I'm still not clear as to what you're trying to do?

If you have a credit score of 656, you may or may not be accepted, based on TD's requirement for the rewards card.

If it's an unsecured card, then you won't be able to give security.. it's all based on your credit history.

If you are using security for a line of credit, then that's much more doable.

any advise or opinions? Got an appointment in 5 hours with the bank.

Hey Richard, thanks for the reply.

Well, since the bank I am looking to do this with (TD), isn't my MAIN bank.....I would like to make only one payment if possible. Plus, it would be like a mindless payment, that I never need to think about. More than anything though, it is just a convenience thing. If the bank doesn't like it, then I will revise my plan. I do have a joint account with the GF at TD who has our mortgage, which we pay our combined bills with.

I have made an appointment for Friday to talk to a rep at my branch.

I am not going to lie, the only RRSPs I have (had, I took them out and gifted to GF for down payment on current house) were set up through work with the Canadian government, so I don't have a clue when it comes to mutual funds or GICs through RRSPs. Any opinions would be appreciated.

Has anyone heard of trying to open 3 credit accounts at once through a bank with only a 656 credit score? Attainable? Will the bank scoff at me? I am going to take out a credit score/report on Friday before I go, and ask their opinion before they punch it up.

Has anyone found that increasing their credit score is addictive?

Sounds like you have a pretty good handle DBG, but I am confused on one thing.

You want to get a RSP loan and then pay that monthly RSP loan with a LOC, then pay the LOC monthly? Did I read that right?

So, I am itching to set up some new credit to continue my credit repair. I would like any suggestions or opinions on what I have planned.....

Currently I have:

two open credit card accounts in good standings; one with 4 years and one secure CapOne with just over a year of history, both in good standings. Combined I am sitting at 50% utilage, but I have about $6000 in a savings account so I can easily pay off $1500.

I have 3 bad debt accounts, which were paid in 2005/2006
I have 3 previous accounts closed that are either R1 or I1

I have a credit score of 656
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Now, in a previous thread, poster Angella suggested an RRSP loan as an easy attainable loan, since the RRSPs are considered secure. This should boost my credit score as it is a Installment account, not a revolving account.

I would like a new Rebate Visa card (both my CC's are MC).
I would like to get a line of credit

Now, I would like to set up an RRSP loan for maybe 2 years, $6000? My bad accounts will be dropping off in 2011/2012, so that will coincide with when my loan is up.

I would like to get a line of credit ($5000?). I would like to attach my RRSP loan payments to come off this line of credit automatically, and I would just pay into the LOC.

Lastly, I want a new Rebate Visa, and use that as my main CC (not that I use it that often), and utilize my other two cards just enough to keep them open.
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Any opinions, or suggestions? Is this a good time to be investing in RRSPs with the way the markets are? Should I be looking at a TFSA instead? GIC's?

Thanks,

DBG