![]() ![]() With debt becoming more ubiquitous in today’s financial climate, it’s great to see so many financial companies creating specific products to help people build up their credit history.Īs you’ve seen, there are many ways to improve your credit history. KOHO’s Credit Building tool is stress-free and safe but you might be more attracted to Capital One’s extensive purchase insurance and price adjustments, or Rogers’ cash back program (though remember, KOHO offers cash back too!). That depends on your individual financial scenario. We recommend building back your credit with one of the products outlined in this article, and then applying for an unsecured credit card. However, eligibility is tighter than that of a secured credit card, making it more difficult to acquire if you have a subpar credit history. ![]() Unsecured credit cards, or credit cards that don’t require a security deposit, are great for building your credit. Hang on, why are most of these products secured credit cards? Having poor credit is stressful enough let KOHO alleviate some of that strain by rebuilding your credit history safely and securely! Let’s round up the main benefits:Ībility to track changes to your credit score.īenefit: The ability to grow your credit history simply and securely.ĭrawbacks: $10 monthly fee (if we had to name a drawback). You can even track changes to your credit history on KOHO’s app. KOHO reports this small amount of money each month to the credit bureaus as repayment history, which helps build credit history. ![]() After you provide a bit of information, KOHO conducts a soft check on your credit and issues you a balance accordingly. KOHO’s Credit Building tool is a super simple and secure way to build your credit history. Insurance within 90 days of purchasing items.īenefit: The Visa logo, communicating reliability to all merchants. Visa branding, which makes this card more widely accepted across merchants. If you plan to use the card frequently, you might save more with the 14.9% interest rate, which is a strong selling point of this card. The card offers:Ĭustomer choice on monthly fees and interest rates - you can opt for a $59 annual fee and 14.90% interest rate, or a $0 fee and 19.99% interest rate. The Home Trust Secured Visa offers a choice on fees and interest rates. So, if you use this card to buy a new television and someone steals or damages it, Capital One will assess the situation and may cover the cost of the loss.īenefit: Extensive security features for people those of us who want extra protection.ĭrawback: No cash back perks. Purchase insurance Capital One guarantees insurance on all products purchased with the card for 120 days. This saves you the trouble of going to a store for a price adjustment, as Capital One will do the work for you. Price adjustments to customers within 60 days of purchase. Although Capital One doesn’t offer cash back on purchases, they win points for their high security features, including: Capital OneĬapital One offers a similar product to Rogers, as they are both secured credit cards that require security funds, and have an almost guaranteed approval. Insight into how your spending and repayment behaviour is affecting your credit score.īenefit: High credit limit for big spenders.ĭrawback: High credit limit can be dangerous for spenders who lack restraint. The Refresh Secured credit card is a simple credit building product that also relies on a customer’s security deposit to provide credit. Wide eligibility anyone can apply as long as they don’t have an undischarged bankruptcy.Įxtra cash back on Rogers products and services.īenefit: Cash back on all purchases and increased cash back on Rogers products.ĭrawback: Requires security funds up front. However, they make up for those wait times through their Chatr Secured Mastercard, designed to help people build back their credit in a secure manner. When you think of Rogers, you also think on-demand cable, data-packed phone plans, and long customer service wait times. Let’s take a look at some credit building products from various financial companies, including KOHO’s very own Credit Building. That’s why many companies have introduced credit building products, because people need faster ways to build credit in Canada. However, financial institutions across the country have recognized that the traditional methods don’t always cut it. There are many ways you can start (re)building your credit history. If you’ve damaged your credit, you become a riskier endeavour in the eyes of a lender. And with household debt on the rise (Canadians now owe an average of $1.71 for every dollar earned!) it’s more important than ever to build a strong credit history. It takes time to build up, and any pitfalls or breaks can take a lot of work and time to recover from.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |