Quote:
Originally posted by Yakk
In University, they practically threw a credit card at me (no secuity, no income information, no credit history (not even student loans), as far as I remember). It was a small limit. Is this a Canada/US difference, or was I just lucky?
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In University - you crazy foreigners
Some credit card companies will send out solicitations for credit cards for people with no credit, but there are usually A) Very high interest rates or B) Annual Fees. C) Other undesireable terms
Combined with a (usually) small credit limit, they usually are not worth your time.
My roomate recently got a credit card offer that gave him an initial credit limit of $300.00.
However, there was a $95.00 Annual fee (to be paid when activated) a $65.00 Activation fee, and a $45 Dollar Processing Fee. Basically, it was "Sign here and pay us $205.00... plus interest at 29.99%" The Kicker was that it was all taken as a cash advance, and a 5% cash advance fee was to be added to the balance as well, as well as interest beginning immediately.
Er... sorry, got a bit off topic there. Indeed, you can get a credit card without credit, but a vehicle loan (other than the high risk places) are usually a different story...