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Calgary, Edmonton, Alberta bankruptcy Q&A forum

Question:

 

My friend did a consumer proposal 5 years ago when her and her husband separated and he let everything go into default. She was given 4 years to pay it off, but actually paid it off in 14 months. That was in 2014. How can she rebuild credit after something like that and how long does it take. She can't even get a credit card at this point to try and rebuild credit.


From:

 

Grant Thornton Limited

Date:

 

May 03, 2017

Answer:

 

Hello, A secured credit card is a great way to rebuild credit. A deposit is required if credit is extended but the use and payments are reported on your credit report to reflect the efforts of re-establishing. The challenges are not many banks offer secured credit cards and it is the discretion of the banks to qualify you like other credit cards. Hope that helps.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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