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Canadian Secured Credit Cards

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The only problem was that I was living on my own and didn't have anybody to co-sign for me. I didn't want to ask my mother as that was not cool. They didn't have secured credit cards back then. So I had to find someone to co-sign for me.

I remember asking my employer if he would co-sign for me. He was kind enough to help and I got my credit card. I've never looked back.

For a while there, I would spend about $20 - $30 a month, just so I could see what would happen on my credit card statement. Mind you, I would then immediately pay it off since I can't stand owing money and I didn't want to rack up a large amount on my credit card. As this went on for a few months, I noticed that I became more confident in managing my money and my credit. This later helped me in my own business when it came to managing large amounts of money.

1) University / College Students have no credit rating - My story is the same as university students who are just starting off. They don't have a credit rating with Equifax or TransUnion and thus are required to either get a co-signor for an unsecured card, or put up some security for a secured credit card.

2) They want independence from parents - A sense of well being, an identity of who they are, being able to handle things away from their family. This is what all students want in their life.

3) They need an affordable credit card - For a small deposit (sometimes as little as $75.00), a student who is working part time is able to get a secured credit card. Being able to do this, jump starts their credit history.

4) It helps them learn to manage money and credit - Students who are just starting off needs to learn how to manage their money. A credit card will help teach them the responsibility of making payments on time. This is very helpful as they will have to keep bills current; such as, mortgage payments, electrical bills, gas bills, phone bills, etc. when they purchase their own home or rent an apartment.

A reasonably priced credit card, starting a credit rating, and the responsibility of making payments to keep their credit in good standing is what a secured credit card allows the student.

Canadian Secured Credit Cards

1. Canadian secured credit card means guaranteed acceptance. This is a nice feature as it gives you the peace of mind to know that if you apply for this card, you'll be accepted for this card. There are many people who do not have credit in Canada such as people with bad credit, students, and new immigrants to Canada.

There is a tendency for people with bad credit to create applications for several credit cards at once. The concern here is that this could cost you 6 points off your credit score for each application. When you apply to a credit card company they get a copy of your credit report from Equifax Canada and TransUnion Canada each time.

2. Use a Canadian secured credit card to help establish a credit history. Those who are just starting out in life, or who have never owned a credit card, often find that they are denied credit. When they question this, future creditors tell them that they have no credit history showing how they can handle credit which prevents them from obtaining credit.

3. Students and immigrants get credit with Canadian secured credit cards. Students upon graduating from university or college doesn't have the necessary credit history to apply for a credit card. While in school, most students have a part time job. Upon completion of school, which is 18 years of age, you can then get your own credit card.

Students can getting a secured credit card on their own with out having their parents or friends co sign for it.

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. 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.

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Monty Loree has sinced written about articles on various topics from Business Cards, Insurance and Credit Cards. College Students often have a difficult time getting credit as their credit rating is not yet developed. One of the best ways to commence a credit rating is to get a. Monty Loree's top article generates over 6600 views. to your Favourites.

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