Lines of Credit?
November 29th, 2008 by Questions
I see a lot information on the internet about credit card applications after bankruptcy but what about lines of credit? Is it and when is it possible to apply for a line of credit after being discharged from bankruptcy…Assuming one has a job, some savings etc…
Posted from: Ontario
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November 30, 2008 at 9:31 am, A licensed trustee said:
The credit cards you’ve read about are either secured cards (where money has been placed on deposit as surety against the use of the card) or pre-paid cards (not actually credit cards at all since yuo can only spend whatever you’ve loaded on the card).
I am certain you can obtain a line of credit if it is properly secured – that means you either need a lump sum of money to place on deposit with the bank, or have something that the bank will accept as collateral (for example equity in a house). A co-signer might also work depending on their situation.