Rebuilding Credit After A Consumer Proposal

August 9th, 2006 by Questions

I am currently in the process of completing a consumer proposal (Oct. 2006).
Since the completion of my proposal is around the corner, I would like to start re-building my credit now…is this possible?. I have a good job, with a steady income.

Is there anything special I can do?


One Response to “Rebuilding Credit After A Consumer Proposal”

, A licensed trustee said:

I applaud your intentions, but I think you may want to wait until your proposal has been completed.

It is not uncommon for trustees to send advice on re-building your credit and/or to offer to sit down with you once you’re done your proposal to discuss your options. In fact, you may want to give them a call and ask if they will take the time to sit down with you.

Speaking in the most general terms, the most common ways to rebuild your credit involve secured debts: car loans, mortgages, perhaps a secured credit card. The best way to rebuild is to demonstrate that you are using credit as a tool and not to “supplement your income”.

Good luck – congratulations (almost) on being done.

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