When can I get a credit card?
When Can I get a credit card if I have a Consumer Proposal? Some say after 9 months I file (not finished paying), some same 9 months AFTER I finish the proposal (paying) and others say after the proposal (paying)? Which is correct?
Posted from: Ontario
Legally you may apply for a new credit card the day you file a proposal – from a practical standpoint though, you are not likely to get approved.
If you are applying for a secured credit card then most companies will tell you to wait 3 months after you file. It takes 2 months for your proposal to be approved by the Courts and most credit card companies will want proof of approval before they will issue a new card.
If you are applying for an unsecured card, well I am sorry to say you are not likely to be approved until you have completed your proposal. In fact, depending on your income, you may have to wait a couple of years after you’ve completed your proposal to be approved for an unsecured (normal) credit card.