Getting credit after consumer proposal

this forum has helped alot but i have a question for it.

my proposal was accepted by my creditors a few days ago with my payments being 42 months and i plan to pay back sooner, but with summer coming up it would be nice to go across the border or online shop and a credit card would add convience but i asked my trustee about applying for a secured credit card and i was told DO NOT APPLY while im making payments, only after im finished my proposal completely should i seek out credit

is she right?

thank you so much

Posted from: British Columbia

One Response to “Getting credit after consumer proposal”

A licensed trustee said...

I don’t think she is – you should start rebuilding your credit as soon as you are able. If you take her advice and wait until your proposal is over it may take another three or four years to get back on your feet. If you start during the proposal you may cut that time down to a year or two.

The easiest way to start rebuilding is to apply for a secured credit card. Make an appointment with a loans officer at the bank you are using and ask them if their bank does this. Most Canadian banks due, BUT they don’t advertise the service – that’s why you need to speak to a loans officer. As an example, TD will ask you to put $1,000 in a savings account which they will “freeze”. Then they’ll issue you a Visda card with a $1,000 limit. Use the card – you are trying to create a history of good credit. So buy gas, then pay it off the next week or at the end of the month. After a couple of years TD should release your savings acount and you’ll get your $1,000 back (although you really should just let it sit there…)