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tomcaca
Jul 31st, 2007, 05:41 PM
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.
hoob
Jul 31st, 2007, 05:57 PM
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.

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.

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.
tomcaca
Jul 31st, 2007, 06:14 PM
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?
Atomic Chip
Jul 31st, 2007, 06:17 PM
Money Mart (http://www.moneymart.ca/default.asp)?

If you will be using the 6K to purchase something (car, furniture, etc.), perhaps it could serve as partial security for the loan?
darren22
Jul 31st, 2007, 06:23 PM
Money Mart (http://www.moneymart.ca/default.asp)?


:-0

I hope that's a joke!
Atomic Chip
Jul 31st, 2007, 06:28 PM
Gotcha! :lol:
Bullseye
Jul 31st, 2007, 09:28 PM
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.
tomcaca
Aug 1st, 2007, 01:45 AM
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.:(
krazy
Aug 2nd, 2007, 06:07 PM
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.:(

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...

on the other hand, BMO could only give me a Mastercard with 1K limit (both applied at the same time).
ai_c
Aug 2nd, 2007, 06:15 PM
^^maybe you had 10k with them on term/gic for you to get a credit card with a 10k limit.
Thalo
Aug 2nd, 2007, 06:43 PM
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%.
gman
Aug 2nd, 2007, 07:25 PM
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.

Will 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).
Crowbarfoot
Aug 2nd, 2007, 08:52 PM
As the above posters said try TD, if you walk in breathing you have a good chance.

:lol:
tomcaca
Aug 7th, 2007, 01:50 PM
Will 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).

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?
jeeva86
Aug 7th, 2007, 02:05 PM
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.
hoob
Aug 7th, 2007, 02:26 PM
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?

BMO has rejected you, it's not like they'll call back in a few weeks and change their mind. You either need the loan, or you don't. If you're "happy" with the initial rejection from BMO, then it's the end of the story. Otherwise it's pretty self evident that you'll have to apply elsewhere.

"Too many credit hits making your credit look bad" is pretty much a non-issue. Banks will either grant you the credit, or not. If they won't, the reasons aren't merely because you have a hard credit check. And if you aren't able to get the LOC regardless, then the credit checks won't have mattered anyway.
tomcaca
Aug 7th, 2007, 03:25 PM
no,bmo did not reject me,they want a co-signer which I can find with no problem.However,I am just thinking about taking the loan myself.That's why I am thinking about if places like Citi-financial will be easier to get a loan without a co-signer compare with bmo? Thanx guys!
tomcaca
Aug 7th, 2007, 04:11 PM
I was thinking,I have my saving and cheque accounts with BMO plus a credit card,they still need a co-signer for a loan,why would Citi-Financial give me one without a co-signer? sighs........:|
gman
Aug 7th, 2007, 10:30 PM
I was thinking,I have my saving and cheque accounts with BMO plus a credit card,they still need a co-signer for a loan,why would Citi-Financial give me one without a co-signer? sighs........:|

Because Citi-Financial wants your business more and is willing to take the extra risk.
tomcaca
Aug 7th, 2007, 10:45 PM
I really hope so..........but will it look back since my credit file will be pulled a second time in 2 weeks?
hoob
Aug 7th, 2007, 11:14 PM
I really hope so..........but will it look back since my credit file will be pulled a second time in 2 weeks?

I don't get it... You seem very anxious about making your credit report look "bad" by applying for credit. Well, if you're not actually going to apply for any credit, then no one gives a damn what's in your credit report because, well, you're too worried about applying for credit and no one's even looking at your credit file. So your choices are:

1. Take the BMO cosign loan, and you have a "better" credit rating that no one will look at.

2. Apply elsewhere. Either you're accepted, or you're denied. Who cares how this affects your credit rating? If other institutions deny you as well, take the BMO loan, and try again in 12 months or something.