Will I Ever Get Credit Again?
Life After a Bankruptcy Discharge
After you receive your bankruptcy discharge you will start your fresh financial start.
One of the main tenets of this fresh start is the ability to rebuild a good credit score.
You will get credit again after a bankruptcy or a proposal.
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After you have been discharged from bankruptcy or completed your proposal, you may be a good credit risk, since you have no debt.
Naturally, you will find it a little harder to get credit until you can re-establish a good credit rating.
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.
Generally people going bankrupt worry about their future credit and whether they will be stuck with high interest rates forever.
Actually, when you go bankrupt or make a consumer proposal you are making a fresh start which allows you to clear old debts like credit cards from your credit file.
This fresh start actually allows you to improve your credit and clear bad credit from your report.
When you apply for credit in the future, a record of your bankruptcy will remain for at least 6 years after your discharge, although you can work on improving your credit even before your discharge.
Paying bills on time, not maxing out your credit, and regularily making small purchases on credit you immediately payback can affect your credit in a positive way.
When you go to the credit bureaus for a new loan they will be able to give you a loan at a fair interest rate if you take some simple steps to improve your credit even with a bankruptcy on your record.
We have detailed instructions on regaining a good credit rating after bankruptcy and finding lenders willing to lend to people who were previously bankrupt or filed a consumer:
If you have any questions about this or other aspects of bankruptcy or consumer proposals you can set up a FREE consultation with our trustees, who are in every province and territory in Canada.