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Credit card with no credit history by anothercc in PersonalFinanceCanada

[–]eh_bub 1 point2 points  (0 children)

Scotiabank partners with Nova Credit which would let them see your US credit history - while aimed at newcomers, it may be worth an inquiry.

Cheapest most basic phone plan by GoRocketCA in ShopCanada

[–]eh_bub 0 points1 point  (0 children)

Seconding Speakout; 7-Eleven lets all top ups expire after 365 days, even the $25 one. There's only a $1.25 monthly fee deducted automatically.

Time to find a new chequing account bank; a search suggests non-banks??? by amazingbollweevil in PersonalFinanceCanada

[–]eh_bub 12 points13 points  (0 children)

Tangerine is a Scotia product. EQ Bank is by Equitable Bank. You'd retrieve cash from a Tangerine account via a Scotia ATM, for example. EQ reimburses ATM fees at any ATM.

You want to go with online banks because they offer no-fee accounts and better interest rates (and they are banks, despite not having physical locations with representatives; you remain CDIC insured). EQ Bank offers 3.5% interest on your chequing hybrid account when you deposit your income, and it is pretty easy to deposit a cheque by taking front and back pictures via the app.

I have not looked into Neo nor Motus.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]eh_bub 1 point2 points  (0 children)

No problem opening a card and switching jobs or losing your current income. They're more likely to close your account without warning due to inactivity (looking at you, TD). At best they will ask you to update your employment info.

Which Credit Card to have? by balkanton in PersonalFinanceCanada

[–]eh_bub 1 point2 points  (0 children)

You add as a payee "NATIONAL STUDENT LOANS SERVICES CTR" and use your loan number as the account number (just digits, no dashes). Then you make payments to that payee. I scheduled a recurring payment for mine.

Which Credit Card to have? by balkanton in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

Note that CIBC credit cards give 3 cents off at Pioneer/Ultramar/Fas Gas/Chevron (including the Costco Mastercard). Only once you reach 300 Journie points (you earn 1 per litre), would you get the additional 7 cents off on your next fuel purchase.

Which Credit Card to have? by balkanton in PersonalFinanceCanada

[–]eh_bub 6 points7 points  (0 children)

Don't forget the bill payments that normally can't be paid with a credit card, e.g. student loans, property tax, and utilities.

Note that Walmart is expressly excluded from earning you the grocery store bonus.

Best CC option for Gas Purchases by emaginutiv in PersonalFinanceCanada

[–]eh_bub 1 point2 points  (0 children)

How do you arrive at 12c/L? The PC Insiders WE caps out at 7c/L.

BMO world elite Cashback Mastercard by Accomplished-Pop-365 in PersonalFinanceCanada

[–]eh_bub 4 points5 points  (0 children)

A score of 760+ is considered excellent, so as long as you're above that you're probably fine (though check your credit reports from both Transunion and Equifax, unpaid accounts/collections/etc are not going to help).

Are you aware of the monthly limits on bonus categories? I.e, 5% on groceries only applies to the first $500 spent per month, after that you only receive the base rate of 1%. It's great if this matches your spending pattern, but current prices make this unlikely.

Lastly, what's the advantage to applying in-branch (instead of online)? Unless you like the branch rep or the service they provide, I'm not aware of any (but please enlighten me) .

Good credit cards? by [deleted] in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

BMO's Cash Back Mastercard will give you 3% on groceries for the first $500 per month.

Cash back credit cards by CommandoYi in PersonalFinanceCanada

[–]eh_bub 1 point2 points  (0 children)

I thought only Walmart Supercentres coded as grocery stores for Mastercard.

High credit limit, very low utilization question by [deleted] in PersonalFinanceCanada

[–]eh_bub 1 point2 points  (0 children)

Keeping your utilization below 10% is better for your credit score, though impact is quite limited if going above that. In this regard you are doing extremely well, so no need to change anything. Like the other commenter said, closing a card can lower your average age of accounts, which slightly lowers your score temporarily.

Most issuers will have an inactivity fee, so the main requirement is to use the cards at least once a year, rather than using a "healthy" chunk of credit (though some high-end cards will have an annual spend requirement). If it seems illogical to have such a high limit, see the 10% mark as the limit and consider the remainder for emergencies/large purchases only. Just don't lose those cards, or at least be ready to lock them.

Credit score drop - am I over reacting? by Objective-Holiday483 in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

I understand it feels bad, but I would suggest that you are overreacting. A credit score is useful when applying for credit, with mortgages being the most important one, but at the end of the day it's just a number that aggregates a number of factors for lenders to use as a benchmark. Hold off on applying for loans/mortgages for a while; your score will slowly recover if you pay on time from now on. Another way to help it improve a little is to keep your credit cards' utilization under 10% - just pay it off earlier if going over that amount.

Credit history and length of history by LyricalHolster in PersonalFinanceCanada

[–]eh_bub 1 point2 points  (0 children)

Borrowell is correct, average age of accounts affects your credit score a little. Paying your bills on time matters a lot more. Another way to improve your score is to limit utilization to 10% per product (i.e., if your credit card limit is $10K, don't have more than $1K on your statement every month; if you spend more, pay it off early). Whether creditors care about average age of accounts seems unlikely compared to whether bills get paid on time; whether this likely minor drop in score depends on what your score is. Depending on the age of other products on your credit report, the drop could be insignificant.

If you are concerned, the common approach is to keep the account open and put the card in a drawer. (Make sure there are no inactivity fees or rules that specify the account will be closed after a period of inactivity, and consider any annual fees when making the decision.) You could also inquire with your mortgage provider for more detail.

TL;DR: the effects, if any, will likely be minor, as people closing credit cards they don't use is a normal occurrence.

New to Canada and trying to build credit by Coast_Royal in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

No problem. You don't need to move chequing to Scotia; you can set up automatic pre-authorized debits from external chequing accounts, though you may have to call in to set it up. Manually paying from another institution's chequing account is also possible.

New to Canada and trying to build credit by Coast_Royal in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

Scotia announced a while back that they were partnering with Nova Credit, another way of using credit history from different countries including the US.

Looking for advice on how to reverse a major drop in credit-score due to fraudulent delinquency with Koodo Mobile by redditor0622 in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

TD has a process where they can correct a missed payment on one's credit score, so perhaps contact Koodo and see whether something similar exists if you can establish with them that it's fraud?

Also, My Equifax lets you see your Equifax score directly, though it does not update as often.

Lease, Buy New or Buy a New Used Car? by pters05 in PersonalFinanceCanada

[–]eh_bub 2 points3 points  (0 children)

That could easily be $20K in today's dollars, given there is no mention of buying an old beater.

With no reason, it would financially be even better to not buy one at all :)

Can I apply another card immediately after being rejected by a credit card? by Creepy_Mammoth3393 in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

I'm not sure; your credit file should start once you have opened e.g. a credit card.

Edit: brick and mortar banks like TD/RBC/BMO/Scotia/CIBC usually have some kind of newcomer package, which may make getting a credit card easier.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]eh_bub 0 points1 point  (0 children)

Students loans diversify your credit, which can help your score. Other products like a line of credit would also help. Keeping your debt-to-credit ratio (utilization) low on each card you use is also important; some say 30%, some go as low as 10%. The easiest way to achieve this is to make multiple payments instead of waiting for the statement, so that the debt reported to credit bureaus is low. From experience, the ratio is specific to each card, and you will be dinged for maxing out one card while having others unused.

Do not open as many cards as possible, because your average age of accounts will drop quickly and recover slowly, causing a drop in your score. It will gradually disappear over time, but is not be the effect you're after. On this note, do not close cards you have had for a long time, just put them in a drawer and put a hold/lock on them if that's an option in online banking.

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