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CREDIT REPAIR for divorcees and widows in Canada starts building with a Canadian secured credit card VISA

In all the pain and emotional turmoil leading up to a divorce, certain financial realities can often be overlooked. While the ex-spouses may argue about alimony and child support, CREDIT REPAIR can quickly become a harsh reality when one partner realizes she has no individual credit history.

Or after the loss of a loved one, the grieving period can take an ugly turn when fiscal realities you were not aware of, suddenly appear in your husband’s absence. Again CREDIT REPAIR may become a critical part of the rebuilding process in your life as a widow. 

How does this happen in Canada? When wives don’t realize the importance of maintaining their own individual credit rating, and allow all the loans and mortgages applications to be made in only one spouse’s name. If that spouse leaves (or dies), he takes his credit rating with him, leaving you with no credit history at all.

In that worse case scenario, a Canadian secured credit card at least allows you to maintain a reputable VISA, and start the 12-18 month process of repairing and building your credit history as a new single. By using the credit card responsibility, you can re-establish the trust that banks and credit unions need if they are going to loan you money for a vehicle or house in the future.

(Editor’s Note: If you are getting remarried please obtain a credit report for yourself and future mate to make sure there are no nasty financial surprises after the wedding. It may be more important than the blood test. You may be unknowingly and unwillingly be inheriting a large unsecured debt or bad credit history that will require more credit repair. Know before you vow again: “In rich or in poor…”)

Credit repair may be the last topic you want to think about after a painful divorce or husband’s death, but it could well be one of the most important factors as you struggle to build a new life as a single adult divorcee or widow in Canada. 

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