Bad credit history?

[ak47num1]

If a person is turned down by PC Financial for the Mastercard, does it mean their credit score is really low? My friend who is in his second year of university is turned down and he is worried about his credit score.

Can you share your insight?

Also, does an unsuccessful application affect credit rating?

Thanks!

[akt921]

Bank may decline him for different reasons. Ask him to go and check his own credit and find out whether he has any credit problems. Not recommend to go ask another bank for credit before that. Frenquent credit inquiries will reduce his credit score for sure.

[oceans_end]

goto transunion and check it yourself

the lowest PC creditcard is $1000, if you cant even get approved for that i would be worried, cause theres no chance you will any sort of loan with your current score.

[tkyoshi]

If a person is turned down by PC Financial for the Mastercard, does it mean their credit score is really low? My friend who is in his second year of university is turned down and he is worried about his credit score.

Can you share your insight?

Also, does an unsuccessful application affect credit rating?

Thanks!

No, could be that the couldn't verify your information or that your income was too low, etc...

Companies such as Canadian Tire have been known to reject Students outright. You can be a student making $40,000/year and they'd still reject you.

If you are concerned he might want to check his credit report, you never know.

If they did make an inquiry to your credit report, yes it does affect it slightly but 1 inquiry isn't going to do much. If you don't apply for any new credit after a few months it should return to it's level before the inquiry.

[ak47num1]

goto transunion and check it yourself

the lowest PC creditcard is $1000, if you cant even get approved for that i would be worried, cause theres no chance you will any sort of loan with your current score.

I guess it is his OSAP loan that is bringing his score down. He told me he never miss any credit card payments before.

[Hubster]

goto transunion and check it yourself

the lowest PC creditcard is $1000, if you cant even get approved for that i would be worried, cause theres no chance you will any sort of loan with your current score.

His score may have had absolutely nothing to do with it. As mentioned above, it could be any number of issues including unable to verify information, or not meeting other criteria like income or length of employment.

Regardless, tell him to check his credit report today and at least once a year from herein, as we all should. You would be amazed at the amount of incorrect or outdated information I see on these reports.

Equifax Canada (http://www.equifax.ca)
TransUnion (http://http://www.transunion.com/index.jsp)

[Mike71]

Honestly a PM M/C is harder to get than some of the other cards, even other bank cards. Try mbna.ca Their criteria is probably one of the lowest and they will approve with a lower FICO score than PC or other banks.

[ak47num1]

I see. I think it could be that his employment period is too short (4 month coop period).

Thanks for all your input!

[st7860]

PC Mastercard is sometimes petty enough to decline someone just because his/her phone number isn't in the telephone book.