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How do I improve credit after a bankruptcy 5 years ago?

by Allen

I live in Ontario and have recently separated from my wife of 7 years.

My credit card was under her name because I have filed for bankruptcy - I've been discharged from bankruptcy 5 years ago.

Our mortgage was in my wife's name too and it was co-signed by my mother.

I need to establish my own credit.

I want to buy my own house but the bank will not give me a mortgage or tell me what to do.

What is the best way to get this started.

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Oct 03, 2013
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by: Marie Copeland, Mortgage Broker

Allen thank you for your submission.

To answer your question, the best way to rebuild credit quickly is through the proper use of revolving credit - a credit card. No one will give you a credit card right now, so you will have to buy a secured credit card by paying a security deposit.

So, your first step is to get a secured credit card!

Visit the Secured Credit Card page on this site and download the Application. Here is the link: Secured Credit Card

Send your completed application along with your security deposit to Visa (you will find all the information you need with the Application).

Only a $500 security deposit will get you started.

Visa will send you a Credit Card within 3 weeks - start using it and make sure you pay all charges in full each month BEFORE THE DUE DATE.

Visa reports to the credit bureau each month so the rebuilding of your credit begins right away.

Be careful not to let others pull your credit while you are rebuilding. This is because each inquiry will cost you FICO score points - in other words, don't go shopping around for a credit card or other credit -- at this stage you don't qualify and all the inquiries will work against you.

The good news is that in Canada, the bankruptcy will be off your credit bureau after 6 years and this, along with the secured credit card will get your new credit history rolling!

If you do all this, a year from now you will be much more credit worthy and will qualify for a mortgage.

Browse through my site - you will find some important information about protecting your identity - be sure to read that too.

Hope this helps,
Marie Copeland, Mortgage Broker

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