Comments on: Lines of Credit? http://www.bankruptcy-canada.ca/after-bankruptcy/2008/11/lines-of-credit.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/after-bankruptcy/2008/11/lines-of-credit.html#comment-76069 Ted Michalos, CA trustee Sun, 30 Nov 2008 13:31:05 +0000 http://www.bankruptcy-canada.ca/after-bankruptcy/2008/11/lines-of-credit.html#comment-76069 The credit cards you've read about are either secured cards (where money has been placed on deposit as surety against the use of the card) or pre-paid cards (not actually credit cards at all since yuo can only spend whatever you've loaded on the card). I am certain you can obtain a line of credit if it is properly secured - that means you either need a lump sum of money to place on deposit with the bank, or have something that the bank will accept as collateral (for example equity in a house). A co-signer might also work depending on their situation. The credit cards you’ve read about are either secured cards (where money has been placed on deposit as surety against the use of the card) or pre-paid cards (not actually credit cards at all since yuo can only spend whatever you’ve loaded on the card).

I am certain you can obtain a line of credit if it is properly secured – that means you either need a lump sum of money to place on deposit with the bank, or have something that the bank will accept as collateral (for example equity in a house). A co-signer might also work depending on their situation.

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