| Author: |
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Tomas |
| Date: |
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May 15, 2001 |
| Question: |
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I am currently in bankruptcy and due to be discharged
in October, 2001. I was wondering what the best way to build credit would
be? I will be graduating university this April and would like to get off to a good start in terms of house-buying and car-leasing. Also, I work for a professional company in which I travel for time to time. They expect me to charge my hotel rooms and transportation expenses to my credit card and they will reimburse me. I really need to get a card with at least a $500 or $1000 limit for this purpose. Any suggestions?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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May 16, 2001 |
| Answer: |
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During your bankruptcy you will be attending two counseling sessions with your Trustee. The second session should address your questions. Generally, someone's ability to obtain credit after bankruptcy will depend on the income level and the relationship with a lender. You may be able to obtain a secured credit card (the lender holds funds from you on deposit to secure the credit limit), and often mortgages can be obtained 2 years after discharge. Your bankruptcy will be reflected on your credit record for approximately 6 years after discharge.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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