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Credit Repair after Three Years Consumer Proposals

After three years consumer proposals purge from the credit bureaus. However I have several questions:
Will my credit rating be clear or will I still be working from a deficit?
I`ve had a secured credit card for over 2 years, department store credit card for just over a year, and recently had a family member co-sign an auto loan. These are the only three credit accounts I currently have open and I haven`t missed any payments. I haven`t missed any payments since 2004. Will my credit improve or remain the same?
Thank you so very much! 🙂

Posted from: Ontario

One Response to “Credit Repair after Three Years Consumer Proposals”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

You are correct that 3 years after the completion of a consumer proposal your credit bureau will be purged. At this time you will start fresh, and should not be working from a deficit.

However, attempts to rebuild your credit after the the proposal is completed will help you to re-establish on a quicker basis. Both the secured credit card and the department stor cards will help to do this.

The co-signed auto loan won’t help as much as you didn’t obtain this under your own volition, but it will never hurt (assuming you keep up on the payments).