Comments on: Cell phones and a comment on paying in cash only http://www.bankruptcy-canada.ca/consumer-proposals/2008/12/cell-phones-and-a-comment-on-paying-in-cash-only.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy http://www.bankruptcy-canada.ca/consumer-proposals/2008/12/cell-phones-and-a-comment-on-paying-in-cash-only.html#comment-80978 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Tue, 30 Dec 2008 14:02:53 +0000 http://www.bankruptcy-canada.ca/consumer-proposals/2008/12/cell-phones-and-a-comment-on-paying-in-cash-only.html#comment-80978 Let us deal with the credit card first. The product you should look into is a secured credit card. This is just like a normal credit card except you have to put a deposit down in the beginning that is equivalent to your limit (i.e. a $500 limit would require a $500 deposit). So you are essentially using your own money so there is no risk to the lending institution. I always suggest people look into the secured card you can get through Capital One, not that I am a big proponent of credit or of Capital One, it is just that the annual cost for that card is more reasonable than the others I am aware of. Now to the cell phone. This is a question I can't answer as each cell phone company is different. Yes you will have negative information on your credit, but a cell phone isn't a large ticket item and doesn't require rock solid credit. So the best thing to do is ask. If not you can always go the pay as you go route, but it never hurts to ask in advance. Let us deal with the credit card first. The product you should look into is a secured credit card. This is just like a normal credit card except you have to put a deposit down in the beginning that is equivalent to your limit (i.e. a $500 limit would require a $500 deposit). So you are essentially using your own money so there is no risk to the lending institution. I always suggest people look into the secured card you can get through Capital One, not that I am a big proponent of credit or of Capital One, it is just that the annual cost for that card is more reasonable than the others I am aware of.

Now to the cell phone. This is a question I can’t answer as each cell phone company is different. Yes you will have negative information on your credit, but a cell phone isn’t a large ticket item and doesn’t require rock solid credit. So the best thing to do is ask. If not you can always go the pay as you go route, but it never hurts to ask in advance.

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