Reporting to Equifax and TransUnion to build credit history. These function identically to standard credit cards with one critical difference: you provide a refundable security deposit, usually ranging from $200 to $500, which becomes your credit limit.
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Upon graduation, many of these products automatically upgrade to standard cards, providing a seamless transition. Applying online is generally the fastest method, as algorithms can provide instant decisions, whereas branch applications allow for immediate consultation with a representative who can guide you through nuances.
Setting up automatic payments ensures you never miss a due date, protecting your score from preventable dips. Ensure the primary cardholder has a pristine record, as their missteps will also appear on your report.
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This collateral drastically reduces the risk for the issuer, making approval nearly guaranteed regardless of past financial issues. Canadian banks heavily compete for the student demographic, offering products with low limits but minimal barriers to entry.
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