MillieP,

I noticed the vagueness every time I mention returning the security deposit. If they hold on to the deposits, its shows they have assets on their books. I also don't like the fact they do not give you any interest on your security deposit. I have concluded in my research, that Canadians should get a secure card from one of the major banks. The only major bank that does not offer a secure card is bmo.

Cheers

I am only confused in Ontario cause of wells fargo.........anyways!

I have had a capital one secure card for 2 1/2 years now. It does show on your credit report as having a credit card and does make your score go up. I originally put $300 on it an that is my limit. I am a little upset because when I first signed up for the card Capital One told me that I coul d apply to get the card back in a year and if my payments were good I could get a raise on my limit.

Both statements above were not true. I asked after year one and after year two for my deposit and for a raise on my limit. They do not base your limit raise on your payment history with them. They re-run your credit (with your permission) and then told me no.

I used my card alot and then paid most of it off or at least 50% of it off EVERY MONTH for two years. They told me that they are "currently not taking requests to have the deposit refunded" I was/am pretty upset!

Thanks. The one debt that was in there was purchased by contact resources. The other one that was in there was a bell express vu account and that debt was not sold to iqor.If I could find a way to get rid of iqor, please let me know.

Thanking you in advance.

From what I understood (and I haven't verified this w/Equifax) if an entry is in the collections section, that would mean the debt has been purchased. I'll be pulling my credit file in the new year so hopefully will have a clearer picture myself then.

OC,

Are collection agencies allowed to put their information with you debt in your credit file without your consent? The creditors forward your debt to the collections agencies and the next thing you notice in the public records and other information section in your equifax file, is Iqor and Contact Resources.

Cheers

OC,

I agree; the non secure cards are good. I have a friend that has their card and his interest rate is 5.99%.

Cheers

Oddly enough, Cap 1 is the only card I carry these days. Interest rate was 9.9%, but a few months ago they bumped it to 14.9%. No sec deposit as it has always been in good standing. Mind you I recall my payment showing up late once (e-payment error) and they dinged me twenty-five bones.

So overall, no complaints with them for a non-sec card.

OC,

Your recollection is correct. The major banks is your best option to get a secured card .In my opinion; I would stay away from hometrust and horizon plus. I am also not thrilled about capital one but if its worse case scenario, I would go with them over the other two. Happy Holidays

Cheers

Joe, I recall when I got my very first visa card it was from TD. At the time what I did was purchase a $1000.00 GIC (type product), then pledged that as collateral. After a year, my credit was strong enough to have the pledged funds returned to me. For those of us with a bruised credit history, it may not work the same way?? But it's worth shopping around for nonetheless.

I find that capital one in my opinion misleads people into thinking they will get their security deposit after a certain point. The only way you will get your deposit back, is if you close your account and that will hurt your score.

If anyone is thinking of getting a secured credit card, I would get one from the major banks. The only one that doesn't offer the secured card is bmo.The major banks they will return your deposit within two years, if you keep your account in good standing and also will increase your limit.