pardon

Being pardoned from a bankruptcy isn’t an option, and while you could still choose to pay all your creditors in full this won’t result in the coments being removed from your credit file.

The best thing to do is to concentrate or rebuilding your credit.

The best way to do this is to follow these steps:

1. Talk to your banker and say you want to reestablish your credit rating.

2. Be a regular and persistent saver.

3. Borrow using your savings as security. Secured loans are debts you incur that are backed up by some sort of asset or guarantee and are the easiest type of loans to obtain (consider obtaining a secured credit card from an organization such as Capital One or Hometrust).

4. Borrow for an RRSP. For some reason, banks have made it easier to obtain loans for RRSP’s than most other forms of credit.

5. Replicate step 4.

6. Borrow when you don’t need to. Obtain a small line of credit. Use it to pay bills and then immediately pay off the line. Repeat this process and over time, it will have a marked improvement in your credit report.

The key to all of this is that you must pay your bills on time. Don’t bounce any cheques, don’t miss any due dates, and don’t overdraw any of your accounts (even if you have overdraft protection). As well, always remember doing the above on a small scale reduces the risk and can increase the number of contracts you can enter into and hence the number of positive comments on your credit history.