Google andforums have helped me a lot when it came to learning about the bankruptcy andpost BR process, and thought I would share my experience for people finding themselvesin the same boat I was.
March 2011: Filed for BR, went as smooth as it could go.Long story short, investing on leverage and day trading are just as bad asgoing to casino on credit, and I recognized that this was a problem when it wastoo late, but trust me I learned my lesson.
December 2011: Discharged after 9 months
January 2012: I applied for a Capital One Secured card andeasily approved (minimum deposit is $300, I sent in $400).
March 2012: applied for a People’s Trust mastercard and waseasily approved as well ($500 minimum deposit which I sent in).
April 2012: applied for a National Bank secured creditcard (I work for National Bank, but they were included in BR since I couldn’t makepreferential payments before filing). I was told I needed to be refused firstfor a regular CC then give 150% deposit, and surprisingly I was still refused
Anyone outsideof Quebec can also get a Home Trust secured credit card easily, but since I livein Quebec, I am not eligible.
I use my 2 securedcredit cards a lot, and pay them off fully every month. Starting in September 2012I would pay off whatever I use every night since I wanted to apply for another cardat the 1 year mark since discharge, and figured having zero balances wouldhelp.
August, my Equifax score was 550. After paying offcredit cards every night for a couple months, it jumped to 577 in November.
November 20, 2012: Apply for a Canadian TireMastercard (not a store card), and yesterday to my surprise in the mail, I gota card with a $500 limit. And best part is, I wasn’t notified of any hardcredit checks by Equifax (I have the $15/month service with them where theyemail me anytime there was a check).
I will bechecking by credit score end of December and will update thread. But I was verypleased to see how easily I was approved for a Canadian Tire card.
I also have2 cell phone lines with Rogers, which I would fully pay every month, but I noticedthat even if not late on a payment, owing them money when you make a creditcheck leads to a lower score. I found it best to pay the bill and do check aweek later. Credit checks when all your accounts are paid is the ideal in myopinion.
The onlybanks that weren’t included in my BR are Scotia, Desjardins and Laurentien, andI don’t like those last two. So I will be opening a bank account at Scotia thisweek and depositing all my money there in hopes of building a history with themand possibly getting a card next year. AMEX was included, so forget them. Andthough MBNA wasn’t, I read on their site the prerequisite to apply is to beCLEAR of BR on your credit file, so that’s a no go.
I plan tocontinue to use my credit cards heavily for everything and paying them offevery day after use, and use the Canadian Tire card the most since itsunsecured and could lead to credit limit increases. I don’t need credit, I havesavings….I am just doing this to rebuild.