Getting Credit and Rebuilding your Credit Ratings After an Ontario Bankruptcy or a Proposal.

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. If you have the cash flow and are diligent about rebuilding your credit you should be able to get the most difficult credit of all; a mortgage, 2 years after your discharge or completion of your proposal.

How to Rebuild your Credit Rating After Bankruptcy;

The after bankruptcy lenders listed here are experienced at getting loans approved for people who have been dischaged from bankruptcy or have completed their proposal.

After Bankruptcy Mortgage Loans

After Bankruptcy Personal Loans

After Bankruptcy Car Loans

Secured Credit Cards

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.

Meyers Norris Penny 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:

Regularly check your credit rating and immediately contact the credit bureau if there are any errors reported. Get your Credit Report Here.;

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, Peoples Trust reports your payment history to the credit bureaus each month. As you make regular payments your credit history looks better and better;
Talk to your banker and say you want to re-establish your credit rating;
Pay your credit card balances on time.