Guess it's all a matter of perspective. CIBC to me is a PITA.
I have crappy scores, including a low EQ
score, just under 630. TU
of just over 670. One negative item on each bureau resulting from a CC that went to collections 3-4 years ago and which was marked as a CO & was pif (Ridiculous amount owing on it, something like $200)
I have had a Cap 1 secured for 3 years, no lates, secure housing and employment history and a car loan over 18 months old (not financed by CIBC).
Applied for their "easy" card to get, the basic one and was told in no uncertain terms, ANYTHING on the bureau will result in a rejected app. We had a lengthy conversation about this.
I should mention, they have been our main bank for about 7 years.
All I can think of is that I applied via the phone, should I have gone in to the branch?
On a side note, the Cap 1 card has been amazing.
I had a credit score of well ... WELL under 500 when I first started looking at credit scores a few years ago. I was looking to see how much damage the collection accounts I had did. As you can see above, the scores have gone up quite a bit. Well under 500 is a nice way of looking at barely over 400. Something like 98% had better credit than me.
Spend, pay, repeat. Never had a problem with them doing that.
As much as the card has done, I can't wait to get an unsecured card from one of the "big" banks.
Would like to have one soon as we are now in a spot to start saving money and hopefully in about 3 - 3.5 years when that last black mark falls off we'll have enough to put down on our first home. I'd like to have a solid history before haggling for rates with a broker/bank.
I made the decision to pay a higher interest rate on the car due to our history and the fact it was needed, but no way am I paying more than I have to on a mortgage.
wow ... sorry about the long post, I just wanted to post on the CIBC thing, not sure where the rest came from