4 Reasons why Canadian secured credit cards are good.
Monty Loree
1. Canadian secured credit card are an assured acceptance. You will have peace of mind knowing that applying for this card means you are certain to be accepted. There are many Canadian citizens who do not have credit for varying reasons. New Immigrants to Canada, students, and people with bad credit.
For those of us with bad credit, applying for many different credit cards may seen like a good idea. Unfortunately, every time a credit card company takes your application, not only do they get a credit report from TransUnion Canada but also from Equifax Canada. Unknown to you, in Canada, when a credit card company accesses your credit report, you lose 6 points (maybe more) off your credit card score.
2. Canadian secured credit cards help your credit report / credit score. People who are just starting off and have no credit history often have a difficult time attaining credit as their future creditors have no credit history to show how they've dealt with their credit previously.
3. Canadian secured credit cards help students and immigrants get credit. University and college students in Canada are usually starting off financially and haven't got that necessary credit history started. Students may have a part time job while working on their studies. Once you turn 18, it's the first time that you can get a credit card on your own. It's a pretty exciting time.
Secured credit cards allow students to get a credit card without having to have someone co-sign for them.
What is not commonly known to many immigrants (and those that actually live here) is that TransUnion Canada and Equifax Canada keeps a separate database of consumers for each country. So for immigrants wanting to start a credit history, this might prove difficult. The best way for them to create a history for themselves, would be get a secured credit card for their new country.
4. Canadian secured credit cards help people with bad credit. A secured credit card in Canada shortens the time it takes to reestablish your credit. Upon acceptance and usage of this credit card, the credit card company immediately starts to report your good credit to Equifax Canada and Transunion Canada giving you positive credit reporting in as little as a month's time.
http://www.canadian-money-advisor.ca/capital-one-canada.html Canadian secured credit cards are the solution to many issues for people with horrible credit, students, new immigrants to Canada. Access this guaranteed secured credit card application for Canadians and begin re-building up your credit score today! Click here to get your own
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