FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Instagram

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Why does my credit score get worse?

I was discharged from bankruptcy in 2001. Since then I have followed all the standard advice for rebuilding my credit. I obtained and paid off RRSP loans from my credit union every year. I obtained two secured credit cards and paid them in full every month. I obtained and paid off before the due date three short-term person loans. I built substantial savings. My credit history is therefore full of positive comments, and the old derogatory comments are falling off the record.
The result of all this — my FICO score today is lower than it was a year ago. I cannot qualify for credit anywhere other than at my credit union, where I have built a solid relationship.
There is nothing inaccurate in my credit history.
Apparently, the standard advice doesn’t work.
Any ideas?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Why does my credit score get worse?”

A licensed trustee said...

I disagree that the standard advice doesn’t work. My firm has handled thousands of bankruptcies, and this advice works. Your ability to borrow is based on more than just what appears on your credit report. It also depends on your income, the length of time at your job and your residence, the amount of a down payment or security deposit, and other factors, including the amount you wish to borrow. I would suggest you discuss the reasons for being refused a loan by the lender; ask them for specifics: Ask them what you need to do to qualify for a loan.