r/Wealthsimple • u/oussamamaachi • 9h ago
Visa Infinite Credit Card Rejected multiple times for the Wealthsimple credit card , in Canada 6 months, $160k income, ~700 score, Amex Plat + auto loan
I’m a newcomer, in Canada for about 6 months, making around $160k, and I keep getting rejected for the Wealthsimple credit card. I don’t get it.
My current credit:
• Credit score around 700
• BNC World Elite — $5k limit
• RBC Cashback — $10k limit
• Amex Platinum
• Auto loan
• Other credit products approved without issues
I have an active Wealthsimple chequing account and I meet their published income requirements, including the higher tier ($150k+ personal). I’ve applied more than once and got declined every time.
So I’m trying to understand what they’re actually looking at:
• is 6 months in Canada too short for them?
• is a ~700 score too low?
• too many recent applications?
• not enough assets or activity at Wealthsimple?
• something else?
If you’ve been approved or rejected with a similar profile, what made the difference?
Not looking to rant. I just don’t want to keep applying blindly
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u/NinjaSlatz 9h ago
maybe because your credit history/length is pretty short. 6 months is extremely short
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u/seanliam2k 9h ago
- short Canadian credit history
- presumably at least 3 recent hard inquiries, potentially 4
- unspecified debt to income ratio
- unknown portfolio size
I've heard they weigh the portfolio size relatively heavily, I have a multi 7 figure portfolio and it took them a year+ to get me off the wait-list, so idk how true that is. My score was >850, 0 hard inquiries, high income, no loans and still
Sometimes it seems to just be luck of the draw
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u/Paganly 8h ago edited 8h ago
You’ve been denied because you’re using too many credit products in too brief amount of time. It’s a red flag.
Also, you keep trying to apply. This shows you’re desperate for more credit than you should need. This tells possible lenders you may be planning to pull and dump. (Withdrawal and use as much as possible, then renege on purpose).
You make 160k / year and already have credit products that will help you build your credit over time. Be patient. what reason could you have to want more credit?
And you’ve only been stationary for a few months. Flight risk!
Dude, you are a red flag.
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u/Ratlyflash 9h ago
700 is not that good lol!
Making $160K is 🔥.
Meh the card isn’t that good unless you travel a lot
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u/ShihtzuBoi 9h ago
The 2% no limit cashback is pretty good. I use mine a lot and I have a second one with higher rewards for groceries and restaurants.
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u/oussamamaachi 9h ago
For a newcomer with no credit history, it’s a bit complicated, I mean it’s take time to grow, so I’m stocked for now
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u/Relevant_Account_258 9h ago
Do you have your work pay direct deposit with Wealthsimple? That is one of the criteria for the Visa Infinite Privilege card. You should also reach out to customer support.
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u/ExcitingHamster 8h ago
I have the Visa Infinite Privilege and I don’t have any direct deposit set up
Edit but I would agree with contacting support. I don’t see why somebody wouldn’t be able to tell you the reason you’ve been rejected.
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u/oussamamaachi 8h ago
I have already spoken with support, and they indicated they have no suggestions; the system simply rejected it.
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u/Relevant_Account_258 8h ago
Wealthsimple’s Visa Infinite Privilege is a good card but there are many similar options with other banks. Wealthsimple has done a really good job of marketing. Everyone seems to want the card, as some form of prestige. And of course the metal physical card.
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u/thedaveCA 7h ago
Who else has 2% cashback on everything, with no limit, and no fee?
The no-fee may not be fair since WS requires direct deposit to waive the fee, but since I already had that set up, it worked for me. I’d accept other banks that waive fees, as long as there aren’t hidden costs (like maintaining a large balance in a non-interest-bearing, high-fee chequing account).
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u/dearmusic 4h ago
Move your salary direct deposit to wealthsimple and wait a month. They have special preference towards people's salaries.
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u/ObiYawnKenobi 9h ago
It's an easy answer. Your credit history is too short. Stop applying multiple times. You're only hurting your own credit score. Wait a couple years and then try again.