How long will Bankruptcy affect my credit?
December 9th, 2010 by Questions
If I go through with bankruptcy, how long will it affect my credit? I would like to rebuild, and one day be able to have the credit i may need for my son. How long afterwords does it take to get into the good books again?
Posted from: Ontario
One Response to “How long will Bankruptcy affect my credit?”
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December 13, 2010 at 12:09 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
As a result of filing a bankruptcy
you will have an R9 listed with the credit bureau for a maximum of 6 years from the date your bankruptcy is finished (discharge).
Now it is possible to rebuild credit quicker than the 6 year maximum. The process to repairing your credit is fairly straightforward and by following these steps you will find the total time until your credit is rebuilt drastically reduced.
#1 Start saving money.
#2 Get a secured Visa card
#3 Get a small RRSP loan.
#4 Keep saving.
#5 Repeat.
By doing this you will find your credit rebuilt quicker than most people realize.