Regain a good credit rating after a debt restructuring
Credit ratings are based on a number of factors, such as your payment history, whether you have filed a bankruptcy or consumer proposal in the past, how much credit you already have, and how often you apply for credit. Having few cards, paying them in full and on time, and avoiding applying for credit too often will all contribute to the health of your credit rating.
If you have filed and completed a consumer proposal, this fact will remain on your credit report for 3 years after completion. If you have filed a bankruptcy, it will remain for 7 years (a second bankruptcy remains for 14 years).
Note that a past bankruptcy or proposal does not mean you cannot obtain credit, only that when you apply, the lender will see the insolvency on your record. The decision to give you credit is based on their own internal requirements, and does not necessarily depend on a clear credit report.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.