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Canadian Secured Credit Cards Are Good For New Immigrants
Having a good credit history in your homeland does absolutely nothing for you when you move to a new country. It can be extremely fustrating. It was necessary for me to get a U.S. credit card because of a new project that I was working on for my company. Even though I had a good credit history for the last 25 years, I still could not a U.S. credit card because I had no credit history through any U.S. credit card company.
Having a good credit history in your homeland does absolutely nothing for you when you move to a new country. It can be extremely fustrating. It was necessary for me to get a U.S. credit card because of a new project that I was working on for my company. Even though I had a good credit history for the last 25 years, I still could not a U.S. credit card because I had no credit history through any U.S. credit card company.
With my company’s reputation being the security I needed to get a U.S. credit card, I finally got one with a small credit limit.
It was very frustrating not being able to get a U.S. credit card although to my thinking I had excellent credit for the last 25 years. I had no U.S. credit history, so no records showing how credible I was.
Coming to Canada, it is advisable that new immigrants restart their credit. It has to be frustrating for a family who has moved to Canada to restart all over again having owing and losing a home, credit cards, etc., in their former homeland.
Unless new immigrants moving into Canada has sizable security deposits or other assets in their name, they will find it hard to establish any type of credit history.
One of the quickest and easiest ways for the new immigrant to Canada is to get a secured credit card. These credit cards can be obtained for as little as $75. The beauty of a secured credit card is that it reports to Equifax and TransUnion the same as a regular credit card. This means that it helps start a credit score in as little as one billing period.
Living the Canadian lifestyle. Own your home and car. For immigrants that is a little more difficult since they need a credit history for a mortgage for a home or a loan for a car. The fastest way and possibly the most cost effective would be for them to get a secured credit card. This immediately starts building a credit history for them and gets them just a bit closer to having that dream.