Whether you
are looking to start building credit, or repairing your current credit, there
are very similar requirements. Here are the basics of what you should be aiming
for:
·
2 different sources of credit
·
The limit of both should be
at least $1000
·
They generally prefer to see
at least a 12 month history
·
Payments made on time every
month
·
Balances kept low (under 30%
if you can)
The easiest way to start is
typically with a pre-paid (or secured) card. I currently have access to a very
reliable lender who is offering secured VISA’s. You can choose anywhere from $500-$10,000.
You also have your choice of
interest rate. For a fee of $5 a month, your rate would be 14.9% and for no fee
it is 19.99%.
The only stipulations are
that you must be discharged from a bankruptcy if you are going through one and
if you are in a consumer proposal, you must be up to date with your payments. They
are ok with having collections items and poor or no credit history.
Please note that this is not
meant to encourage consumer debt. Its purpose is to be a tool to help repair or
establish credit. At any time if you choose to cancel the card, you will get a
full refund of the deposit.
I have seen so many clients turned
away from financial institutions for these products so I am very excited to be
able to offer such a great product.
Please let me know if you
feel like this card would be suitable for you and I would be happy to complete
an application with you.
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