FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Credit after discharge

Which financial institutions are more open to granting credit after someone is discharged from bankruptcy?

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2 Responses to “Credit after discharge”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

As long as you have obtained your discharge and the leasing agent consents there should be no problem with this.

Barton Goth, GCO Inc. Bankruptcy Trustees said...

While there are certain lenders who are more willing to lend in distressed situations (i.e. Citifinancial, Wells Fargoâ€¦) I normally don’t suggest people get involved with these types of institutions as they often charge very high levels of interest and rarely help to improve the situation. I always suggest you begin by contacting your bank. While banks aren’t the perfect solution, they are much better than the alternative. If you begin by contacting your banker, informing him that you want to re-establish your credit rating, taking out a small loan and then pay it back you will ultimately be able to develop a positive relationship with your existing institution and rebuild your credit at the same time. You may have to save for a period of time prior to obtaining the loan so you can provide some collateral, but as soon as you do this once, you increase the likelihood that your bank will be cooperative next time in the absence of that collateral.