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How to rebuild my credit after Bankruptcy or a Consumer Proposal in Canada

Is it possible to rebuild my credit after Bankruptcy or filing a Consumer Proposal?

The only ways to rebuild your credit are to:

  • Take out a new loan (either pay day loan or an auto loan, for example) and make your regular monthly repayments on the loan. Each on time payment is a small step in the rebuild process
  • Continue making regular payments on your secured loans that pre-existed your bankruptcy or proposal.
  • Obtain a secure credit card and make your monthly payments as required. You may get a secured credit card by borrowing money from family or friends. This money is given as a deposit to the credit card company to hold in the event you miss payments on the new card.
  • Every on-time payment is recorded by the credit rating agencies (Equifax or Transcanada). At some point you will have a sufficient number of repayments to get back a clean rating.

Related article:

  • Your Credit Score In and Out Of Bankruptcy


My name is Eric M, and I’m a former client of yours. You helped me with a consumer proposal approximately six years ago. I’m thrilled to advise that the state of my financial affairs are excellent, thx to the help and direction you provided. I was even approved for a mortgage through RBC last year (didn’t end up purchasing, and going to reapply soon).

Eric M (Toronto)

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