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Rebuilding credit following a bankruptcy in Regina can seem like an impossible task. Luckily, it can be accomplished. By following the steps below you will soon be back on your feet.
Finish your bankruptcy as quickly as possible. If you have not been bankrupt in the past, you are eligible for discharge after only nine months. For this to happen, you must make monthly reports to your trustee, attend credit counseling sessions, and make all necessary payments.
Try to save some money. You will need to prove that you are able to save money if you ever want to borrow again. During the bankruptcy you were likely making monthly payments to your trustee. Now that the bankruptcy is over, try using that money to build up a savings account.
Acquire a copy of your credit report. You’ll want to look over the report for accuracy. If you believe anything is incorrect, be sure to notify the credit bureau as soon as possible.
Obtain a secured credit card. One of the best ways to rebuild credit is with a secured credit card. The savings you have begun to develop can be used for a deposit, and will give you a credit card with a comparable credit limit.
Begin an RRSP. When you have developed even more savings, put some of it into an RRSP with a bank or investment advisor. If you give $1,000 to an RRSP, the bank will likely lend you an additional $1,000 to invest in the RRSP.
Continue Saving. The best thing to do is to continue saving, even if only in small portions. Eventually your savings will give you the funds necessary for the down payment on a house or car.
Rebuilding credit could take some time to accomplish, but with patience and dedication, you will gradually be able to obtain credit once again.
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