Bright Spark
Posts: 334 
Location: Toronto
Location: Toronto
May 18th, 2005, 08:18 PM
Hello out there to everyone on Canadian content,
I have noticed that many forum members have quite a bit of knowledge concerning consumer issues, I was wandering whether anyone might have some helpful suggestions for my problem. I recently applied for a student credit card through CIBC Student Visa (January), I am over 18 and have absolutely no debts to my name. My salary is in 5-digit range and I work for a reputable company. I am also a full-time student planning to attend university this September.
My application was denied however, with no explanation given, other than I had to call a private group called Equifax to resolve the matter. After calling for many hours (February) this happens all the time so it is no bigey for me) I managed to get through to a representative who said that I had an incorrect birthdate and that I needed to send photocopies of my SIN card, passport and driver's license. I did this even though I didn’t feel comfortable in doing so. I had asked that they phone me when they rectify the situation. I received no phone call.
I received a letter a month later (April) stating that it had been corrected HOWEVER after looking over the so-called corrected report I was awestruck to see my brothers name! Both my brother and I are headed to university and thus require positive credit when applying to OSAP (student loan). This majorly screwed up both of our credit reports especially his. Considering we have different names and my driver’s license, passport and SIN all show different names I find it hard to believe such a mistake could occur, yet it did. After calling them and waiting on hold for hours on end I was told that they had made a mistake and that their system only counts first names (which I share with my brother) not middle names. After a lengthy discussion, I was told that they would need to split the files and would again require all the photocopies, regardless of the fact that I had already sent them before.
After sending them again (late April) I again waited until I received a package on May 4 stating that everything had been corrected and that I had a positive credit rating as well as my brothers being ok. I went ahead with another application for VISA this time through my personal banker. He had said a variety of reasons why this was happening (I realized he had absolutely no clue about anything) But I went with him anywayz (my mistake). I received a call today stating that there is a problem with my credit profile and they won’t say whats wrong with it, but I must contact EQUIFAX yet again to rectify it. My personal banker says that my credit is tied to my brother’s one but I doubt it.
Unfortunately, for me I need a good credit rating for OSAP (student loan) and if I keep sending applications and they keep declining, it becomes negative. The due date for applying for my student loan is June 15th barely a month and I can’t get anything to work. Should I pursue legal means? I’m tired of giving into CIBC/Equifax for all sorts of information when im consistently denied for no reason. I tried also with MasterCard through BMO Student services but to no avail. If anything I should, I have instant approval because of my steady source of income and collateral. If I don’t get approved I might have to wait another year until everything gets cleared up which is unfair, if anyone can help I’d be much obliged. Though I despise Equifax to the core if there is somebody who works for them I could go through them, nothing illegal of course just rectifying a problem made by this company and CIBC.
Hello out there to everyone on Canadian content,
I have noticed that many forum members have quite a bit of knowledge concerning consumer issues, I was wandering whether anyone might have some helpful suggestions for my problem. I recently applied for a student credit card through CIBC Student Visa (January), I am over 18 and have absolutely no debts to my name. My salary is in 5-digit range and I work for a reputable company. I am also a full-time student planning to attend university this September.
My application was denied however, with no explanation given, other than I had to call a private group called Equifax to resolve the matter. After calling for many hours (February) this happens all the time so it is no bigey for me) I managed to get through to a representative who said that I had an incorrect birthdate and that I needed to send photocopies of my SIN card, passport and driver's license. I did this even though I didn’t feel comfortable in doing so. I had asked that they phone me when they rectify the situation. I received no phone call.
I received a letter a month later (April) stating that it had been corrected HOWEVER after looking over the so-called corrected report I was awestruck to see my brothers name! Both my brother and I are headed to university and thus require positive credit when applying to OSAP (student loan). This majorly screwed up both of our credit reports especially his. Considering we have different names and my driver’s license, passport and SIN all show different names I find it hard to believe such a mistake could occur, yet it did. After calling them and waiting on hold for hours on end I was told that they had made a mistake and that their system only counts first names (which I share with my brother) not middle names. After a lengthy discussion, I was told that they would need to split the files and would again require all the photocopies, regardless of the fact that I had already sent them before.
After sending them again (late April) I again waited until I received a package on May 4 stating that everything had been corrected and that I had a positive credit rating as well as my brothers being ok. I went ahead with another application for VISA this time through my personal banker. He had said a variety of reasons why this was happening (I realized he had absolutely no clue about anything) But I went with him anywayz (my mistake). I received a call today stating that there is a problem with my credit profile and they won’t say whats wrong with it, but I must contact EQUIFAX yet again to rectify it. My personal banker says that my credit is tied to my brother’s one but I doubt it.
Unfortunately, for me I need a good credit rating for OSAP (student loan) and if I keep sending applications and they keep declining, it becomes negative. The due date for applying for my student loan is June 15th barely a month and I can’t get anything to work. Should I pursue legal means? I’m tired of giving into CIBC/Equifax for all sorts of information when im consistently denied for no reason. I tried also with MasterCard through BMO Student services but to no avail. If anything I should, I have instant approval because of my steady source of income and collateral. If I don’t get approved I might have to wait another year until everything gets cleared up which is unfair, if anyone can help I’d be much obliged. Though I despise Equifax to the core if there is somebody who works for them I could go through them, nothing illegal of course just rectifying a problem made by this company and CIBC.
Newbie
Posts: 9
January 21st, 2007, 12:48 AM
I had the a similar problem as well once I turned 18.
Once I turned 18, I started applying for credit cards, including CIBC (where I've had an account since 1990!). The CIBC STUDENT card also got declined, though I was told it was because 'I had no credit history', with no offer of a secured card.
Desjardins was even more rotten; they declined my application for a $300.00 card, and they posted not one, but 2 inquiries on my credit file on 2 different days.
I did, however, get lucky with RBC, where I had submitted 2 applications, one for the Classic II student and the other being the Starbucks Duetto. The student card got declined, but the Starbucks Visa got approved for $2500.00. Apparently they don't always rely on TransUnion reports (RBC primarily uses TransUnion reports, although in this case they seemed to use both EFX and TU)
I've figured out where some of the different banks get their reports:
RBC (Primarily Trans Union)
CIBC (Equifax)
Scotiabank (Usually Equifax these days, although have seen them on TU)
TD (Primarily Equifax)
HSBC (Can use either EFX or TU, though I was told its always Equifax first)
PC Financial: (Equifax)
Sears Card/JPMorgan Chase: (Primarily Equifax)
Desjardins (Equifax)
Canadian Tire (TransUnion)
AMEX (Primarily TransUnion)
Capital One (Both EFX and TU are pulled once application is submitted)
GE money (incl. Bay Card) (Equifax)
Citibank (Equifax)
Citizen's Bank: (Equifax)
MBNA: (Primarily Trans Union)
BMO: (Equifax)
CUETS/Credit Union Mastercard (Equifax; though they will pull Trans Union if you ask)
Wells Fargo (Primarily Equifax)
National Bank of Canada: (Equifax)
MOST Credit Unions (Equifax)
As well, here are some of the cell phone providers:
Telus: (Primarily Equifax)
Bell/Solo: (Equifax)
Rogers/Fido: (Primarily Trans Union)
I've also never heard of anyone that relies on information from a rather clandestine source, namely NCB (now called Experian). If anyone knows who uses their reports, I would love to find out. As a matter of fact, I got my report for them and there were *NO* inquiries from any one, and not all of my accounts showed up on there.
Now I've got 10 credit cards:
1. Royal Bank Low Rate Option: $20K
2. CIBC Bizline (at P+1.5%): $18.7K
3. CUETS Gold MasterCard with Choice Rewards: $15.8K
4. MBNA Platinum Plus (at 9.99%): $5K
5. Source by Circuit City Credit Card: $1.7K
6. HBC MasterCard: $1.5K
7. Amex Costco Platinum: $1K
8. Amex Air Miles Platinum: $1K
9. Presidents Choice MC: $1K
10. CIBC US Dollar: $1K
I had the a similar problem as well once I turned 18.
Once I turned 18, I started applying for credit cards, including CIBC (where I've had an account since 1990!). The CIBC STUDENT card also got declined, though I was told it was because 'I had no credit history', with no offer of a secured card.
Desjardins was even more rotten; they declined my application for a $300.00 card, and they posted not one, but 2 inquiries on my credit file on 2 different days.
I did, however, get lucky with RBC, where I had submitted 2 applications, one for the Classic II student and the other being the Starbucks Duetto. The student card got declined, but the Starbucks Visa got approved for $2500.00. Apparently they don't always rely on TransUnion reports (RBC primarily uses TransUnion reports, although in this case they seemed to use both EFX and TU)
I've figured out where some of the different banks get their reports:
RBC (Primarily Trans Union)
CIBC (Equifax)
Scotiabank (Usually Equifax these days, although have seen them on TU)
TD (Primarily Equifax)
HSBC (Can use either EFX or TU, though I was told its always Equifax first)
PC Financial: (Equifax)
Sears Card/JPMorgan Chase: (Primarily Equifax)
Desjardins (Equifax)
Canadian Tire (TransUnion)
AMEX (Primarily TransUnion)
Capital One (Both EFX and TU are pulled once application is submitted)
GE money (incl. Bay Card) (Equifax)
Citibank (Equifax)
Citizen's Bank: (Equifax)
MBNA: (Primarily Trans Union)
BMO: (Equifax)
CUETS/Credit Union Mastercard (Equifax; though they will pull Trans Union if you ask)
Wells Fargo (Primarily Equifax)
National Bank of Canada: (Equifax)
MOST Credit Unions (Equifax)
As well, here are some of the cell phone providers:
Telus: (Primarily Equifax)
Bell/Solo: (Equifax)
Rogers/Fido: (Primarily Trans Union)
I've also never heard of anyone that relies on information from a rather clandestine source, namely NCB (now called Experian). If anyone knows who uses their reports, I would love to find out. As a matter of fact, I got my report for them and there were *NO* inquiries from any one, and not all of my accounts showed up on there.
Now I've got 10 credit cards:
1. Royal Bank Low Rate Option: $20K
2. CIBC Bizline (at P+1.5%): $18.7K
3. CUETS Gold MasterCard with Choice Rewards: $15.8K
4. MBNA Platinum Plus (at 9.99%): $5K
5. Source by Circuit City Credit Card: $1.7K
6. HBC MasterCard: $1.5K
7. Amex Costco Platinum: $1K
8. Amex Air Miles Platinum: $1K
9. Presidents Choice MC: $1K
10. CIBC US Dollar: $1K
