Credit Repair In Canada and What You Should Know

Just as credit cards are widely-used in the United States, the plastic form of payment is also enjoying huge popularity in Canada. Although using credit cards for payments is convenient and easy, it also presents a negative threat – credit card debt and bad credit.

Bad Credit History and Credit Card Debt

Being in stuck in credit card debt often leads to bad credit history. As you carry over your balances from month to month, you also incur the additional costs such as interest rates and late penalty charges.

It is no wonder why many credit card holders find it more difficult to recover from debt as they prolong their payments. As a result, these cardholders continue to suffer from debt and history of poor credit.

What You Can Do with Bad Credit

Is there a way to raise your credit score and improve your credit history? Of course, there is. However, avoid “credit fix agencies” that claim to fix or rebuild your bad credit history quickly in exchange for a fee. Bear in mind that the only way you can rebuild bad credit is to pay your creditors and be consistent with your current payments.

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An Overview of Canadian Credit Cards

Canadian credit cards are very similar to those offered in the United States. All of the major credit card companies offer credit cards to Canadians and some major retailers do as well. There may not be as many choices, but there are still plenty to choose from. It is just as important for a person to compare Canadian credit cards as it is for those in the United States. Credit problems can arise no matter which country you live in.

Visa and Mastercard are the most common credit cards. There are a couple popular choices in credit cards for Canadian each. The Horizon Plus Mastercard is a secured card, which means a person has to deposit money into a savings account which becomes the balance for the card. The Horizon Plus Mastercard is designed to help those suffering from bad credit or bankruptcy. It requires a minimum deposit of $500 and includes a processing fee and a monthly fee.

It is also not available to residents of Quebec. Another Mastercard choice is the Petro-Points Mastercard. This Mastercard offers rewards for discounts on gas purchases. The discount only applies to select Petro stations. Visa offers the Home Trust Secured Visa. This secured card can be opened for any amount between $1000 and $10,000. It also earns interest on any amount left unspent. This card in not available to residents of Quebec. Another Visa option is the TD Green Visa. This card has no annual fee and offers rewards on car rentals. These are only a sampling of some of the secured and unsecured Visa and Mastercard credit cards available in Canada.

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Canadian Credit Score - How Does it Differ From a Credit Rating?

Canada and the United States share many things in common. However, there are some serious differences in how credit scoring is carried out in the two neighboring countries. Although credit scores are three digits in both Canada and the United States and range from 300 to 900, Canada has a system of credit ratings.

Canada's Office of Consumer Affairs (CCOA) lists these credit ratings as follows:

R0 Too new to rate; approved but not used;

R1 Pays (or paid) within 30 days of payment due date or not over one payment past due

R2 Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due

R3 Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due

R4 Pays (or paid) in more than 90 days from payment due date, but not more than 20 days, or four payments past due Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due

R5 Account is at least 120 days overdue, but is not yet rated "9"

R6 This rating does not exist


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All About Debt Consolidation in Canada

Everywhere in the world, many people experience debt crisis. If you’re experiencing the same situation and you are a resident of Canada, it’s good to know that there are companies offering debt consolidation services that you can turn to for help. This article talks about Canadian debt relief and how you can find the right service for you.

What Debt Consolidation Does

The reason why many people seek a debt consolidation service is to help them come up with a good negotiation. Although it’s possible for consumers to meet with creditors and tries to negotiate on their own, some people may be hesitant or may not know exactly what to do.

Debt consolidation companies have partnerships with various lenders so they can easily come up with a successful negotiation. Add to this, these people have mastered the art of debt negotiation so you can be assured that you will get a positive result.

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Credit Card Application in Canada

There are various credit card providers to select from in Canada. As long as you have good credit, getting the appropriate credit card provide is no difficult task. In fact, financial organizations and banks make the whole process easy for you.

By doing the application online, Canadians find it quite convenient. There are a number of leading financial service banks and providers that are located in Canada and have no difficulty in selecting the right credit card service providers. This is because credit cards are popular especially in online transactions. Cities such as Vancouver, Toronto and Montreal accept credit cards from any merchant outlets.

There are so many ways in initiating the whole application process for a Canadian credit card. Especially in the time of communicating online, applications over the web are the priority. The processing time is faster than that of actual applications (wherein the individual personally visits the main office of the credit card provider.) It is important to know which credit card is suitable for you. Signing up for the wrong credit card service provider will only result to problems.

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Toronto-Dominion Profit May Be Unchanged, Clark Says

By Sean B. Pasternak

April 2 (Bloomberg) -- Toronto-Dominion Bank may post earnings this year that are little changed from last year, and is unlikely to raise its dividend as it sets aside more money for bad loans in the U.S.

“In 2009, our job may be to simply maintain flat earnings per share,” Chief Executive Officer Edmund Clark said. “That would be a big accomplishment in today’s environment.”

Provisions for credit losses in the U.S. may be higher than the bank previously estimated as the economy slows, Clark told shareholders at the bank’s annual meeting today in Saint John, New Brunswick.

Canada’s second-biggest bank is expected to post earnings per share of C$4.38 in fiscal 2009, based on a survey of seven analysts by Bloomberg. Net income was C$4.87 a share for the year ended Oct. 31, 2008.

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Why Get a Prepaid Canadian Credit Card?

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.

However, in order to get approved, the cardholder must first submit a security deposit to his/her account which will be used in case of defaults in payments. This gives the credit card issuer the assurance that the cardholder will not default his/her debts.

Below are the four main reasons why Canadians may opt to apply for a prepaid Canadian credit card.

1. Get a guaranteed approval. Those who cannot get approved for a standard credit card can be sure to get a guaranteed approval with a prepaid credit card. In fact, you can be sure to get a prepaid credit card in Canada regardless of your credit score.

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