Credit Card- During consumer proposal

I read somewhere in this site someone else who was asking about this- that you can still apply for a Secured credit card during a consumer proposal. My question is, will having this credit card help my credit get a head start on the re-building process? or will having this card only really help me AFTER I am finished paying my proposal?

Posted from: Ontario

One Response to “Credit Card- During consumer proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A secured credit card can help to re-estabilsh your credit either during the proposal or after the proposal. However, I have found that most creditors when they are interpreting the credit history report spend more time looking at your credit record after the proposal is completed. As a result you will likley have a larger effect if the secured credit card is used after the fact, but having it during the proposal really can’t hurt and ultimately assists with this re-establishing at an earlier point.