getting a loan after discharge
Hi, here is my situation;i kept my mortgage during a bankruptcy, have made all the regular payments and now have over 10% equity in the home. My concern is if i need credit in the near future such as a car loan will i be able to get one with a reasonable rate? Does the mortgage give me an advantage over someone recently discharged without one? Do i need to obtain a secured credit card in addition to making my mortgage payments to achieve a better credit rating faster? Thanks.
It is difficult to predict just how each lender is going to interpret your credit history. Yes the mortgage will result in one positive comment, but generally the more positive comments you have the quicker your credit history will be fully rebuilt. I do recommend getting a secured credit card, continuing making your mortgage payments and perhaps consider a small RRSP Loan (if you have the means to get a RRSP loan for greater than $500, stick with the $500 amount, but do it twice, or three times). The combined weight of doing these type of things will have a profound impact in terms of availability of credit in the future.