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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Secured credit card before discharge

I’ from quebec and have filed for bankruptcy on August 31, 2006. I desperately need to get a secured credit card since I am in sales and need to travel (hotel, car rental, etc..). I had a company card but it was cancelled and I did pay it off with the help of my employer. The employer will not allow me to get a credit card on their name. I have gotten a prepaid credit card but I was told that hotels and car rentals do not accept them. I have contacted my bank to apply for a secured credit card but they have refused. They tell me that no one is allowed to give you credit before being discharged. I have been searching on the net and found some blogs (p.s. this one is excellent – keep up the good work) and people did get secured credit cards even undischarged. I also called Financial Consumer Agency of Canada and they have notified me that it is upto the banks discretion.

1. Is there a law that states that no one is allowed to be given a secured credit card to someone that is undischarged from bankruptcy? Is it to the discretion of the banks?

2. Different rule for each province ?(Quebec is the hardest to get any credit)

3. If I do have a chance to get a secured credit card before being discharged, what can I do, say or show the bank that I am just looking for a $500 limit on my card and offer them $500 as GIC. Is there anyway?

4. I do not have the option for a family member or friend to help me out to take responsibility to have me on their credit card.

Thank you in advance.

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One Response to “Secured credit card before discharge”

A licensed trustee said...

There are 3 companies that make getting a secured card fairly easy from the internet. Go to MBNA, Capital One or Home Trust’s websites. Each offer secured cards with slightly different terms and conditions.

If this doesn’t work, another option might be to ask a family member to issue you a secondary card on their account. If they do, I suggest they destroy their own card so that it’s clear that any purchases belong to you. It would be a debt incurred after filing and therefore if you defaulted on the payments they could sue you.

Good luck.