Originally Posted by
godsquare
How long does it take for ppl with zero credit history to be able to get a good card?
I will be moving from the US to Canada in a few months. In the US, I remembered it took me 3 months to get Discover IT for student and 6 months to get my first AMEX. Then, I can start churning at about 1 year.
My question is: how does it work in Canada? I will have a good income and I will get my first credit card right after I arrive through Scotia Bank "StartRight Program" (
http://www.scotiabank.com/ca/en/0,,2468,00.html). After that, how long should I wait until start applying for other cards?
Thank you,
As a newcomer myself, here's some feedback:
I applied for an Amex Gold through global transfer. Amex will make you through ID verification. In my case, I had to mail a personalized cheque.
Most banks will allow newcomers to apply for a credit card. At the time, applied for the Scene Visa. Got a decent unsecured limit based on income. Most Scotia cards are available for newcomers, based on income requirements.
I will go meet a CIBC rep this month and see if I would qualify for the new Dividend Platinum Visa (4% Cashback on purchases for 6 months).
TD also offer cards to newcomers: my understanding is they offer secured cards to Temp. Foreign Workers and unsecured to Perm. Residents.
My oldest line is less than year old so I am not trying to churn much at the moment, but rather establishing a good history.
My partner is Canadian with good credit so she does the churning and I'm an authorized user
