Apply for a secured credit card
A secured credit card is a card that requires a security deposit. Start using it for a few small monthly expenses, paying your monthly bill on time and in full. Making payments to a secured credit card will contribute directly to rebuilding your credit after personal bankruptcy in Edmonton.
Increase your credit limit
Once you’ve managed the monthly payments to your secured credit card for a while, you can request a credit limit increase to show greater responsibility. Make sure you only ask for an amount you can handle, and try to wait at least six months before requesting an increase.
Switch to an unsecured card
You can apply for a regular, unsecured credit card after a year to a year-and-a-half of responsible payments to a secured card. Keeping the same mentality as you had with your secured card is essential to stay on top of expenses.
Keep an eye on your bank account
If personal bankruptcy seems the best financial option for you, Fox-Miles & Associates Inc., Licensed Insolvency Trustee, will walk you through the process. Our Edmonton personal bankruptcy advisors will also help ensure you are all set up to rebuild your credit afterwards.