Guaranteed Master Card Canada
Written by admin on April 9, 2009 – 6:38 am -Whether you’re just starting out in the world of credit or hoping to rebuild a damaged credit report, using secured credit cards can help. However, you’ll need some cash to get started.
First, let’s define what secured credit cards are. They are REAL credit cards, generally Visa or MasterCard, that can be used for anything Visa or MasterCards can be used for. The difference is that they require the cardholder to deposit a certain amount of money into a checking or savings account to use as security against the card.
Secured credit cards also differ from debit cards in that secured credit cards are loans made against the money in your account, rather than simply having the money automatically deducted from your account, as is the case with debit cards. In that way, they can be a helpful tool toward either establishing or reestablishing your credit.
The interest rates on secured cards are generally higher than on standard cards, but not always. For instance, the website www.bankrate.com lists twenty-four secured credit cards, starting at 7.2% and going as high as 23.98%. Annual fees can vary from zero to $69.00, according to the site, as well.
Normally, you’ll need to deposit at least $300 into a checking or savings account, which will then determine your credit limit on the card. (Each card will be different, so you’ll want to do some shopping for the card that best suits your needs.)
Secured cards can allow you to begin rebuilding your creditworthiness by charging responsibly and then repaying according to your agreement. They can be a relatively quick way of either establishing or reestablishing your credit, and are worth checking out in your plan to gain control of your financial future.
Posted in Getting Credit in Canada | Comments Off
Getting Credit Quick
Written by admin on January 31, 2009 – 6:40 am -
When you’re trying to re-establish your credit rating there is a few credit card companies in Canada that will allow you to get a pre paid or secured credit card. If you are a first timer to credit or rebuilding your credit this is a must do!
Auto Source Finance is a Company that not only helps you obtain a Credit Card, they also help you establish credit through a Car Loan. Auto Source Financial is a Canadian owned and operated company in British Columbia.
On secret you probably never knew about credit cards is how they affect your beacon score at the credit bureau? Yes just getting a credit car helps but did you know if when using your new card you take the credit card over 2/3 of its approved value your can actually damage your beacon score! The secret most people don’t know is never take you card over 2/3rds of it limit and always pay it on time if not early.
Example: Luk Lee from Korea with no credit at all he had only been in Canada 6 weeks! Credit Source Financial arranged for him to acquire a Secured Credit Card with a $ 500.00 limit. He followed Auto Source’s guide lines on using the card and in 5 months his credit score was 760 from a “0”. Then after only 5 months Auto Source arranged a $35,000 New Car Loan for Mr Lee at 2.9% financing through a Major Canadian Banking Institution.
Auto Source can teach you how to obtain your new pre-paid or secured credit cars and get you driving a New Car all within Days. Auto Source Financials credit analysts have years of experience working with all types of credit in Canada,
If you want to get credit or re establish your credit Auto Source can get you there!
Posted in Getting Credit in Canada | Comments Off
