Secured Credit Card Canada
What is a Secured Credit Card?
Credit Cards Bankruptcies Canada: When a person goes into bankruptcy he has to hand in all his credit cards to the trustee. After that person has been discharged from bankruptcy, he or she is often a good credit risk, since that person has no debt. Getting a secured credit card is a good way to get a credit card immediately and to help rebuild credit.
Regardless, a discharged bankrupt who has received their bankruptcy discharge in the recent past often has a difficult time getting a new credit card.
Secured Canadian Credit Cards Canada:
An option is to acquire a “secured credit card”. A “secured credit card” is a card backed-up or secured by funds you have deposited with the financial institution. The card looks like a credit card, and acts like a credit card but will have a limit depending on the amount of money that secures the card.
You can start rebuilding your credit rating and improve your credit score if you use a credit card that is secured.
When you use a secured credit card the credit company Peoples Trust will report the payments you make each month which helps rebuild your credit as you make regular payments over time.