Canada Housing/Debt: Trust me, I'm a landlord.

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

etalian: Mar 20, 2006

Cultural Imperial posted:

Hey looks like vancouver is getting an economy.

http://www.cbc.ca/news/canada/british-columbia/silicon-valley-north-vancouver-tech-surges-as-u-s-immigration-reform-idles-1.2732667

shut the gently caress up ryan holmes you dumb oval office

Looking for a high paying 60k/year job? come to vancouver assholes

The difference is Silicon Valley has 5 billion dollars in venture capital per year and also lots top notch schools/research labs in the area.

# ? Aug 11, 2014 03:07

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# ? May 12, 2024 14:17

Precambrian Video Games: Aug 19, 2002

I guess Pablo Guana looked up what Vancouver's actual climate is like after his initial reaction.

# ? Aug 11, 2014 03:16

etalian: Mar 20, 2006

eXXon posted:

I guess Pablo Guana looked up what Vancouver's actual climate is like after his initial reaction.

Vancouver is basically the H1B techie version of that airport movie with Tom Hanks.

# ? Aug 11, 2014 03:19

namaste friends: Sep 18, 2004; by Smythe

http://www.reddit.com/r/vancouver/comments/2d6qtv/an_open_letter_to_vancouvers_food_cart_community/

hahahaha

vancouverites are so loving dumb

# ? Aug 11, 2014 04:22

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

etalian posted:

Vancouver is basically the H1B techie version of that airport movie with Tom Hanks.

Immigration arbitrage doesn't sound like a recipe for long-term success, especially given the poo poo salaries and high cost of living.

But, hey, it's better than condo pumping and tourism, so I suppose it's a mild victory of sorts.

# ? Aug 11, 2014 05:12

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

Lexicon posted:

Immigration arbitrage doesn't sound like a recipe for long-term success, especially given the poo poo salaries and high cost of living.

But, hey, it's better than condo pumping and tourism, so I suppose it's a mild victory of sorts.

Maybe but the article also notes favourable tax rates and I know from personal experience that the digital media claim is legit. it does allow the city / industry to build critical mass and not all of the people that come here temporarily will want to relocate. It will also draw ancillary industry and over time could lead to sustainable growth. Look at Waterloo as an example. Mostly chance placed the phenomenon that was RIM there and has since led to the creation of the research park and a host of other tech businesses.

# ? Aug 11, 2014 05:24

ductonius: Apr 9, 2007; I heard there's a cream for that...

Cultural Imperial posted:

http://www.reddit.com/r/vancouver/comments/2d6qtv/an_open_letter_to_vancouvers_food_cart_community/

I'm looking at you, Japadog. Don't get me wrong, I'm all for fusion cuisine, but $6.50 for a hot dog with roe and nori is out-loving-rageous.

# ? Aug 11, 2014 05:26

namaste friends: Sep 18, 2004; by Smythe

Kalenn Istarion posted:

Maybe but the article also notes favourable tax rates and I know from personal experience that the digital media claim is legit. it does allow the city / industry to build critical mass and not all of the people that come here temporarily will want to relocate. It will also draw ancillary industry and over time could lead to sustainable growth. Look at Waterloo as an example. Mostly chance placed the phenomenon that was RIM there and has since led to the creation of the research park and a host of other tech businesses.

Counterpoint: kanata.

# ? Aug 11, 2014 05:34

namaste friends: Sep 18, 2004; by Smythe

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14585058

929k for this is justified right? Because no one buys a house for the house. It's the property value right?

# ? Aug 11, 2014 05:37

namaste friends: Sep 18, 2004; by Smythe

If you're curious what a hell's angels member's home looks like, I see this is for sale: http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14743516

I grew up in this neighbourhood and this house was completely surrounded by CCTV in the 90s. My neighbour had all these great stories about how the RCMP had this fucker surveiled all the time.

# ? Aug 11, 2014 05:42

namaste friends: Sep 18, 2004; by Smythe

http://acrossthecurve.com/?p=15825

quote:

S&P Downgrades Outlook for �Big Six� Canada Banks

Move Comes a Week After Ottawa Launches Public Consultation on Proposed �Bail-In� Plan
By
Rita Trichur
Updated Aug. 8, 2014 10:11 p.m. ET
Standard & Poor�s Ratings Services is downgrading its outlook for Canada�s six biggest banks, making it the latest credit-rating firm to cite concerns about Ottawa�s plans to create a so-called �bail-in� regime for troubled lenders.

The credit-rating company said late Friday that it revised its outlook to negative from stable for Toronto-Dominion Bank, TD.T -0.63% Royal Bank of Canada, RY.T -0.54% The Bank of Nova Scotia, BNS.T -0.89% Bank of Montreal, BMO.T -0.25% Canadian Imperial Bank of Commerce CM.T -0.70% and National Bank of Canada, NA.T -0.04% the country�s six biggest banks by assets.

All six are considered �systemically important,� which is the Canadian government�s parlance for �too big to fail.� Standard & Poor�s dimmed outlook for the group comes a week after Ottawa launched a public consultation on its proposed �bail-in regime.� That consultation period is scheduled to end Sept. 12.

Ottawa�s bail-in proposal seeks to protect taxpayers from having to foot the bill for bailing out a big bank in the event that it runs into financial trouble.

The proposed measures would be used to stabilize a lender grappling with such difficulties, while ensuring that shareholders and creditors �are responsible for bearing losses,� the government said.

�The outlook revision reflects our expectation of reduced potential for extraordinary government support arising from implementation of the proposed new elements of the resolution framework for Canadian banks,� said Standard & Poor�s credit analyst Tom Connell in a release.

As a result, there is an increased likelihood that the proposed �bail-in� regime could prompt Standard & Poor�s to lower its ratings on the �Big Six� within two years.

The proposed bail-in plan, formally called the Taxpayer Protection and Bank Recapitalization Regime, includes measures to help the government recapitalize a failing bank by converting certain bank bonds to common equity. Ottawa�s aim is to ensure the overall financial system remains stable in the rare event of a bank failure.

�The effect of the implementation of a bail-in regime could raise a bank�s probability of default, in our view, because of reduced likelihood of extraordinary support from the government; and more directly, the bailing-in of senior debt would be a default with respect to those instruments, and for the issuing entity,� Standard & Poor�s said.

Moody�s MCO +1.12% Investors Service has also changed its outlook on the Canadian banking system to �negative� from �stable� because of Ottawa�s bail-in plans.

The Canadian government first announced plans to create a bail-in regime in 2013. But unlike in the U.S. and Europe, no Canadian banks failed or required bailouts during the global financial crisis. And the Canadian government itself stresses that the prospects of a major bank failure in this country are slim.

�In the highly unlikely event of a bank failure, the new regime will enhance the stability of Canada�s world-class financial system by shifting the burden of recovery and resolution from taxpayers to financial institutions and their shareholders and creditors,� Finance Minister Joe Oliver said last week. �It will thereby ensure that market participants clearly understand their obligations and bear the consequences of the risks they take, and that taxpayers are not on the hook to bail them out.�

The last Canadian bank to fail was the Bank of Credit and Commerce Canada in 1991, according to the Canada Deposit Insurance Corp.

yeah no problem here

gently caress you poloz you dumb loving oval office

gently caress you oliver gently caress you flaherty

# ? Aug 11, 2014 05:46

etalian: Mar 20, 2006

Cultural Imperial posted:

If you're curious what a hell's angels member's home looks like, I see this is for sale: http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14743516

I grew up in this neighbourhood and this house was completely surrounded by CCTV in the 90s. My neighbour had all these great stories about how the RCMP had this fucker surveiled all the time.

well on the bright side hopefully you can find some drug money in the wall to pay your mortgage.

# ? Aug 11, 2014 06:32

Rutibex: Sep 9, 2001; by Fluffdaddy

Cultural Imperial posted:

http://acrossthecurve.com/?p=15825

yeah no problem here

gently caress you poloz you dumb loving oval office

gently caress you oliver gently caress you flaherty

I couldn't quite parse that finance speak. Does this "bail-in" basically mean they are going to be looting peoples savings accounts Cyprus style?

# ? Aug 11, 2014 07:16

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

Rutibex posted:

I couldn't quite parse that finance speak. Does this "bail-in" basically mean they are going to be looting peoples savings accounts Cyprus style?

No, just bond and shareholders. CDIC would remain as-is.

More proof that these chucklefucks know what's coming and want to be as insulated as possible from the consequences.

# ? Aug 11, 2014 07:22

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

Franks Happy Place posted:

No, just bond and shareholders. CDIC would remain as-is.

More proof that these chucklefucks know what's coming and want to be as insulated as possible from the consequences.

It's actually not entirely removed from what the outcome might be as part of a normal bankruptcy process EXCEPT that it entirely invalidates bond holders' claim to the underlying assets of the firm, which is why the rating agencies are threatening to downgrade the banks if it's implemented in its current form. Equity holders are no more or less hosed than previously.

It's really, really stupid, and the prospect of this happening to any 'too big to fail' firm will materially impact their borrowing costs. Bond holders will need higher returns to compensate for the loss of effective security. Examples of companies most likely to be hit by the too big to fail definition:
- big 6 banks
- railroads
- national telecom companies (bell telus rogers etc etc)
- air canada
- maaaaaybe one or two of the top resource companies, but probably not.

# ? Aug 11, 2014 12:45

LemonDrizzle: Mar 28, 2012; neoliberal shithead

Franks Happy Place posted:

More proof that these chucklefucks know what's coming and want to be as insulated as possible from the consequences.

I don't know that that's necessarily the case; the eurozone crisis clearly shows that regulators *should* be introducing bail-in mechanisms regardless of the (apparent) health of the financial system because the alternative is for the taxpayer to bear essentially all the risks of dodgy lending practices by large banks. IOW, this is something they ought to be doing even if the banks are perfectly solid and have been lending completely responsibly.

LemonDrizzle fucked around with this message at 13:02 on Aug 11, 2014

# ? Aug 11, 2014 12:53

namaste friends: Sep 18, 2004; by Smythe

http://www.theglobeandmail.com/report-on-business/economy/housing/housing-starts-pick-up-in-july/article19985864/

quote:

New home construction in Canada topped economists� expectations for July.

The strong showing suggests that builders are undaunted by the potential for a real estate slowdown.

A number of economists have been saying for some time that more homes appear to be being built than demographics suggest are required, and economists generally have been forecasting a moderation in housing starts. But low interest rates continue to fuel demand in the housing market, giving builders an incentive to keep up a brisker pace than expected.

Canada Mortgage and Housing Corp. said Monday that the number of new homes on which building began during the month of July equated to 200,098 housing starts on an annualized basis. The consensus forecast among economists called for 193,000 housing starts, which would have been down from 198,000 in June.

June�s number had also defied economists� expectations, coming in much higher than expected.

Housing starts have rebounded since the unusually cold winter, which had put a damper on housing activity. �This actually points to a solid increase in construction this year versus 2013,� said Bank of Nova Scotia economist Derek Holt.

�The trend in construction has increased modestly in recent months due to in large part to multiple starts, which have strong variability from month-to-month,� CMHC�s chief economist Bob Dugan said in a press release. (Multiple starts refer to buildings with multiple units, such as condos, rather than detached homes. CMHC counts all of the units in a condo building as starts in the month in which construction begins on the building.)

�Nevertheless, CMHC continues to expect a soft landing for the new home construction market in Canada,� Mr. Dugan stated.

Bank of Montreal economist Benjamin Reitzes pointed out in a research note that most of the gains last month came from Ontario, �where starts surged 21 per cent, with the bulk of the increase in multis and in Toronto.

�That won�t help ease fears about condo overbuilding,� he wrote.

But he concluded that �Canadian homebuilding is trending toward the upper end of estimates of demographic demand but isn�t at worrying levels just yet.�

Housing starts have now gained strength for four months in a row, and starts during the first seven months of this year are now slightly higher than during the same period last year, economists at Royal Bank of Canada noted.

�While the persistence of low mortgage rates has likely contributed to underlying housing demand remaining firm � with home resales and housing starts continuing to post solid gains � we anticipate that housing affordability pressures will increasingly weigh on housing demand and housing market activity will resume a moderating trend in the second half of 2014,� the RBC research note stated. �The slowing in activity for the remainder of the year will help offset the earlier strength with our forecast calling for housing starts to come in at a 186,000 pace for 2014 as a whole (compared to 188k in 2013) before slowing to levels slightly below the rate of household formation��

Economists at Toronto-Dominion Bank said last month that the market is still considered to be �at least moderately overbuilt,� largely due to condos, and predicted that price growth will cool.

�Builders will respond to higher inventories and lower price gains by scaling back construction activity, with housing starts trending down to 175,000-180,000 units [annualized] over the next 12 months � a pace supported by underlying fundamentals,� they forecasted.

I'm seeing lots of units for sale in my Main st neighbourhood (see Collection 45) but none of them show up on MLS.

# ? Aug 11, 2014 14:56

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Cultural Imperial posted:

I'm seeing lots of units for sale in my Main st neighbourhood (see Collection 45) but none of them show up on MLS.

New listings generally start showing up on public MLS after a realtor exclusive period.

ocrumsprug fucked around with this message at 16:18 on Aug 11, 2014

# ? Aug 11, 2014 16:14

namaste friends: Sep 18, 2004; by Smythe

https://www.thestar.com/business/real_estate/2014/08/11/is_inflating_income_lying_on_credit_applications_ok.html

quote:

Ten per cent of Canadians surveyed say it�s okay to inflate your income when applying for a mortgage, according to a new survey by credit reporting agency Equifax.
And 9 per cent say they have lied on credit card or mortgage applications.
The numbers came as a shock to Equifax officials, given that the July survey of 1,500 Canadians was really aimed at gauging their concerns about protection of personal data.
�We hadn�t asked the question before,� says Tim Ashby, vice president of personal solutions for Equifax Canada.
�It�s a bad strategy,� stressed Ashby, noting that lying on any credit applications is a form of fraud. �Obviously it�s not sustainable. It means that people are concerned about their ability to get a mortgage. We definitely want to counsel Canadians to work within their means and approach their debts with financial responsibility.�
The survey also disclosed that only 23 per cent of Canadians know their credit score, and just 26 per cent knew their credit rating at the time they applied for a mortgage. That�s despite the fact a good credit score can be a major negotiating tool in getting lower interest rate mortgages from financial institutions.
A bad score � especially one you find out unexpectedly, as you�re down to the wire trying to close an offer on a house � can be crippling.
�We hear story after story of people who pull their credit report and find there are things on there (such as unpaid bills that belong to others) that shouldn�t be on there. To find that out in front of your mortgage broker can be a really unpleasant surprise.�
Mortgage broker Joe Sammut called the fact anyone would inflate their income �disturbing� and stressed that Canadian lenders have �multiple layers of safety caches in place� to make sure such claims are caught, especially in the wake of the U.S. housing meltdown, much of which was caused by overlending and applicants not even having to file proof of income.
�I�ve had people call me and say, �I make $80,000, but my employer is willing to write a letter saying I make $120,000.� There are websites where you can get fake employment letters and pay slips. There are people out there willing to commit fraud, but it�s very minimal and I suspect it�s on the decline.�
Here in Canada, where lending rules are tougher than they have been in the States, mortgage applicants have to hand over T4 tax slips, employment letters and other documentation as proof of income before money changes hands, said broker Jake Abramowicz.
�Most people who call me say, �I don�t know what I can afford. Here�s what I make.� I�ve never had anyone say, �Here�s what I want to afford, how much do I need to make?�
�It�s impossible to lie on your income these days � it would boggle my mind that someone would think they could do it.�
Abramowicz said he�s had the odd new doctor or lawyer come to his office, saying they make $80,000 today and will be making $400,000 in a few years.
�I just tell them to come back and see me then.�
The Equifax survey also found that 79 per cent of respondents are more concerned than ever about protection of their personal information.
Some 81 per cent believe that lenders should be doing more to protect their personal information, so they aren�t at risk of fraud and identity theft, one of the fastest growing crimes.
According to police, identity theft costs the Canadian economy about $2.5 billion in losses every year and the total number of victims grew by 14 per cent in 2013, says Ashby.
It�s become such big business that Equifax now has a suite of products which, for about $15 a month, will provide regular credit scores and reports to consumers so they can track if anyone is applying for credit cards or mortgages in their name.
(By law, Canadians are entitled to a credit report as often as they like, but it can take two weeks to come by mail. To get it immediately from Equifax costs $23.)
Equifax Canada is even considering whether to join its U.S. counterparts in offering family credit rating protections to try to curtail the growing trend of identity theft among children � fraudsters who are using children�s social insurance and other sometimes easily obtainable information.
It�s known in the industry as �synthetic fraud� � using a child�s real name, but altering their age and other details so an 8-year-old may appear to be a 35-year-old, says Ashby.
It can take years until parents even realize their child�s ID has been used to fraudulently obtain credit cards or other loans.

I thought canada was the pinnacle of global lending standards. That's why It's Different Here.

# ? Aug 11, 2014 21:49

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

How do I get my free credit report?

# ? Aug 11, 2014 21:58

Precambrian Video Games: Aug 19, 2002

I can't speak to mortgages, but I don't think I've ever heard of anyone's credit card application requiring any serious proof of income (not saying they don't - I just haven't heard of it). You can get approved for thousands of dollars of credit over the phone just saying you make 50k per annum, sure why not?

The only exception was getting my first credit card where Scotiabank refused to give me more than $500 credit and would only give me that much if I gave them a $500 cheque as collateral. :wtc:

# ? Aug 11, 2014 22:03

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

Cultural Imperial posted:

https://www.thestar.com/business/real_estate/2014/08/11/is_inflating_income_lying_on_credit_applications_ok.html

I thought canada was the pinnacle of global lending standards. That's why It's Different Here.

Meh, in any survey, 5-10% of people will hold some really outlandish views. Also, the fact that those people have said they think it's OK doesn't mean they would actually do it.

eXXon posted:

I can't speak to mortgages, but I don't think I've ever heard of anyone's credit card application requiring any serious proof of income (not saying they don't - I just haven't heard of it). You can get approved for thousands of dollars of credit over the phone just saying you make 50k per annum, sure why not?

The only exception was getting my first credit card where Scotiabank refused to give me more than $500 credit and would only give me that much if I gave them a $500 cheque as collateral.

They do a credit background check, though. That's why you needed collateral on your first card, since you had no credit record.

# ? Aug 11, 2014 22:28

Precambrian Video Games: Aug 19, 2002

Lead out in cuffs posted:

They do a credit background check, though. That's why you needed collateral on your first card, since you had no credit record.

Right, but your credit report doesn't necessarily have an accurate total household income.

I'm pretty sure CIBC gave me a student card with no collateral, although it has been a while so I might be misremembering. Other banks seem to offer first credit cards with no collateral if you have another account with them (which I did with Scotia).

# ? Aug 11, 2014 22:34

namaste friends: Sep 18, 2004; by Smythe

http://forums.somethingawful.com/showthread.php?threadid=3657101

quote:

This morning, the Canada Mortgage and Housing Corporation (CMHC) revealed that developers broke ground on a seasonally adjusted and annualized 200,100 new homes in July � 7,000 more than economists had forecast.

As such, it marks the fourth consecutive month in which starts rose and came in above the consensus estimate.

While the details of June�s report were encouraging, the results from July weren�t as bright. In June, starts in the Prairies surged by 35 percent month-over-month. As this is the most supply-constrained region due to its burgeoning population and high rate of economic growth, this development was wholly positive.

However, July�s figures showed that multi-family starts in Toronto spiked a whopping 68 percent month-over-month, something that is sure to draw the attention of the country�s monetary policymakers.

�That won�t help ease fears about condo overbuilding,� wrote Bank of Montreal senior economist Benjamin Reitzes, commenting on these figures.

The Bank of Canada�s most recent Financial System Review indicated that �the substantial increase in construction over the past 15 years has raised questions about its sustainability,� and singled out Toronto�s condo market in particular as a �pocket of vulnerability.�

In BMO�s daily note, Reitzes comments on the effect that past, rather than recent, multi-family starts could have on the housing market in Canada�s biggest city. �[A]ssuming a three-year building period (which is already quite lengthy), there could be a flood of condos hitting Toronto� s housing market by year-end (unless there were a significant amount of cancelled/deferred projects),� he warns.

quote:

Starts (green line) rose sharply in 2011 and 2012, while the number of units under construction (blue line) continued to rise thereafter. The economist believes that the condominiums developers broke ground on during this period � which accounted for the vast majority of starts � have not yet been completed, but will be soon.

Such a �deluge,� as Reitzes puts it, could conceivably lead to a supply-demand imbalance that exerts downward pressure on prices.

# ? Aug 11, 2014 23:04

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

eXXon posted:

I can't speak to mortgages, but I don't think I've ever heard of anyone's credit card application requiring any serious proof of income (not saying they don't - I just haven't heard of it). You can get approved for thousands of dollars of credit over the phone just saying you make 50k per annum, sure why not?

The only exception was getting my first credit card where Scotiabank refused to give me more than $500 credit and would only give me that much if I gave them a $500 cheque as collateral.

When I first applied for a credit card from TD around 9 years ago they asked me what I did. At the time I was a bartender and a student, they specifically told me they were going to only list me as a student because I might be turned down on what they thought of as irregular employment.

# ? Aug 11, 2014 23:15

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

It makes no sense to me that they'd turn down people with no credit (as opposed to bad credit). Give em $500 limit chance once and see how they do - most will not default and many will remain a customer for life thanks to inertia.

# ? Aug 11, 2014 23:24

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Lexicon posted:

It makes no sense to me that they'd turn down people with no credit (as opposed to bad credit). Give em $500 limit chance once and see how they do - most will not default and many will remain a customer for life thanks to inertia.

Banks in Canada are ridiculous. If you go into the branch and apply for something, they will reject you outright. Yet if you grab the mail-in application off the counter, ask to borrow their pen to fill it in, and drop it in the mailbox outside you will get approved in two weeks. You don't even need to lie about anything.

It is one of the reasons I have a hard time reconciling the fact that Canadian banks will now give you an 800K mortgage if you can fog a mirror now.

# ? Aug 11, 2014 23:31

Rutibex: Sep 9, 2001; by Fluffdaddy

Lead out in cuffs posted:

Meh, in any survey, 5-10% of people will hold some really outlandish views. Also, the fact that those people have said they think it's OK doesn't mean they would actually do it.

It was 10% of people surveyed that said it was alright. There is a lot of interesting psychology that goes into surveys; in many cases people will not fill it out truthfully and will say what they expect the surveyor to want to hear. If I had to guess I would think that substantially more people think it is ok to lie about their income than 10%.

# ? Aug 12, 2014 00:39

Rime: Nov 2, 2011; by Games Forum

Lexicon posted:

It makes no sense to me that they'd turn down people with no credit (as opposed to bad credit). Give em $500 limit chance once and see how they do - most will not default and many will remain a customer for life thanks to inertia.

I was making $30k/yr when I got my first card, with a $500 limit, and I still had to put a $500 hold on funds in my savings to secure the card with as part of the approval process. Took me over a year before they'd turn it into a normal card instead of a secured one. :shrug:

# ? Aug 12, 2014 00:43

FrozenVent: May 1, 2009; The Boeing 737-200QC is the undisputed workhorse of the skies.

ocrumsprug posted:

It is one of the reasons I have a hard time reconciling the fact that Canadian banks will now give you an 800K mortgage if you can fog a mirror now.

CMHC doesn't insure credit cards.

# ? Aug 12, 2014 00:46

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

FrozenVent posted:

CMHC doesn't insure credit cards.

True, but this was also my experience in 2000 getting a mortgage too. A mortgage broker made getting a (CMHC backed) mortgage trivial, when I couldn't even get a bank to talk to us.

# ? Aug 12, 2014 01:20

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

eXXon posted:

Right, but your credit report doesn't necessarily have an accurate total household income.

I'm pretty sure CIBC gave me a student card with no collateral, although it has been a while so I might be misremembering. Other banks seem to offer first credit cards with no collateral if you have another account with them (which I did with Scotia).

I definitely got a student card with a $1000 limit with no collateral when I was in high school. I had a part-time job at Wendy's making maybe $600-$700 a month. This was 17 years ago now I think but I can't imagine they wouldn't do something similar today. Need to give the kids a taste to get them hooked for life :v:

JawKnee posted:

When I first applied for a credit card from TD around 9 years ago they asked me what I did. At the time I was a bartender and a student, they specifically told me they were going to only list me as a student because I might be turned down on what they thought of as irregular employment.

Same for me. The guy there was more able to get me a card by ignoring my income than with it.

Lexicon posted:

It makes no sense to me that they'd turn down people with no credit (as opposed to bad credit). Give em $500 limit chance once and see how they do - most will not default and many will remain a customer for life thanks to inertia.

I built my credit over time by using the card extensively but consistently paying it off, every month. There was a month or two around my wedding where the payments were a bit less than 100% but otherwise that was it. I've never asked for a limit increase but have received several over the years.

# ? Aug 12, 2014 01:44

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

^ Yeah, same, but I'm talking about people who've never had the chance and yet on occasion banks seem to think it's not worth rolling the dice on a $500 limit first credit card. These are purportedly rational, profit-seeking enterprises, but it seems like odd behaviour in the absence of data.

# ? Aug 12, 2014 05:30

less than three: Aug 9, 2007; Fallen Rib

I think the $500 credit limit cards for people with no history are pretty standard. Vancity gave me one with no history, $500 limit like everyone else. I eventually cancelled it because they refused to raise my credit limit even 2 years after I had a $55k/year job. They were doing my personal banking so it's not like they couldn't see in my chequing account I was making the money.

I think credit cards work like employment. Your first one will never give you a raise or give a poo poo about you. You need to jump employers/credit card companies once you have history on your CV/credit file.

# ? Aug 12, 2014 07:58

Guest2553: Aug 3, 2012

Guess everybody's every experience is different I applied for a CC at my bank and it wasn't a secured one. They even raised the limit to 1k after a couple months of not using it, and 5k shortly after. :shrug:

# ? Aug 12, 2014 16:21

Baronjutter: Dec 31, 2007; "Tiny Trains"

Yeah when my wife first moved here she tried to get a credit card so she could buy poo poo online but when she just filled out forms or did it online or over the phone she was rejected every time because immigrant, and told they might maybe consider giving her one if she was really really good and gave them $500. Then we just walked down to our credit union and a lady laughed about the stupid form-based system being pointlessly restrictive and gave her a card with a surprisingly high limit right away. She said if you do it over the phone or by form they are really beep-boop rules-robots about it and since she has 0 credit history that's an automatic rejection, while in person at the branch she can make a quick judgement call and just authorize a card seeing that she was gainfully employed making good money.

Also without us even asking they told us about their great mortgage rates which will surely be going up in a few years so now is the time to buy.

Baronjutter fucked around with this message at 16:42 on Aug 12, 2014

# ? Aug 12, 2014 16:33

FrozenVent: May 1, 2009; The Boeing 737-200QC is the undisputed workhorse of the skies.

less than three posted:

I think the $500 credit limit cards for people with no history are pretty standard. Vancity gave me one with no history, $500 limit like everyone else. I eventually cancelled it because they refused to raise my credit limit even 2 years after I had a $55k/year job. They were doing my personal banking so it's not like they couldn't see in my chequing account I was making the money.

I think credit cards work like employment. Your first one will never give you a raise or give a poo poo about you. You need to jump employers/credit card companies once you have history on your CV/credit file.

Desjardins started me with a $300 student card, ten years later they just offered to up my limit to 20k.

It's not the same card per se (I have their travel card now, basically, because $100 in fee a year is cheaper than getting travel insurance every time I travel) but there you have it.

# ? Aug 12, 2014 16:45

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

My bank is constantly throwing credit at me. Cards, Lines of credit, it's like they want me to have the chance to go into crippling debt or something.

Thank god I'm responsible cause otherwise I could go on like a 50k shopping spree right now.

# ? Aug 12, 2014 17:36

apatheticman: May 13, 2003; Wedge Regret

triplexpac posted:

My bank is constantly throwing credit at me. Cards, Lines of credit, it's like they want me to have the chance to go into crippling debt or something.

Thank god I'm responsible cause otherwise I could go on like a 50k shopping spree right now.

I've had Scotia bank raise my limit on both my credit card and my line of credit like 6 times. Without asking. Calling them and asking them to put the limit back down to what was originally agreed upon was like speaking a foreign language. No one understood.

Ended up switching to RBC surprisingly they just let poo poo be.

# ? Aug 12, 2014 19:50

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# ? May 12, 2024 14:17

Guest2553: Aug 3, 2012

Whiteycar posted:

Calling them and asking them to put the limit back down to what was originally agreed upon was like speaking a foreign language. No one understood.

Going through that now with TD. Amazing how many people are lysdexic, with all the confusion they have over the words 'raise' and 'lower'.

# ? Aug 12, 2014 21:20

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

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