Car Rental Agencies

[Jets4Life]

hello,

I am looking to rent a car before I purchase one outright. The problem is I foolishly damaged my credit in 2006 pretty badly, and even though I have paid off everything. It may take some more time to get a bank issued Credit Card.

I tried to rent a car from a well known car rental agency. I have $8,000 in my savings account, but a limit of only $350 on my Capital One Master Card. I had purchased a vehicle for 3 days with the credit card, but the rental agency informed me that I needed to have $350 additionally from my card to rent.

I offered as much as $5,000 from my bank account as a deposit, but they company still would not budge. Is there any car agency in Calgary or Edmonton that it may be easier to rent a vehicle for the weekend? Price is not really much of an option. I simply do not have enough on my credit card to pay the extra deposit fees.

Would I be able to get a friend or family member to pay on their card, and have me as a driver? (I would obviously reimburse them)

If anyone can help me in my dilemma, I would greatly appreciate it. Thanks.

[jayswin]

Originally Posted by Jets4Life

hello,

I am looking to rent a car before I purchase one outright. The problem is I foolishly damaged my credit in 2006 pretty badly, and even though I have paid off everything. It may take some more time to get a bank issued Credit Card.

I tried to rent a car from a well known car rental agency. I have $8,000 in my savings account, but a limit of only $350 on my Capital One Master Card. I had purchased a vehicle for 3 days with the credit card, but the rental agency informed me that I needed to have $350 additionally from my card to rent.

I offered as much as $5,000 from my bank account as a deposit, but they company still would not budge. Is there any car agency in Calgary or Edmonton that it may be easier to rent a vehicle for the weekend? Price is not really much of an option. I simply do not have enough on my credit card to pay the extra deposit fees.

Would I be able to get a friend or family member to pay on their card, and have me as a driver? (I would obviously reimburse them)

If anyone can help me in my dilemma, I would greatly appreciate it. Thanks.

What do you mean by the colded part?

[rd_aaron]

Could you not send some money to your credit card as additional credit?

For example, in university I had a $500 Student VISA so I just transferred $2,000 to my credit card and paid my $2,500 tuition.

[Jets4Life]

You mean like transfer $1000 from by bank account to my Capital One master card, even thought my C.C. has a $350 limit. With that work?

[ken0042]

Double check. When I had to make a major purchase my M/C company told me if I overpaid the system would automatically issue a cheque for the overage. However Visa let me overpay to get enough onto the card.

Not sure it it's a one bank thing, or a Visa vs. M/C thing.

[Jbo]

Credit is one of those things that takes a life time to build and can so quickly be destroyed. Usually taking 7 years for anything to come off. Sorry about the issue.

I'm not a personal banker (Im a commercial one) but are you able to go to get a cash secured MasterCard/Visa from your bank? I know we do it in our space, so if any personal bankers want to chime in please do. Get a 2500 limit, give them full cash security and you should be able to get the higher limit. The money will be held in a GIC or Term Deposit.

Anyway, that is one idea.

[Jacks]

pretty sure you can go to the bank and get a prepaid reloadable Visa card and put whatever money you want on it. It looks just like a regular Visa.

[Jets4Life]

Originally Posted by J-bo09

Credit is one of those things that takes a life time to build and can so quickly be destroyed. Usually taking 7 years for anything to come off. Sorry about the issue.

I'm not a personal banker (Im a commercial one) but are you able to go to get a cash secured MasterCard/Visa from your bank? I know we do it in our space, so if any personal bankers want to chime in please do. Get a 2500 limit, give them full cash security and you should be able to get the higher limit. The money will be held in a GIC or Term Deposit.

Anyway, that is one idea.

You are so correct. I was immature and partied much in my younger days. In 2005, I ruined my credit rating, and foolishly hid out from creditors for almost two years. I paid back most of $20,000 owed in the next few years, and now am debt free, and am never late for payments since 2008.

I will look into getting a secured Credit Card tomorrow. Hopefully my bank will give the green light.

[CaramonLS]

Originally Posted by ken0042

Double check. When I had to make a major purchase my M/C company told me if I overpaid the system would automatically issue a cheque for the overage. However Visa let me overpay to get enough onto the card.

Not sure it it's a one bank thing, or a Visa vs. M/C thing.

Your MC is issued by a bank, so it is your Bank's policy, not a Visa / MC thing. I've loaded up my MC with a negative balance with ATB.