deal Fanatic
Apr 16, 2007
8128 posts
3460 upvotes
Financial District B…
CanadianSpruce wrote: I was giving the banks definition not the CIC definition.
That is false.
Non perm residents will have a "9" SIN number and pose an extremely high risk in regards to lending principles.
I work for a Financial institution and perm res status is a major plateau for credit granting.
CanadianSpruce wrote: The credit reference agency will only disclose the last 4 digits of a SIN.
We see the full "9" SIN on non perm residents that apply for credit
9 SINS area usually denied credit immediately
Last edited by mikeymike1 on Sep 5th, 2020 6:07 pm, edited 1 time in total.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Fanatic
Apr 16, 2007
8128 posts
3460 upvotes
Financial District B…
Rutils wrote: Is 5000 the max credit limit for any credit card for temp worker? I was told 5000 is max credit limit for bank and for customer irrespective of number of cards .

Amex is an exception as they can look at US credit history and given me 15K. all other bank credit cards are limited to 5000.

Thanks
The 5000k credit limit used to be the cusp between a FI's reg credit card to their gold card status card. (old school status)
For some card issuers it still may be.
Most of the FI's and card issuers use capacity ratios for initial limits nowadays.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Addict
Feb 17, 2017
1314 posts
1130 upvotes
Calgary
mikeymike1 wrote: We see the full "9" SIN on non perm residents that apply for credit
9 SINS area usually denied credit immediately
That was not my experience when I was an underwriter, we’d only see the full sin if they disclosed it. If we pulled their credit report, at most we could see the last 4 digits.

With regards to PR, I was referring to the banks definition for actually being able to apply for the card, not the back end underwriting criteria.

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