First, it is true - you can restore your balance during your proposal - you do not have to wait until discharge. But yes, it's always a secured credit card - it's not that bad - you can start with a small limit first - just to build some time with a new credit. In a perfect world, you would receive two credit cards with a limit of at least $ 1,000 - ideally $ 2,000 after two years.
But if you can only earn $ 500, it's definitely worth it. A chartered bank would be my first choice - because later your name will carry more weight in your credit report than Peoples Trust or HomeTrust or even Capital One. But "beggars can not be the choice" - if you can not get them from a chartered bank - very unlikely (except that BMO does not offer them, I think), then try Capital One - I think they can go up to Cost $ 300.
Over time, you can add to your deposit. Be sure to tell the company that you want to keep the same account number. Simply increase the deposit and thus the limit. If you do not, you may have a mess that does not do the job you need for your credit report.
Your credit history is currently scoring points - certainly in paying your car and maybe your mortgage - some mortgage lenders report Equifax - but a good number do not.
In other words, when the time comes to get a new car loan or postpone your mortgage, they are very interested in the NEW credit you have set since the CP - it seems somewhat unfair to me - I had a previous bankruptcy that Having served a huge mortgage payment for two years after being discharged from bankruptcy AND a large car leasing payment - but the "A-lenders" would not consider this sufficient because they only had a small credit card since the discharge.
They do not say if your car is leased or financed. If it's leased, you might consider applying for a car leasing loan - the interest rate would be high, but it would also improve your credit rating. Again, I'll try your bank first - otherwise, a company like Prudent Financial Services in North York specializes in car loans for people in your situation.
What would happen if someone made up purses or cash checks and used all their credit cards to the full before applying for a personal bankruptcy or filing a consumer application?
As tempting as it may sound, lending money to avoid repaying it can be considered a fraud, which is a criminal offense. While your creditors may not take any criminal action, they review your credit card transactions for the year before filing for bankruptcy or filing a consumer application, and may decide to take action based on their findings. Debts due to fraudulent activity can not be paid by a consumer application in a private insolvency proceedings or in the settlement of debt securities. This means that these debts will not disappear and the creditor can redeem the claim even though you have filed for bankruptcy or filed an application.
If you try to file a consumer claim and have recently started your credit card, that creditor is unlikely to vote for your proposal, which could lead you to personal bankruptcy as the only means of paying off your debts. In a private bankruptcy, your behavior in seizing a debt before bankruptcy can be used to avert your release from bankruptcy. A protest against your dismissal leads to a court hearing. The courts may then require you to repay some or all of these debts as a condition of dismissal from bankruptcy or impose harsher penalties on your conduct.
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