Understanding and Improving Your Credit
Information to help you improve your credit
No Credit? Bad Credit? Trying to rebuild?
Today, more people than ever before are suffering with the problems caused by "bad credit". Even people who 2 years ago had perfect credit have seen their credit scores drop dramatically due to the recession and the mortgage crash. On this blog we will provide information for people who are ready to repair their credit and improve their credit score.
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Also known as secured credit cards, prepaid Canadian credit cards are especially created for residents of Canada. It is interesting to note that there is a difference between secured credit cards and prepaid cards. One major difference is that a prepaid credit cardholder is not given a credit line.
Instead, the prepaid cardholder is required to submit funds to his/her account to be able to use the card for purchases.
On the other hand, a secured credit card provides its holder with a credit limit just like a regular credit card.
There are also a variety of credit cards to choose from in Canada. And regardless of where you live- it’s important to study your options first before making a choice. Whether you’re a resident of US or Canada, bear in mind that choosing the right credit card is a serious decision.
Canadian Credit Cards that Are Accepted Anywhere
Many credit cards for Canadians bear the Visa or Mastercard logos. If you’re usually on the road or frequently take trips, having a credit card with a Visa or Mastercard logo is very handy as most establishments accept these forms of payment worldwide.
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A US citizen can apply for a resident bank account in Canada if he/she can show a legal work permit. However, if you are a non-Canadian resident, then you can apply for a non-resident bank account instead.
Most banks require non-residents to submit a photocopy of their passport, driver’s license and photo when opening an account. If you’re planning to open a bank account in Canada, here are some tips you can consider:
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Canadian Prepaid Credit Cards can be used much like a regular credit card in the sense that you don’t need to bring cash to make a purchase. These cards usually have a Visa or Mastercard logo on them so they can be used to buy goods or pay for things at merchants and establishments where credit card payments are accepted. A prepaid credit card can also be used to shop from the internet. What makes it different from a secured credit card?
What are Prepaid Credit Cards?
Providers of prepaid credit cards do not check credit history. Regardless of your credit rating, you can apply for a prepaid card and get approved with no questions. However, prepaid card companies don’t include credit reporting to the major credit bureaus (Equifax Canada or TransUnion Canada). Therefore, if you want to build your credit history, a prepaid card may not be the best tool to help you.
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