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.
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. It's even more difficult for immigrants to start a credit history. Unknown to many, there is a separate database of consumers which Equifax Canada and TransUnion Canada use when checking out a immigrant's credit history.
To help them start a credit history in their new country, a secured credit card is the way to go. 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 answer to many challenges for people with rotten credit, students, new immigrants to Canada. Access this guaranteed secured credit card application for Canadians and start re-building up your credit score today!