How to have bankruptcy removed before 6 years

August 3rd, 2006 by Questions

I have read on this site about the possibility of having the R9 removed before the 6 years are up.
How does one do this and who would we contact to have it completed?
In my situation, I was discharged in december 2000 and I have had a secured credit card for 3-4 years and have a new car lease in my name for 2 1/2 years with no late payments on anything.
I would appreciate some advice.



One Response to “How to have bankruptcy removed before 6 years”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

In terms of rebuilding credit, following these steps will help you to rebuild your credit.

1. Talk to your banker and say you want to reestablish your credit rating.
2. Be a regular and persistent saver.
3. Borrow using your savings as security. Secured loans are debts you incur that are backed up by some sort of asset or guarantee and are the easiest type of loans to obtain (consider obtaining a secured credit card from an organization such as hometrust).
4. Borrow for an RRSP. For some reason, banks have made it easier to obtain loans for RRSP’s than most other forms of credit.
5. Replicate steps 3 & 4.
6. Borrow when you don’t need to. Obtain a small line of credit. Use it to pay bills and then immediately pay off the line. Repeat this process and over time, it will have a marked improvement in your credit report.

The key to all of this is that you must pay your bills on time. Don’t bounce any cheques, don’t miss any due dates, and don’t overdraw any of your accounts (even if you have overdraft protection). As well, always remember doing the above on a small scale reduces the risk and can increase the number of contracts you can enter into and hence the number of positive comments on your credit history. For more information you can also reference the following page on credit repair.

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