Comments on: How do I re-establish a Credit Rating after bankruptcy? http://www.bankruptcy-edmonton.com/after-bankruptcy/2008/04/how-do-i-re-establish-a-credit-rating-after-bankruptcy.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Barton Goth GCO Bankruptcy Trustees http://www.bankruptcy-edmonton.com/after-bankruptcy/2008/04/how-do-i-re-establish-a-credit-rating-after-bankruptcy.html/comment-page-1#comment-137 Barton Goth GCO Bankruptcy Trustees Tue, 15 Apr 2008 12:37:57 +0000 http://www.bankruptcy-edmonton.com/after-bankruptcy/2008/04/how-do-i-re-establish-a-credit-rating-after-bankruptcy.html#comment-137 Re-establishing a credit rating is a fairly straight forward process. By follolwing the steps below you will find that you credit history will be re-established much quicker than the 6 years after discharge tat the credit bureau quotes. Steps: 1. Be a Regular and persistent saver 2. Talk to your banker and say you want to reestablish your credit rating. 3. Borrow using your savings as security. I always prefer a loan as I find they have a little stronger impact on the regulding process, but you could also do this with a secured credit card (consider obtaining a secured credit card from an organization such as Capital one or Hometrust). While I prefer the loan, it is not a bad idea to have both a small loan and a small secured credit card. 4. Borrow for an RRSP. For some reason, banks have made it easier to obtain loans for RRSP’s than most other forms of credit. 5. Replicate steps 3 & 4. The key to all of this is that you must pay your bills on time. Don’t bounce any cheques, don’t miss any due dates, and don’t overdraw any of your accounts (even if you have overdraft protection). As well, always remember doing the above on a small scale reduces the risk and can increase the number of contracts you can enter into and hence the number of positive comments on your credit history. Re-establishing a credit rating is a fairly straight forward process. By follolwing the steps below you will find that you credit history will be re-established much quicker than the 6 years after discharge tat the credit bureau quotes.

Steps:

1. Be a Regular and persistent saver

2. Talk to your banker and say you want to reestablish your credit rating.

3. Borrow using your savings as security. I always prefer a loan as I find they have a little stronger impact on the regulding process, but you could also do this with a secured credit card (consider obtaining a secured credit card from an organization such as Capital one or Hometrust). While I prefer the loan, it is not a bad idea to have both a small loan and a small secured credit card.

4. Borrow for an RRSP. For some reason, banks have made it easier to obtain loans for RRSP’s than most other forms of credit.

5. Replicate steps 3 & 4.

The key to all of this is that you must pay your bills on time. Don’t bounce any cheques, don’t miss any due dates, and don’t overdraw any of your accounts (even if you have overdraft protection). As well, always remember doing the above on a small scale reduces the risk and can increase the number of contracts you can enter into and hence the number of positive comments on your credit history.

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