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Canadian Bad Credit Cards

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Sue Said:

Hi were in Canada can wee get a credit card for bad credit?

We Answered:

You're going to need to know where your credit is before going down this path. My advice would be to apply with one of the major banks (RBC, Scotia, TD Canada Trust). If you're turned down then explore the "secured" cards available to you in Canada (Secured cards involve a "security" deposit held by the issuer to "secure" your credit limit).

Capital One offers a secured card with a limit up to $750 with a $75 deposit, Horizon Plus and Home Trust offer secured cards with a credit limit equal to your deposit.

Obtaining a secured card and maintaining a low balance and regular payment history over the course of a year should generate sufficient positive credit to qualify for an unsecured card.

Good luck.

Velma Said:

Bad Canada Credit/Debt Affect US Credit?

We Answered:

No you won't have to pay that back unless you go back to Canada. You could even file for bankruptcy pay the small fraction move to the US and wait for your credit to get better at home.

Keith Said:

Are there bad credit credit cards in Canada????

We Answered:

There are really four serious options for you. There are Hometrust and HorizonPlus (and as another person answered they have minimum deposits of $1000 and $500 respectively).

The downside of these two cards is that while they DO help you establish or rebuild credit they will never, EVER become normal credit cards. Your limit with them will only increase if you increase your security deposit. Worse, you're going to eventually have to cancel them (to get your deposit back) and this will close your oldest credit line (hurting your credit score in the process).

Capital One is a good choice simply because their security deposit ranges from $75-$300 (depending how bad your credit is) and they grant a credit line of $300-$750. More importantly after 6-12 months of responsible use (no overlimits or missed payments, keeping your balance under 50% etc) they will automatically increase your credit limit. The card will eventually turn into a normal credit card and you won't have to cancel it to get your deposit back.

There is one other option similiar to Capital One, and that is Citizens Bank. They offer a secured card (minimum deposit of $500) that will change into a normal unsecured card (they refund your deposit) if you demonstrate responsible use for 12 months (the secured card is not listed on their website, you have to call 1.888.708.7800 and ask them about it, you'll need to deposit $500 into a GIC with them as security).

Citizens Bank and Capital One are your best options when it comes to secured cards in Canada.

Hope this was some help!

Janet Said:

Is it possible for a Canadian Citizen to get a Credit Card In the USA if the person has bad credit?

We Answered:

Credit is not determined by citizenship, it is possible for anyone to get a credit card but it doesn't mean a company will choose to extend you credit. There are no laws or regulations that would restrict any entity from offering you credit.

Lisa Said:

How and where can you get canadian credit card or loan with bad credit?

We Answered:

Each time you apply for a credit card you lose about 5 FICO points. I would advise not to apply for any new loan and credit card as you may be refused because of the bad credit and also lose 5 FICO points.Your best bet is to get a "secured" credit card and build your credit score. With Secure credit cards you have to make a term deposit and they will issue you credit card for the same credit limit. I would wait one year and improve my credit rating before applying for regular credit card.

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