Toll Free: 1.833.403.2273(CARE) | M-S 9-6pm (MT)

Frequently Asked Questions


Q. Is this a loan?
A. CreditCare.ca is not a loan it is a credit rebuilding program so you are using your money, through your monthly payments, to build your credit score. If your goal is to build your credit this is a perfect program for you.

Q. How can a CreditCare.ca agreement help me?
A. Simply put, a better credit score will allow you to get loans or access to other types of credit at better interest rates. CreditCare.ca helps you improve your credit score at an affordable cost. A higher interest rate can add up to a significant difference in the amount of money you pay over time. Click here for an example of the difference in the cost of credit.

Q. Are you going to do a credit check?
A. No, there is no credit check required to set up your agreement.

Q. Are there any penalties for ending my agreement early?
A. There are no early termination penalties. You would be responsible to pay any outstanding NSF fees before the agreement would be considered complete.

Q. Why would I choose a larger vs. smaller dollar amount?
A. While both a small or large dollar amount reporting to the credit bureau helps rebuild, repair or establish new credit the benefit of a larger amount is it shows a future creditor your ability to make and maintain a higher payment. You can think of your credit allowing you access to higher amounts of credit like steps on a ladder. The larger the amount the higher up the ladder you can access.

Q. How long should I have my agreement active for?
A. Each month your payment reports to the credit bureau there is a benefit to your credit score. To get the most benefit you would want to keep your agreement active for at least 12 months as this not only benefits your credit score but also shows future creditors you have been able to pay consistently over a length of time.

Q. How does a secured credit card help?
A. Firstly, make sure the secured credit card you are considering reports to the credit bureau as not all of them do. As you make your monthly payments your positive credit behaviour is being reported so in addition to showing responsible credit behaviour you also add points to your credit score.

Q. Why does applying for credit frequently have a negative effect on my credit score?
A. Typically, every time you apply for credit it costs points off your credit score. If you apply for a lot of credit over a short period of time not only does your score drop but in the eyes of a potential creditor you may be considered a "credit seeker" which makes getting approved more difficult and almost certainly results in a high interest rate.

Q. What is the history of CreditCare.ca?
A. CreditCare.ca is a division of Finance West Inc., a Calgary based company established in 2010. CreditCare.ca was created to provide an opportunity for people residing in Canada to rebuild, repair or establish new credit at fair interest rates and payment options. More information on Finance West is available online at www.financewest.ca

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