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Rebuild credit after bankruptcy

When a person declares bankruptcy or files a proposal, the Office of the Superintendent of Bankruptcy (OSB) notifies the credit bureau. We are advised by the credit bureau that for first-time bankrupts, the information stays on your credit bureau report for six years after discharge; for a second-time bankrupt, it stays on your report for 14 years after discharge. A proposal is recorded for three years after the completion of your proposal. See also, How long will it take for me to get a bankruptcy discharge?

After discharge, you can start to re-establish your credit by doing the following:

  • Talk to your banker and say you want to re-establish your credit rating

  • Open a savings account

  • Be a regular and persistent saver

  • Take your next pay raise and save it

  • Save 5% of your pay

  • Have your savings come immediately of your pay and into a separate savings account

  • Take out a small loan using the savings account or an RRSP account as collateral, and then pay it back

  • Apply for a credit card with a low limit and secure the limit by using your savings account as collateral

» More Grant Thornton videos

» Getting a credit card


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