All About Rebuilding a Secure Credit With Karim Nanji

All About Rebuilding a Secure Credit With Karim Nanji

Karim Nanji, Chief Executive Officer at Marble Financial

Mr. Nanji is an accomplished senior growth, strategy, product, and technology leader with a proven track record for building and commercializing world-class financial technology.

He has a significant background in retails financial services for underbanked, underserved, and credit-challenged consumers in Canada, the United States, and international markets. Mr. Nanji is a concept through execution leader with over 25 years of experience across start-up, growth, enterprise, and Fortune 500 organizations.

Karim has a Bachelor of Arts in Economics from The University of British Columbia and a Master of Business Administration in the Management of Technology from Simon Fraser University.

What is a secured credit card? And what are the pros and cons of rebuilding credit?

A secured credit card is a type of credit card backed by a cash deposit. This deposit acts as collateral or security on the account, so it gives lenders the confidence to issue a card to someone who might not qualify for a traditional credit card. Secured credit cards are often issued to borrowers who may have a below-average credit score. 

Proper credit utilization and regular payment behavior on the secured credit card lead to an improved credit and credit score. In time, with improved credit, the borrower can apply for a traditional credit card.

Who should consider applying for one? And How to apply?

Secured cards are ideal for anyone who is actively looking to improve their credit, but who lacks the required credit score to obtain an unsecured credit card.

How to find a legitimate card? How to spot and avoid credit scams?

When shopping for a secured credit card, make sure to choose a well-known brand/financial institution that you’ve heard of – and choose a secured card only from a creditor that reports your payments to both credit bureaus. Some card issuers may not do this, which will not help you improve your score. It’s important to remember that, just like an unsecured credit card, if you miss payments, lenders will report delinquencies to the credit reporting agencies, which won’t do your credit score any good.

What are the worst financial “myths” you and your team of financial experts hear from your clients?

People often feel like there’s no hope and they are alone – and that’s just not the case. With support, a clear plan, and hard work, it’s possible to start improving your financial picture over time.

And, the great thing is that there are tools that can help you, like our MyMarble personalized financial fitness tool, which can help you assess your current financial situation, make a plan to get back on track, and measure your progress.


Our content acknowledges the strength of the ardent entrepreneurs and their lifelong experiences of the marketplace that help them build successful business empires. Our belief in productive learning and providing inclusive content is why we have plans for a wide spectrum of activities that incorporate everything from reading to prolific networking. 

CanadiansME Small business magazine

What is your special advice to small businesses during these challenging times?

When the first wave of COVID hit, many businesses were financially unprepared which resulted in struggle across many fronts. This time, we feel it’s at the forefront for many businesses to make sure those same struggles are not duplicated.   

We feel our successful transition in working remotely has ensured we’re prepared for when challenging times hit. We firmly believe that the implementation of our new products like MyMarble as a pay-as-you-go product alongside our legacy programs will provide us with the opportunity to maximize revenue on a broader spectrum no matter what comes our way.

As a financial technology company, we are constantly growing and evolving. I highly recommend designing a strategic plan that corroborates with all product implementations will not be hindered in the case of unexpected and unpreventable events. With or without COVID, I believe our company is looking forward, becoming thought leaders in our space and ensuring our customer experience is always positive.  

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