Credit Problems

Special Situations

• Not everyone qualifies for a mortgage due to past circumstances.
• There are lenders who will consider applicants who do not qualify for a mortgage at their own bank.
• If you have been bankrupt, you need to have been discharged for at least one to two years to qualify and have some new credit established.
• Down payment can be created in some circumstances
• Self employed individuals normally need three years of financial statements to qualify, but there are lenders who will overlook this.
• 100% financing is available to individuals with good credit and established employment who are purchasing a home in the city or township.

The Home Trust Secured VISA ¨ card is your best chance to get the credit you deserve.

Build or re-build your credit, even if you've had credit difficulties in the past, or have never had a credit card before! An excellent opportunity to establish your credit rating.

Virtually everyone is approved.

With your new Secured Visa Card, you can:

• Rent a car.
• Make purchases over the phone or internet.
• Plan and go on a vacation.
• Reserve a hotel room.
• Access cash anytime, anywhere from over 800,000 ATM's around the world displaying the VISA logo.

HOW IT WORKS

The Home Trust Secured VISA is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $1000, or as much as $10,000. (Your security deposit earns interest*, while your Home Trust VISA card is open and in good-standing.)

If you decide to cancel your card, you can just pay off your outstanding balance, and you'll get your security deposit - plus interest earned - back from Home Trust. And Home Trust is a Member of Canada Deposit Insurance Corporation (CDIC).

The application process is very simple and almost everybody is approved! Of course, if your application is not approved, your security deposit will be immediately returned to you.

APPLICATION & More Information
Please note that the Home Trust Secured VISA is not available to residents living in Quebec.

Fill out an Application, on our website (new window will open and view form in Internet Explorer ) , print and mail with your security deposit to the P.O. Box on the application form, or to:
Home Trust Company
Attn: VISA department
145 King St. West
Suite 1910
Toronto, ON
M5H 1J

* The current Security Deposit Interest Rate is 2.0%, and is subject to change

Card Features
Secured VISA card features

Subject to change without notice

FAQ (Frequently Asked Questions)

What is a secured credit card?
A secured credit card is a product in which the security deposit you provide is equal to your credit limit. It works just like any other credit card. Your deposit will be held in an interest bearing account with interest (currently 2%) payable annually. You are required to make regular monthly payments over and above the security deposit because this is not a "prepaid" card.

Why a secured credit card?
The Home Trust Secured VISA will allow you to build or rebuild a solid credit rating. Many people have been declined by the banks for a credit card due to past bad credit or because they have no credit history.

Having a credit card is not a luxury anymore, it's a necessity. The Home Trust Secured VISA allows you to make purchases on-line or by phone, book a flight or rent a car. And VISA is accepted at over 24 million locations worldwide.

How does this help me establish or re-establish my credit?
Home Trust reports your file to the credit bureau on a monthly basis. Your file is updated and your credit history begins.Both the primary applicant and the co-applicants credit bureau can be updated

What is the minimum/maximum credit limit?
The minimum credit limit is $1000 and the maximum is $10,000.

Who qualifies for the program?
Almost everybody who applies (our approval rate is approximately 95%). Applicants must have a source or income.

Who does not qualify for the program?
People who are currently in bankruptcy do not qualify.

How do you apply for a Home Trust Secured VISA?
Fill out an application form from our website and mail it to 145 King Street West, Suite 1910, Toronto, Ontario, M5H 1J8 or to the PO Box on the application, along with your security deposit. We will not process an application without the deposit.

What happens if I am declined?
If your application is declined, Home Trust will return your security deposit to you (cheques are not cashed until the application is approved).

How can I send my deposit?
. Attach a cheque (personal or certified), money order or bank draft to your application form and mail it to Home Trust

How long does it take to get a card?
The application process takes approximately 2-3 weeks from the time the application and security deposit are received. If you send guaranteed funds (certified cheque, money order, bank draft or payment by Western Union), it will take one week less than if you send a personal cheque, as we must wait for personal cheques to be cleared by the bank.

Do I have to be a Canadian resident to get a Home Trust VISA card?
The card is available to Canadian residents except residents of Quebec.

Is there any way to speed up the process?
There is no real way to speed up the process, however, ensuring that your application is complete will help. Guaranteed funds will expedite the process by one week because we will not have to wait for the funds to clear.

Also, if either of the following applies to you, there are documents you can send with your application to ensure that your file is not delayed:
- if you have moved since your last loan/credit request or if you do not have a credit history, send a copy of your driver's license or a bill that matches your current address
- if you have recently been discharged from bankruptcy, attach your certificate of discharge

You may request "rush delivery" to have your card delivered to you by courier for a fee of $39. Please note that this is only a rush delivery and it will not affect the approval process.

When do I get my deposit back?
Your deposit will be held as long as you have an account with Home Trust. When you close your account, we will return your deposit, plus earned interest once all purchases and fees have cleared and the balance is paid.

How can I increase my credit limit?
You can increase the limit on your card by sending additional funds to Home Trust and clearly indicating that you are requesting a credit line increase. This cannot be done by making an overpayment.

Is there an annual fee?
There is a one-time set-up fee of $39 charged to the first statement. A monthly fee of $6 will appear on subsequent bills. For a secondary card, there is an additional fee of $3 per month.

What is the interest rate?
Most banks charge between 17 and 21%. We charge 19.50% on purchases and 21.50% on cash advances. Interest is not charged if the balance is paid in full by the statement date. However, for cash advances, interest is charged from the time the advance is made to the time it is paid off.

Do I have to pay the balance in full each month?
You have to pay at least the minimum payment on the statement. You cannot use your security deposit to pay off the balance.

How do I make payments?
You can make a payment at any Canadian financial institution that bears the VISA logo (Bank of Montreal will also accept payments), either in the branch or through PC or telephone banking. If you prefer, you can mail your cheque or money order directly to Home Trust in the envelope provided to you with your statement.

What if I have an outstanding judgement against me?
If you have an outstanding judgement against you, you may still qualify. In this case, you are required to submit third party funds. You will also be required to provide written documentation confirming that the funds you are providing Home Trust are not your own. We will gladly send you the form you need to submit with your application.

Is the Home Trust Visa card available nationally?
It is available in every province and territory except Quebec.

How old do you have to be to get a credit card?
At least the age of majority in the province/territory where you reside (18 years of age in Ontario, Alberta, Saskatchewan. Manitoba, Prince Edward Island; 19 years of age in British Columbia, New Brunswick, Nova Scotia, Newfoundland/Labrador and the territories).

How much can I spend?
You may make purchases up to the limit of your Home Trust Visa card or you can use your card to make cash advances at ATMs or at a bank. Your Home Trust Visa card is a revolving line of credit. As you use your credit card, you are continually borrowing against your line of credit and repaying it. The amount of credit you have available at any time will vary depending on your current outstanding balance.

I have an existing mortgage with Home Trust, do I need to complete a Secured VISA application?
Although you are an existing Home Trust customer, you are still required to complete a Secured VISA application and submit it along with a deposit to set up an account. For processing purposes, please indicate on your application that you have an existing mortgage with Home Trust.

Who can I contact if I have questions that are not listed here?
You can call Home Trust VISA Customer Service at:
416-777-5851 or 1-888-281-7793
from Monday to Friday between 9 am and 5 pm

If you have a question, concerning your particular situation that you would like.to have addressed, please click here.