“Nobody was willing to give me a credit card”: How secured credit helped two Neo members rebuild

In Canada, a credit score can feel like a hurdle standing between you and the credit card you want. Big banks often treat that three-digit number like the whole story, so if you’re a new Canadian with a thin credit file or rebuilding your score after a setback, you might not get approved for the credit card you want—even though you’re ready to use it responsibly. 

That’s where a Neo secured credit card can help. You put some money aside for the security deposit and get approved for a card that functions just like a regular credit card. By paying off the balance on time every month, you show that you can manage credit and build your credit history. It won’t fix your score overnight, but it can get you off the sidelines and make your money habits today count toward a higher limit¹, an unsecured credit card and more credit over time. 

That’s what the Secured Neo Mastercard² did for Diego and Noor, two Neo members. (Both have requested that their last names be omitted for privacy.) Diego was new to Canada, with no credit history here and less credit card options available to him. Noor had an unexpected setback that dropped her score, and she felt the impact when other credit card issuers started turning her down. 

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They had different starting points, but the same kind of way forward with Neo: a secured credit card as the way into building credit, and responsible use as the start of accessing more.

Rebuilding credit when a regular credit card isn’t an option

Noor’s credit score sat around 810 before things fell apart at work. She was a school supervisor at a startup school in Calgary, responsible for a team, when a management dispute and takeover left her on the hook for staff payments that went unpaid. When collections hit, her score dropped to about 630. She lived in Canada for over 20 years with a strong credit history. But to lenders who took her credit score at face value, that didn’t matter. 

“Nobody was willing to give me a credit card,” she says. Even Costco—who has their own line of cards—said no, after she’d been a decades-long member. “You’re hit right back to the ground… and to come up from there was really hard.”

Diego was new to Canada and he had a different hoop to jump through: a thin credit file. He wanted a credit card with better cashback, but without local credit history, several of his applications were rejected. He turned to Neo because it felt like the fintech products he knew from Mexico. While he hadn’t heard of secured cards before, “The concept made sense to me,” he says. “It allowed me to access the perks and benefits Neo offered while also building my Canadian credit history.” (Secured credit cards build credit history with use, unlike prepaid cards, which do not report to Canadian credit bureaus. Learn more about the difference between prepaid and secured cards.)  

How a Neo secured credit card can help you rebuild credit

With secured credit, your the amount you put on the card (your security funds) set your starting limit. The card works like a regular credit card for purchases. What can help your score is the record you build: using your card regularly, staying within 30% of your credit limit, and making on-time payments. With Neo, your credit limit can grow beyond your initial security deposit with responsible use.

When Noor opened her secured card, she put down a $1,000 deposit, which set her credit to that same amount. “I wanted a $1,000 limit because my monthly payments were close to [that amount],” she explains. From there, she set up repayments with pre-authorized payments running in the background. “The minute I spent something, I paid it back, so my repayments to the card were always up to date,” she says.

While following Noor’s example can keep your available credit high, you don’t have to clear your balance the moment you spend. Just remember to pay off what you borrowed by the due date—that’s the habit that helps build a positive payment history.

Diego also opened his Secured Neo Mastercard with a $1,000 deposit. He used the card for his daily expenses and made sure his balance stayed low. “My main goal was to benefit from the rewards while building a positive Canadian credit history,” he says. 

Diego and Noor showcase what secured cards are built for: a lower barrier to credit entry, then building good financial habits with the card.

How long does it take for your credit score to go up with a secured card?

Noor received her secured Neo card in February. By April, she could see the difference her habits were making. “My credit score started going up in just two months,” she says. “It’s now 798.” Her credit limit also climbed to $1,050—$50 more than her security deposit. 

“Neo really helped me come back up,” Noor says. “It really boosted my confidence and my faith in the credit card system.”

Diego estimates his credit score sat close to 600 when he first opened his Secured Neo Mastercard, and he’s also felt that same momentum. After 10 months on secured credit, “my credit score is now around 730,” he says.

Long-term, it wasn’t only about his credit score. “When I first arrived in Canada, renting a place was more difficult because landlords sometimes asked for proof of funds covering the full lease term or required up to three months of rent upfront,” Diego shares. Two years into building his Canadian credit history with Neo, he got a good mortgage rate. “The Secured Neo Mastercard was an important part of that process.”

Best entry-level secured card

Secured Neo Mastercard

Build your credit history while earning cashback.

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Monthly fee

$9.99, with the Neo Build membership

Monthly fee

$9.99, with the Neo Build membership

Minimum deposit

$50

Minimum deposit

$50

Cashback

Up to 15% when shopping with thousands of Neo partners

Cashback

Up to 15% when shopping with thousands of Neo partners

Interest rate

19.99% to 29.99%

Interest rate

19.99% to 29.99%

Apply now

Average cashback based on current offers at select partners. Cashback may be limited and varies by perks, offer, and partner. See the Neo Rewards™ Policy for additional terms and conditions.

That path kept going at Neo, too. Diego was offered a Neo World Elite® Mastercard with a $4,000 limit—no security deposit required. He graduated from the secured card, got his initial deposit back, and continues building his credit history with the habits he built while on secured credit.

Start with secured credit

Everyone’s timeline is different. A Neo secured credit card may not lift your credit score in two months like it did for Noor. And it might not mean getting a premium card, like Diego. And that’s the point! 

What these stories show is the trajectory that lies ahead: When you finally have a card you can use and repay well, at a place like Neo where those habits can count toward something bigger, you can get more: higher limits, more opportunities, and the credit you deserve.

Discover Neo’s suite of credit cards, all available on secured credit.