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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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applying for credit cards

hi, i have been discharged from bankruptcy 18 months. I have a secured credit card for a year now and have used it responsibly. I also have been on time time with all my utility bills and mortgage payments. Just wondering if I have any chance at all at applying for another credit card or am I wasting my time and hurting my credit record further by even applying. I want another card because of the advantages it provides (ie points) and I am quite confident I can manage 2 cards. P.s. I am not doing this in order to shift owed balances around – I’ve been down that road and I know first hand that it doesn’t work! You have a great site that is very informative. Thanks for your time.

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One Response to “applying for credit cards”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

You definitely have a chance to apply for another credit card, but you are right that it could potentially do more harm than good. The problem with credit cards is that they have no clear end date, therefore there is potential risk down the road. Here is an example to understand this better, if you apply for a credit card today and are approved for a $10,000 balance you are not required to spend up to the full balance. However, there is nothing preventing you at any time from spending up to the maximum allowable. This can be a concern to creditors so if they see you have significantly more available credit then they are comfortable with and as a result may not be interested in doing business with you. What I recommend is to not focus on credit cards, focus on loans. The advantage is they have a clear end date and as a result help to rebuild credit quicker than credit cards do.