Hey Losthope, welcome to the forums!

A secured credit card certainly won't hurt. I'd hate to argue with Average Joe here but as it sounds like you can afford the deposit for a secured card I'd recomend NOT going with the Capital One card.

The capital one card will grant you a limit of up t $750 with a deposit as low as $75, it does however have a $60/year fee and doesn't really convert into a normal credit card forcing you to cancel it to get rid of the fee (canceling your oldest credit line won't have a positive impact on your credit when it happens).

Consider instead a secured Visa from Citizens Bank of Canada, they do require a 100% deposit against your credit limit ($500 for a 500 limit, $1000 for a 1000 limit) but they hold the funds in an interest paying GIC and will review the card after 12 months and may then convert it into a normal (non-secured) card, releasing your security funds.

Also there is no annual fee on their "shared interest classic" and it includes a rewards program.

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Shared Interest™ Classic VISA
The Citizens Bank Secured VISA is the perfect product to help you re-establish your credit.

To apply for a Citizens Bank Secured VISA, call us directly at 1.888.708.7800 to open a term deposit with the amount equivalent to the credit limit that you wish to have on your Citizens Bank Secured VISA. This term will be held for at least 12 months. After 12 months, your Citizens Bank Secured VISA account will be automatically reviewed to see if you qualify for an unsecured Citizens Bank VISA.

(taken from their website http://www.citizensbank.ca)

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From a long term perspective it's a better choice, and truthfully the service at Citizens Bank is really good (a significant difference from the automatons at Capital One).

Hi Losthope,

If you want to rebuild your credit the best was is to apply for the capital one secured credit card. There is a link on this site that will take you to capital one. The reason I prefer capital one is their deposit is much lower then their competitors. Once you get the credit card I would use it every month, even if the purchase is only $20.00 dollars. If you use the card every month and pay it every month, capital one will update your credit file every 30 to 90 days. I believe if you keep this up for two years, creditors will take a chance on you even if you went bankrupt twice. The key is to never lose hope.

Cheers

hey losthope.,

welcome to the discussion forum... I encourage you to read some of the posts... there's alot of valuable information here.

Hello Members:

Let me start by hoping everyone had a Merry Christmas(if app.) and enjoying a safe holiday!!

Just registered after checking out this site. I happened along the site while looking for secured c.c.'s, apparently they will help my cause? I'm now hoping to use this forum to talk to others that have been in a similar position(if that's possible). To give all a quick overview i'm on year 6 into my second bankruptcy. The evil credit gods started giving and giving during the mid 1980's after the 79/81 recession? Just bad business judgment and timing thru the building boom in On. of the late 80's and again in early 2000.
I do realize that i've got a bit to go till the "credit gods" shine again, if ever, but my problem is i want to keep track of where i stand and what my Trustee is doing on my behalf. Basic credit like phone, rent, cable etc has been perfect since filing but have these past years of showing same been used to my advantage?

I've always held decent jobs(truck driver), i have actual savings and i have a net worth but am i actually in a position that these circumstances are going to help me or is suddenly a bomb gonna drop from the "bankruptcy troll" to destroy my self worth and esteem once again?
Anyway, there are more details but i think as far as an introduction i've already said enough to make most head for the hills,lol.

Thanks for reading and thank you to anyone willing to give advice!!