Ottwa we have a capital one master card and yes they do report it takes about 6 months to register a rating. We are currently a R1 rating on our revolving account it took about six months we have only had it now for about 2 years. We had to put a secure depoist the first time we got it but got raised from a certain amount after a year. I reccommend honestly don't get it unless you really need to build your credit rating. Yes it does build it up but if you have filed bankruptcy it is useless unless you only have filed one bankruptcy. Anyone who filed more than one bankruptcy forget it your credit is shot no matter how high is your fico score is or if you have R1 rating on any new accounts it does you no good with the credit bureau's policy and rules on more than one bankruptcy. We know because we have almost a 700 fico score and a all R1 rating on our accounts to no avail we cannot get a loan for a lousy truck because of a bankruptcy. The bank trustees never tell you the rules of credit after the fact and if more than one bankruptcy they are useless. Please educate yourself in the rules of the credit bureau before even considering bankruptcy otherwise you will be shocked in the end. There is no rules governing the credit bureaus in this country.

re:What is declaring bankruptcy -

canada?

declare bankrupt, bankruptcies, out of money, dead broke, creditors, loan default, stop making payments, interest rate too high

Hey OttawaEng,
FICO and TransRisk scores are top secret. I couldn't really tell you how much the new credit card is going to help.

You can imagine that if you have a new good credit card, that's a good thing, however this credit card will give increase your score over time.

Example... people get to know and how you deal with your credit over time. A brand new credit card doesn't tell too much about you.

My mother has had her CIBC Visa since 1976, and keeps it in perfect shape. That probably indicates that she's a good credit risk. To the opposite, a person who has only had their credit card for a month isn't well known. And the credit score will reflect that.
credit score, credit report, bad credit, fix bankrupt credit, repair bankruptcy problems.

hello again raisng my previous questions again

thanks in advance

yeah, i have been using it already, and i make sure that it alwayes has a negative balance, i am assuming here that low/negative balance will help in the portion of the score related to the available credit.
i used the card first in mid august.

on the other hand, i checked my credit score, with the new card listed as R0, and it's : FICO = 621, equifax = 481.
how much boost should i get?

btw all the bad stuff, chargeoff etc is 3.5 years old.

thanks monty u 've been alwayes helpful

OttawaEng,
Give it a month or two.
You have to use the card and then make a payment on it.
And then Capital One has to report that to the credit bureau.

Have you done that?

Once you use the card and make payments or payoff the card, it should report. It may show to new to rate if you haven't done this.

o.k, it's me again,

so i got myself a Capital one secured credit card and signed up for their credit alert service.
the card was activated in Augest and i recived the alter that the new card was added to my credit report in octoper 1st,
however it's showing as R0, too new to rate.
i wonder when the new card will get rated and start having impact on my credit report ?

thanks in advance

OttawaEng...

You can check with your local small claims, and court of queens bench to see if they've got judgements against you... unless the actions/judgements were filed somewhere else.

The idea with secured credit cards is to have as many as possible. You're trying to outweight bad credit with good.

IE... if you have 10 bad pieces of credit and 1 good piece of new credit... obviously you're going to have a bad credit score.

The more good credit you have to offset the bad credit, will increase your credit score. And the idea behind secured credit cards is that they don't really look at your credit score... because you're securing the debt with cash.

and as for the secured credit cards, does it help to have many , or just one is enough?
also is there a minimum credit limit where it starts to make impact on my credit score ?

thanks Monty for the reply and for the nice words.

and yes i am thinking about getting a secured crd but was worried that they will come back after me and all the collection mails and phone calls will start a new.
is there a chance that they already sued me and it's not showing up on the credit report?
could have they declare me bankrupt already without my knowledge ?

thanks