So you've reviewed your Canadian credit report and discovered the sad facts about your credit history. "What happens when you have bad credit, poor credit or simply no credit history in Canada?" asks James. "Many Canadians don't realize that they are still virtually guaranteed approval for a MasterCard or Visa under two different secured credit card offer applications."

The good news - the application process for a Canadian secured credit card does not depend on your past credit problems or verifiable income levels. "You simply need to provide a fully refundable security deposit equal to the credit limit you are requesting," says James. "It's the best way to repair credit in Canada since both credit cards report monthly to Canadian credit reporting agencies - Equifax Canada and Trans Union of Canada." If you use your credit card responsibly, your Canadian credit record will improve over time.

MASTERCARD CREDIT CARD CANADA: HorizonPlus offers guaranteed approval to MasterCard applicants who are Canadian citizens (or permanent Canadian residents), 19 years old or older, have a Social Insurance Number, a verifiable permanent Canadian home address (including Quebec), are not an Undischarged Bankrupt and open your Secured Savings Account with Peoples Trust. You simply complete the application and mail in a fully CDIC insured refundable deposit for $500-$10,000 (equal to the credit limit you are requesting). Within a short review period, you should receive you Secured MasterCard (in the unlikely event your application is not approved, your deposit will be returned immediately). Information also available in Francais.

VISA CREDIT CARD CANADA: Home Trust offers guaranteed approval for Secured Visa applicants who are Canadians and resident anywhere in Canada (except Quebec). The Home Trust Secured VISA is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $1,000, or as much as $10,000. Your security deposit earns interest, while your Home Trust VISA card is open and in good-standing. If you decide to cancel your card, you can just pay off your outstanding balance, and you'll get your security deposit - plus interest earned - back from Home Trust. The application process is very simple and almost everybody is approved! Of course, if your application is not approved, your security deposit will be immediately returned to you.