Secured Line of Credit?
April 12th, 2009 by Questions
Discharged from bankruptcy last year…Have some cash available and would like to get a secure line of credit. I heard that it helps with repairing credit. I already have a secured credit card but the credit limit is low. If I got a secured line of credit, would it help my credit? Will the banks accept cash as a collateral?
Posted from: Ontario
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April 13, 2009 at 8:17 am, A licensed trustee said:
I suspect the bank will ask you to purchase a GIC with the cash and they will “hold” that as collateral for your secured line of credit. There’s is nothing wrong with thsi plan and it should help you rebuild your credit. Well done…