Location: British Columbia
Posted on: 09-03-06 19:06:21
Quote:
Orginally posted by naudurivsm
Hi,
Try applying for credit card with "Annual fees" keep it for a year by the time you will get another card with no annual fees and then you can cancel the one with the fees.
Most Banks do care for that fees. so chances of getting a card are more.
From what I understand..it is better for the credit score to keep the card..as inactive rather than cancelling it. Hide it..put it in the freezer..whatever it takes to not use it.
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~ Morning rain
Dimple,
I called MBNA call center and asked them the same questions. The answers I got was:
1) The rate is 10 months from the credit card is activated.
2) They told me that I could write a check to myself for the full amount of renovation.
3) They aslo told me that the interest would be calculated as if it is Line of Credit.
I just want to know if anybody has tried this before.
Quote:
Orginally posted by morning_rain
From what I understand..it is better for the credit score to keep the card..as inactive rather than cancelling it. Hide it..put it in the freezer..whatever it takes to not use it.
From what I understand inactive cards do not build credit score!
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Give free food http://www.thehungersite.com ||
Quote:
Orginally posted by lana2005
Dimple,
I called MBNA call center and asked them the same questions. The answers I got was:
1) The rate is 10 months from the credit card is activated.
2) They told me that I could write a check to myself for the full amount of renovation.
3) They aslo told me that the interest would be calculated as if it is Line of Credit.
I just want to know if anybody has tried this before.
Yes it works and it is good, many of my friends do that, they actually get the card withdraw to the maximum, put them in short term deposits in USA / india and gain some money and they pay it exactly within the time frame ( usually in US you get it for full 12 months).and that too 0% deals.
So you can do that,
BUT,
All depends on the limit you get out of it. since on the pre-approved letter they something, and in the "fine print " they write the limits of card depends on your credit history. so basically after you apply they run a credit check and then determine the credit limit you can get.
So not worth it if you it only for 2k to 3k limit, BUT certainly recommended if you get a limit of anything above 5k.
Location: God's own country
Posted on: 09-03-06 19:27:07
Hi,
PC master card had a hefty cash charge when we wrote convenient cheques to our names.
After that TD bank and MBNA offered me the same option. I went through the fine print and did not find the "cash charge" for using the convenience cheques but i was afraid to use it.
Sometimes the call centre guys DONOT give the correct answers.
As lana said, if some one in this board/forum has used that facility and found it to be true, please share.
I urgently need money at a low interest rate.
TK
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I am a Gents and not a Ladies.
Quote:
Orginally posted by morning_rain
Quote:
Orginally posted by naudurivsm
Hi,
Try applying for credit card with "Annual fees" keep it for a year by the time you will get another card with no annual fees and then you can cancel the one with the fees.
Most Banks do care for that fees. so chances of getting a card are more.
From what I understand..it is better for the credit score to keep the card..as inactive rather than cancelling it. Hide it..put it in the freezer..whatever it takes to not use it.
I used it since at least I wanted to get some benefit out of it, since the card was with an annual fee.
So it is better to use it. keepl a very neglible/very very small amount of balance on the card for first 3-4 months and that helps you build your credit history, at least it worked out well for me.
how i got my cards even though I am not in Canada yet.
After I landed in june'04, I opened an checking account with CIBC for just $100 nad exactly after two months, I applied for this aventura gold card with an annual fee and got it apporved and card in 10 days. I had applied online.
My second card from TD came, instantly when I opened a cehcking account with them again with an opening deposit of just $100. ( this was after seven months of having the first card) by the time I had very solid credit score. I still use both the cards and keep them in good standing
Quote:
Orginally posted by naudurivsm
Yes it works and it is good, many of my friends do that, they actually get the card withdraw to the maximum, put them in short term deposits in USA / india and gain some money and they pay it exactly within the time frame ( usually in US you get it for full 12 months).and that too 0% deals.
So you can do that,
Thanks for the info. Amex offers 12 months 0 % interest. I will investigate Amex too.
