By financen | August 30, 2011 - 6:15 pm - Posted in Credit Card

There are a number of reasons of why secured Canadian credit cards are good.

1) Secured Canadian credit card means guaranteed acceptance:

When you apply for this type of credit card, you get the peace of mind that you will be accepted for this card. There are many people in who do not have any credit.

People with bad credit often apply for a number of credit cards all at once. Whenever the credit card company takes your application, they will check your credit report. Each time they access your credit report and you lose 6 points off your credit score.

2) Canadian secured credit cards help your credit report / credit score:

People with very less or no credit history often have a difficult time in getting new credit. For such people, secured Canadian credit cards will be of great help as it will help in rebuilding your credit scores.

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. They do a part time job while working on their studies. Once they reach the age of 18, they can get a secured credit card on their own without having their parents or friends co sign for it.

Immigrants have a difficult time in starting their credit. 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 individual credit. Once you start using the credit card, the credit card company will report your good credit to the credit bureaus and this will enhance your credit history.

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