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Canadian Credit Repair, Information and Services
Credit Repair in Canada is done best in just one way
a secured VISA credit card for Canadians
Are you a discharged
bankrupt? A new immigrant to Canada? A student just starting out in adult life? Newlyweds trying to establish your first home together? A newly single
divorcee or widow? An entrepreneur having trouble getting credit from your local bank? Or just one of 5 million Canadians without a credit card? Your only opportunity to successfully repair a bad credit rating or build your initial credit history in Canada is through a secured credit card or line-of-credit VISA.
Almost no one is turned down! Thats right. If youve gone through the embarrassment of rejection by your local bank or credit union, and are afraid to try again, this is your best chance to enjoy all the benefits and responsibilities of a credit card, without fearing the application process.
For starters, the application is completed online, without ever having to discuss your financial situation with another person. In fact, YOU set the credit limit based on your own ability to secure the credit card through deposit or home equity. Isnt that nice?
Then next, you simply print and mail the completed application, along with a certified cheque or money order (as a security deposit) payable to Home Trust VISA (see address on form). For example, if you would like to receive a credit limit of $1,000, you then enclose a certified check or money order for $1,000 together with your application. The credit limit or the amount of your deposit can be as low as $1,000 and as high as $10,000. Your Security Deposit will be held in an interest-bearing account with interest payable to you on the anniversary of the opening of your account. The current interest paid on deposits is 2% (while your VISA card is open and in good standing).
CREDIT REPAIR in Canada happens best when Canadians use their secured VISA credit
Here at CanadaCreditCenter.com, we know in these tough economic times in Canada, some Canadians have faced equally tough financial times. The results may have been delinquent loan payments, missed credit card minimums or even full bankruptcy proceedings all of which have either negatively effected or completely destroyed your previously good credit rating. Faced with this bleak situation, consumers have few choices trying to get past their bad credit rating. Unfortunately, many people are lured by credit repair companies promising to erase those negative entries with Canadian credit bureaus
for a juicy fee of course. This elusive quick fix never works if the negative entries are factual, no matter how much you paid. A much better route, that can improve your credit rating within 12-18 months, is a secured credit card, in fact the only one in Canada.
(Editors Note: This VISA is NOT one of those phony US credit cards that have been attacked by consumer advocates on both sides of the border. It is a fully approved VISA credit card that gives you all the privileges and responsibilities of managing credit cards).
Issued by Home Trust to nearly all applicants, this credit card is only limited by the size of your deposit (from $1,000-$10,000 CDN) or home equity (up to $50,000 CDN). As you use the card, and make regular minimum payments, these positive actions are reported to both Canadian credit bureaus Equifax and Trans Union on a monthly basis. Within little more than a year, you may be in a position to qualify for another credit card or small loan to continue the process of rebuilding your credit.
(Editors Note: In the case of a discharged bankrupt, this 12-18 month timing is critical. Most Canadian banks will not even consider you for any credit until three years after your bankruptcy has been discharged. Then the banks typically wait an additional two years for you to build up your credit
with someone elses loaned money. That can be five years before you can get a banks approval for any type of credit. By taking out a secured credit card the day after your discharge, you immediately start rebuilding your credit history instead of waiting five years. Get back on track now).
OTHER CREDIT REPAIR & BUILDING
The same is true for those individuals who have no credit history whatsoever immigrants, students, young newlyweds or recently divorced/separated spouses (often the female partner) and entrepreneurs. How does a secured credit card help them?
DISCHARGED BANKRUPT RETURN TO FINANCIAL SOLVENCY
The goal of an effective bankruptcy allows a Canadian individual or couple to start over financially. Once the court is satisfied a person has met all his or her legal obligations under the bankruptcy laws in Canada, they are discharged to begin the task of CREDIT REPAIR. Their best opportunity to begin that journey is through a Canadian secured credit card VISA. [ more on credit repair for
discharged bankrupt... ]
IMMIGRANTS NEW TO CANADA
Just moved to Canada from the United States, Mexico, Great Britain, Hong Kong, Australia or other parts of Europe, South America or Asia? If you havent discovered already, Canadian banks are NOT interested in loaning money to you! But with a secured credit card, any immigrant begins building their credit history in Canada, even before they become a Canadian citizen. By the time you qualify for citizenship and a Social Insurance Number (SIN) you will also have a positive credit rating on which to build your new life in Canada. [more on credit repair for
STUDENTS SECONDARY OR POST-SECONDARY
What the most common Catch-22 when students look for a job? Potential employers want someone with experience. In order to have experience, you need a job. You cant get one without the other. The same is true of credit in Canada. In order to obtain a credit card or loan, you need to have a good credit history. In order to have a good rating though, you need credit. Thats where a secured VISA credit card can unlock this financial door for you. You (or your parents/grandparents as a graduation/birthday present) deposit $750 or $1,000 with Home Trust, giving you an equivalent credit limit. That VISA entitles you to all the benefits and responsibilities of a credit card, while building your credit history for future car and home purchases as you mature and begin your adult life. Now if only finding work were quite that easy, eh? [more on credit repair for
NEWLYWEDS STARTING MARRIED LIFE TOGETHER
The credit problems facing students often face young newlyweds as well. Sometimes neither partner have a credit history in Canada, or one partner has a bad credit rating that now hurts the married couple jointly. After all your marriage vows -- in rich or in poor also bind your financial pasts and future together as well. Again a secured credit card allows you to furnish the new apartment or pay for the honeymoon while wisely building or rebuilding your credit history in both your names. That means youll be in a better position buy a car, finance a home or afford the little extra bundle of joy that might arrive nine months from now. [more on credit repair for
DIVORCED/WIDOWED RESTARTING LIFE AS A SINGLE ADULT
One of the unforeseen consequences of divorce or death (of a spouse), for at least one of the spouses, is a complete lack of credit history. All too often the wife discovers all the credit applications were made in her ex-husbands name leaving her with little or no individual credit history (Editors Note: If youre still married, or not, it pays to find out your own personal credit rating through a credit report in your own name. It will stop any nasty surprises later on). That means the ex is not only walking away with the good china and family dog, but your credit rating as well. It will leave you unable to take out any credit cards or loans under your own name. So whether youre divorced/widowed (or still married) a secured credit card allows you to build a credit history in your name alone. [more on credit repair for
Divorced or Widowed Single Adults...]
ENTREPRENEURS BANKS DONT KNOW YOU
Getting a credit card or operating line of credit when starting a new business is often difficult. No one has faith that you can be successful as an entrepreneur, especially the blood-sucking bank (that used to be so friendly when you were getting a regular paycheque every two weeks). Getting a line-of-credit home equity VISA is one of the best ways to add up to $50,000 in operating funds through a reputable Canadian credit card. The VISA will allow you to buy computers, supplies, office furniture and any other items to begin your business venture, and hopefully limit your visits to the bank to depositing big fat juicy cheques and waving cheerfully to the head vampire, er, bank manager.
[more on credit repair for
If you still have questions about your financial situation, and how a secured credit card might be able to improve it, please see our Credit
Repair Advice page.
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||EQUIFAX.CA - Canadian Credit Report & Beacon FICO Credit Score
The leading credit bureau in Canada offers both a personalized credit report, and perhaps more importantly your actual Beacon FICO Credit Score -- used by most Canadian lenders (banks, credit unions and creditcard c ompanies) to evaluate your loan or credit card application. Both financial products are online today!
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