You failed to mention in your post that the SECURED Visa at TD Bank is PRIMARILY directed at new immigrants to Canada attempting to establish credit and not to those who have recently been discharged from bankruptcy. If someone has just been discharged from bankruptcy, they can receive a GUARANTEED SECURED Master Card from Capital One with a starting credit limit of $300. The security required will range between $75 - $300 and that will be determined by Capital One. In addition, there is an annual fee of $59.

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Educating one Consumer at a time

It is absolutely true that each lender has its own policies, and that each lender is almost totally different. Some policies are outrageous, in my opinion.

I find it totally amazing that one can get a $1000 unsecured loan from a credit union at a fairly reasonable rate of interest (18.5%) a week after being discharged from bankruptcy and with a 557 beacon score (for a worthwhile purpose, mind you), yet the same person can't get a SECURED Visa at TD Bank a year later after building a history and a 619 beacon score.

Pretty crazy, in my opinion!

Gaining a Mortgage After Bankruptcy: UPDATED

Matt, so true.
There is no good answers and it seems like people do declare bankruptcy because there is no good advice.

I've seen clients twice this year who declared bankruptcy for $4800 and another for $12K.
In reviewing everything it was not in their best interest to do so.

I like your summary of basically: Know where you are at, fix it and resolve the problem and you have to work at it. Don't screw it up.

Victor

Thanks