Scotiabank START RIGHT for int. student

[vipsv]

In my case, the person opening my account seemed to like me. We chatted quite a bit, roughly one hour. I suppose she recommended me for a card when she applyed for me. It's all about luck I guess. I could have been denied a card or got a simple 300$ card but I suppose I got lucky with the 1000$.

Funny part, I even offered to give a security deposit to get the card but she refused and applyed on my behalf for unsecured with her recommendation.

If you want some advice, it's all about first impressions. Try and make people like you, it goes a long way.

When i came to Canada i got $7000 in credit without any history or deposit!!! Try CIBC, Best Bank ever, Unlimited transactions and rewards points Credit card.

 

[echelon99]

When i came to Canada i got $7000 in credit without any history or deposit!!! Try CIBC, Best Bank ever, Unlimited transactions and rewards points Credit card.

Did you come in as PR or an international student?

 

[Josh21]

I highly doubt he got a 7000$ card right of the bat. That's unheard of. A simple google search would show you that no person new to the country has ever been approved for that value.

CIBC isnt even particularly known for giving out unsecured cards to new immigrants. In fact they're the worst bank when it comes to this.

It's basic economics really. Why on earth would anyone trust you with 7000$ when you're new to the country? Tax Paying Canadians them self have a tough time being approved for that value. The person who approves you for something like that would lose their job.

 

[echelon99]

I highly doubt he got a 7000$ card right of the bat. That's unheard of. A simple google search would show you that no person new to the country has ever been approved for that value.

CIBC isnt even particularly known for giving out unsecured cards to new immigrants. In fact they're the worst bank when it comes to this.

It's basic economics really. Why on earth would anyone trust you with 7000$ when you're new to the country? Tax Paying Canadians them self have a tough time being approved for that value. The person who approves you for something like that would lose their job.

Josh, have you personally had a bad or restricted experience with CIBC? So far, it seems it depends on the branch official your talking to, so just pure luck.

I'd like to go for CIBC, because I've been ATM searches, and CIBC has the closest one to my university.

 

[Josh21]

Josh, have you personally had a bad or restricted experience with CIBC? So far, it seems it depends on the branch official your talking to, so just pure luck.

I'd like to go for CIBC, because I've been ATM searches, and CIBC has the closest one to my university.

CIBC is fine if its close to your area. Like I said, the ATM locations are primarily the most important factor. Credit cards and other services are secondary because even if they dont give it to you when you land, they will at some point. You cant change ATM locations anytime soon though.

 

[vipsv]

I highly doubt he got a 7000$ card right of the bat. That's unheard of. A simple google search would show you that no person new to the country has ever been approved for that value.

CIBC isnt even particularly known for giving out unsecured cards to new immigrants. In fact they're the worst bank when it comes to this.

It's basic economics really. Why on earth would anyone trust you with 7000$ when you're new to the country? Tax Paying Canadians them self have a tough time being approved for that value. The person who approves you for something like that would lose their job.

Really!!! You do not need anything >> More over as you said it depends on your charm!!

 

[Josh21]

Charm gets you so far, nothing near 7000.

IF they handed out 7k cards to every new comer with a tom cruise smile, they would be bankrupt by now. A simple google search would confirm this like I said in my previous post. Keep in mind that the entire internet has no record of a person getting a limit near 7k and you magically get one?

But hey, I can do better than that.

https://www.cibc.com/ca/advice-centre/new-to-canada/credit-cards.html

This is from your bank, read it properly. Notice that they never use the word "unsecured"

Do you still expect people to believe that they hand out 7k unsecured cards?

Lying on a forum like this wont help anyone.

 

[echelon99]

Charm gets you so far, nothing near 7000.

IF they handed out 7k cards to every new comer with a tom cruise smile, they would be bankrupt by now. A simple google search would confirm this like I said in my previous post. Keep in mind that the entire internet has no record of a person getting a limit near 7k and you magically get one?

But hey, I can do better than that.

https://www.cibc.com/ca/advice-centre/new-to-canada/credit-cards.html

This is from your bank, read it properly. Notice that they never use the word "unsecured"

Do you still expect people to believe that they hand out 7k unsecured cards?

Lying on a forum like this wont help anyone.

Maybe he's not lying dude, we don't know the full circumstances. He could PR student, perhaps he go in on a family plan and his family was already settled here. Maybe a close relative of his works at CIBC.

7000 is alot though. I'd be happy with a $2000-3000 limit.

I've emailed all the banks, and besides Scotia, all of them have directed me to the secure credit card option. Although CIBC does say "To apply for a secured credit card, visit a CIBC branch. Depending on your personal situation, you may qualify for an unsecured card. ". I have a close friend working as a mortgage advisor at CIBC, maybe can get some infor from him.

 

[Josh21]

Maybe he's not lying dude, we don't know the full circumstances. He could PR student, perhaps he go in on a family plan and his family was already settled here. Maybe a close relative of his works at CIBC.

7000 is alot though. I'd be happy with a $2000-3000 limit.

I've emailed all the banks, and besides Scotia, all of them have directed me to the secure credit card option. Although CIBC does say "To apply for a secured credit card, visit a CIBC branch. Depending on your personal situation, you may qualify for an unsecured card. ". I have a close friend working as a mortgage advisor at CIBC, maybe can get some infor from him.

PR makes no difference, when you apply for credit. You either have a history in the country of paying the bills or not. They would give an unsecured card to a Foreign National over a Canadian if they had a better credit history.

His Reply makes it sound like they gave him a 7k card because of his smile which trust me is not possible.

I'd just like to add though that the Branch official talking to you has no actual power to give you a credit limit. They apply on behalf of you with perhaps a recommendation, that's all they can do. The Head office serving your region for credit cards reviews it before approving it.

If you mean that he got a 7k card because a family friend or someone in the bank acted as a "guarantor", then yes it is possible but that's about it.

 

[echelon99]

So for a secured credit option, for how long do they keep your funds? Provided you make your payments on time and create/maintain a decent credit score, when are your funds released?

 

[Josh21]

So for a secured credit option, for how long do they keep your funds? Provided you make your payments on time and create/maintain a decent credit score, when are your funds released?

Typically a year or two.

However, if you have a high balance in your account throughout the year, then they might remove it sooner.

Best banks to deal with are RBC, TD and BMO. Smaller banks generally have more strict rules.

 

[Jasmohra]

Hello fellas

I wud love to share my experience with Scotia..
Like most people feared and quoted that it is slow blah blah... it wasnt for me.. well if u provide right docs.. rightly.. u get ur account opened in tym...
I nvr had a problem with tht.When I arrived here.. i went to the bank ,,got a chequeing and saving accnt opnd.. ppl at scotia were helpful enuf...
then got a debit card too .. but mind it .. debit they issue u ds nt help u for online transactions.. so apply for credit card ryt away..
thy put 2000 installment into the account u agree to use the money frm... mind it ... use chqing accnt for transactions .. cz if u pay out of saving accnt thr is a 5$ charge ...


Here comes in the best part....

They have student credit card plans .. NO DEPOSITS /SECURITY etc required for upto 500 $ .. u just hav to keep in mind to pay in the interest free time limit of 21 days.. and make urself a gud credit history PLUS ..NO FEE for such a card .. it is absolutely hassle free..PLUs 1% money back at the end of their accountg period ie november... they put 1% of money u spent back into ur account..AND lots of other things ... like ... u cn sign up with a partner mobile company and get 30 mins free of International calling to ur country .. per month....and stuff like tht keep cming up..and some r for a time period ,, so u got to cash in on thm..

 

[punnam]

Hi one of my friends said to apply for student visa you need to deposit $10000 in Canadian bank as maintenance funds applying outside canada. Is IT true. Please help me

 

[bhavghuman]

yeah it is true you need to transfer $10000 in the scotiabank here in canada which would be helpful like they will send $2000 bimonthly into ur account for ur living expenses ...

 

[JD_]

Hi one of my friends said to apply for student visa you need to deposit $10000 in Canadian bank as maintenance funds applying outside canada. Is IT true. Please help me

Its called GIC and is mandatory only if you are applying under SPP category.