How to Rebuild your Credit Rating After Bankruptcy or a Proposal.

How to Rebuild your Credit Rating After Bankruptcy;
After Bankruptcy Lenders

After you have been discharged from bankruptcy or completed your proposal, you may be a good credit risk, since you have no debt. You will find it a little harder to get credit until you can re-establish a good credit rating.

You can get credit again after a bankruptcy or a proposal. The bankruptcy and proposal laws of Canada are intended to give you a fresh financial start. The ability to rebuild credit is part of that new start. Although bankruptcy will stay on your credit report for 6 years after your discharge and a proposal for 3 years after the proposal is satisfied, there are many things you can do to start building a good credit rating. Two of the most important things you can do are to borrow money responsibly and make your payments on time.

Tip
The consumer has a right to place a 100 word statement (50 recommended) on the credit bureau file, to be given to anyone who obtains a future report.

You can start to re-establish your credit by doing the following:

Talk to your banker and say you want to re-establish your credit rating;

Open a savings account;

Be a regular and persistent saver. Use the common techniques I am sure you have heard of:

Pay yourself first;
Take your next raise and save it;
Save 5 % of your pay;
Have your savings come right off your pay and into a separate savings account;
Take out a small loan using the savings account as collateral, and then pay it back;

Apply for a secured credit card. Using a secured credit card is a quick way to rebuild your credit rating. For example, Horizon Plus reports your payment history to the credit bureaus each month. As you make regular payments your credit history looks better and better;
Pay your credit card balances on time.

After Bankruptcy Lenders

The Lenders and brokers listed here will give serious consideration to your loan application, knowing you have completed bankruptcy or a proposal.

Credit Cards:

When a person goes into bankruptcy he has to hand in all his credit cards to the trustee. After that person has been discharged from bankruptcy, he or she is often a good credit risk, since that person has no debt. Regardless, a discharged bankrupt often has a difficult time getting a new credit card.

An option is to acquire a "secured credit card". A "secured credit card" is a card backed-up or secured by funds you have deposited with the financial institution. The card looks like a credit card, and acts like a credit card but will have a limit depending on the amount of money that secures the card. Getting a Secured Credit Card is Virtually Guaranteed.

Using a secured credit card is a quick way to rebuild your credit rating. HorizonPlus reports your payment history to the credit bureaus each month. As you make regular payments your credit history looks better and better.

Application Form Formulaire D'application

Card Features include:

Minimum deposit of $500
Credit limit is 100% of security deposit
Monthly fee for cardholder is $5.95
One time set up fee of $49.00
Security deposit earns interest annually in a CDIC insured GIC Account (current rate is 0.50%)
Available in all Canadian Provinces
Approval is virtually guaranteed

Mortgage Loans: http://www.bankruptcycanada.com/Mortgage-Loans.htm#bc

Auto Loans: http://www.bankruptcycanada.com/Auto-Loans.htm#bc