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. When people have bad credit, they tend to apply for many different credit cards all at once. The problem with this is that every time a credit card company takes your application they get a credit report from Equifax Canada and/or TransUnion Canada. Every time a credit card company accesses your credit report, it costs you approximately 6 points off your credit score in Canada. 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.
Getting credit with Canadian secured credit cards help immigrants and students. Many students while in school, university, and/or college have part time jobs. While this is good, it does not necessarily build your credit history. Most students are just starting off financially. A secured credit card helps in this area.
Also, once 18, you can then get your own and first credit card. Secured credit cards allow students to get a credit card without having to have someone co-sign for them. With immigrants it's difficult to start your credit. Even if you're moving in from the United States or other country.
It's not commonly known that Equifax Canada and TransUnion Canada keep a separate database of consumers for each country. A secured credit card helps them get a credit rating started in their new country. 4. To erase bad credit, use a Canadian secured credit card.
When you are trying to reestablish your credit history, it would be best to apply for a secured credit card. Once you are accepted, the credit card company starts reporting your good credit to TransUnion Canada and Equifax Canada within as little as a month which then creates a positive credit in your favor.
Canadian secured credit cards are the solution to many issues for people with rotten credit, students, new immigrants to Canada. Access this guaranteed secured credit card application for Canadians and begin re-building up your credit score today!