July 31st, 2012 by Questions
will one be able to get a credit card after/during a proposal. how does it work with the banks if you want a credit card
Posted from: Ontario
July 31, 2012 at 7:42 pm, A licensed trustee said:
You should be able to obtain either a prepaid or secured credit card. A prepaid card is more like a gift card – you load it up with money and then you can spend as much as you have on the card. These cards are easy to obtian, but they do not help to rebuild your credit.
A secured card requires either an insurance fee upfront or that you place funds on deposit with the credit card company. As long as you pay off your card every month the deposit just sits there earning interest. If you miss a payment the credit card company applies the money you have on deposit and (probably) cancels your card. These cards help rebuild your credit so, in my opinion, are a better route to take.
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