Rebuilding Credit after Bankruptcy

Rebuilding your Credit History after Bankruptcy

After bankruptcy, at some point you may look at getting a personal loan and wondering “Can I get a Personal loan after being discharged from Bankruptcy?”

The majority of Type ‘A’ lenders (most major banks) may not offer credit to someone that has been cleared from bankruptcy in the past 7 years. 7 Years is the time that your bankruptcy will be associated with you on your credit report. So getting a line of credit from some major banks could be a bit more difficult.

What are Some Options?

Credit History Review. It is always a good idea to keep track of your credit rating and history, so if any discrepancies do show up, you have the option of providing up to a 100 word note explaining the situation from your side.

Secured Credit Card. What is a secured credit card? This type of credit card is secured via the money deposited with the bank you are dealing with. The credit that is granted is equal to the amount of money that you deposited. This can help with building your credit history and rating. While any type of credit card may not be a good option for all, there are still other viable options. Read more on using credit wisely for a more indebt look.

RSP/RRSP loan. You could also consider applying for a RSP/RRSP loan with your bank.

Savings. If you don’t have a savings account, now would be a good time to start one up. If you do have one, make it a point to start putting away money each month, and be consistent about saving. Having some type of savings that you can access it for any emergency bills that come up can be helpful as well. At some point there will be an unexpected bill, and having a bit of extra cash to use can help you with getting through this.

Rebuilding your credit takes time.

You need to be consistent about making your payments with any loans, bills and/or credit cards that you do have. These payments have to be paid on time each month (no missed payments). Keeping a steady and consistent track record will help you with regaining/rebuilding your credit history.

If you are in the Greater Toronto area and need assistance, call the offices of David Sklar & Associates at 416-498-9200 to book your free consultation. We will assess your finances and demonstrate how you can get out of your money crisis and get on with your life

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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