Secured Credit Cards
April 27th, 2009 by Questions
It has been a year and a half since I was discharged from bankruptcy. I decided to apply for a secured credit card to build up my credit rating. The TD said I have to wait 2 years and so did Scotia Bank and CIBC said I had to wait 7 years. I saw a Horizon and Home Trust will give secured cards. Are these reputable cards to use? Are there any other alternatives?
Posted from: Manitoba
One Response to “Secured Credit Cards”
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April 28, 2009 at 1:05 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Home Trust is one of the pioneer’s of the secured credit card, it has been along for quite some time. The problem with Home Trust is the annual fees, they end up being quite expensive Horizon, while haven’t been in the secured credit card game for as long as Home Trust, they are also a legitimate institution with a solid track record. However, I am not aware what their fees structure looks like. A third option would be Capital One, they offer a secured credit card with a much lower annual fee than Home Trust. But as for credibility, all 3 of these are companies you can have confidence in as they have been around for a while and offer about the same level of service as your typical credit card companies.