Many people have destroyed their credit rating by racking up too much debt and not having the financial means to pay the monthly payments. It seems that in this day and age, lots of debt is common place especially useless credit card debt from simply overspending and not adhering to a budget. Even if you do manage to pay off your debt, you are left with damaging blemishes on your credit report that will not be removed for 7 years.

The best thing to do is start repairing your credit before the 7 years are up. One way to do this is with a secured credit card. Capital One has a good secured credit card that offers up to $750 credit. Although this may not seem like much, it can be a good way to get some positive "credit juice" going again. Because the credit card is secured, there are no income requirements. There are some caveats to this card however:

• There is an annual fee of $59
• A security deposit is required
• Going over the limit will incur a service charge

There are other secured credit cards available in Cananda. You can use this site to compare and find the best secured credit card for your needs.

Keep in mind that a secured credit card is different from a prepaid credit card. A prepaid credit card is more like a debit card that can be used at any Mastercard or Visa processing terminal but you must have the funds that you wish to spend transferred onto the card before you use it. Whereas a secured credit card works like a normal credit card except that a one time security deposit is required once you have been approved for card.