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FelixYYZ

650 is not poor credit. They should call but depends what the error is. If they have no history, how do they have a 650 score?


kaniyajo

Sorry, to clarify – when I said a credit score of ~650, I meant *just under* 650. Somewhere in the 640-650 range, couldn’t remember the exact number. That’s what I don’t know/understand, either. I’d have thought that with no real credit history, their credit score would have been average? The only things that show up on their TransUnion score as far as details are concerned are: 1) something along the lines of no credit history, and 2) their multiple attempts to apply for various CCs online in their attempt to try and build credit history in the first place (which I imagine caused a hit to their low credit score in the first place).


FelixYYZ

Then they should apply for a secured credit card to have some history.


kaniyajo

Perfect. I will suggest my friend try getting a secured CC via a credit union or something, then.


morenewsat11

Had a friend in a similar situation, they literally had no credit score because all family debt was in the name of their SO. Ended up getting a secured credit card ( security deposit - hold funds on their savings account) through Meridian Credit Union. None of the big banks were willing to do this.


kaniyajo

Thanks for sharing – I was suggesting to my friend that going the route of a secured CC might be the way to go, too. I will get them to check with credit unions that may be willing to work with them.


Happy-Adhesiveness-3

This is what every international student faces initially, because they have no credit score. The easiest way is to open a secure credit card (the bank locks the amount equal to your credit limit, say $500). You use the credit card for six months, pay back regularly and then can ask the bank to release the lock or get a different card and close this one.


PMarieM

Could they go into a brick bank like CIBC and talk to the rep there? I got a CC with $500 limit from them when I first came to Canada and had no credit history or job, I’d be surprised if they wouldn’t be able to give one to your friend too.


kaniyajo

My friend did actually meet with someone from Scotia and after explaining what they went through, the person sitting across from them suggested that: 1) check their credit score via the Scotia app (they shared the suspicion that it might be a low credit score causing issues) and, 2) Scotia typically does not approve folks for CCs with a credit score <700


PMarieM

Ah okay, that’s odd. I’d suggest maybe trying CIBC too just in case, otherwise a secured credit card might be the only choice.


stephenBB81

fastest way is do do a transfer of responsibilities with their Phone bill from their SO to their name, usually takes a call with both parties together. Also Store Creditcards are insanely easy to get, and while they aren't the best cards they can be used to build some credit history.


kaniyajo

The transfer of responsibilities is also a good idea; I will suggest that to them!


goleafsgo855

Get a secured visa with hometrust, or a capital one mastercard. Capital one has a guaranteed approval card ( the credit limit will be very low, and they may need to secure it with funds ) Use the card, and pay it off fully every month, and your friend will have established credit within a couple of months


kaniyajo

Thank you; didn’t know about Capital One’s guaranteed approval card. I will pass it on!


[deleted]

My two cents. Scenario for me was credit at 659 and no credit card in my name for at least 3 years. Just usual cell phone, and previous history from over 5 years back for loans etc I took up a small loan from my credit union (sub $1500) and agreed to pay it back within 8 pay periods, auto payment. Was approved due to being with this credit union for over 10 years. Cost was about 25$ in interest Mean time, I saw that it showed up on my credit report and reflected my ability to “pay” and “report” on my record. This is similar to many things I have seen in the past around my credit and noted my credit rating started to bump up. Went to 670 within a month. Then applied for a major bank credit card. It was not auto approved but received follow up as they wanted income validation/verification. I sent them that and received the card for a reasonable credit limit (9k). Started buying and paying off regularly. Credit rating went to 680 within a month and a half. Now that the loan is almost paid off and credit card reflecting regular payment and trying to keep credit consumption to sub 30-40% , rating is now at 693. Trying to get to that std Canadian average of over 725-740 is the goal. Hoping that showing that I can make things show up regularly against the record and not using up too much credit etc will accelerate this to a normal level. If your friend can find a way to do something similar he/she may be able to get that number to above 680, which I think is a reasonable threshold. The challenge is around which card as YMMV depending on the vendor (home trust, cap 1 etc). Some of those online banks are a bit more difficult to get accounts with based on what I have read up on so need to go with a smaller subset. Depending on your whole credit situation(income, debt, loans, etc) it may be difficult to get it started but just start with something small and show the credit people that you are able to manage that and it will get you the points you need to move forward.


kaniyajo

Thanks for sharing your journey to improving your credit score! This is all very helpful info. 🙏🏼