I received a phone call recently from Lynda (not her real name). In 2011 Lynda and her spouse were filing for a divorce. This life altering event caused a number of problems in her financial life as well as her personal life and in early 2013 Lynda filed for personal bankruptcy. She received a discharge from her bankruptcy in late 2013 and started over as a single person.
Lynda was telling me that after to her discharge from bankruptcy she was able to save some money and lease a newer vehicle through the same company she had been leasing with prior to and during her bankruptcy. She has been careful with her finances, heeded the advice she received in her debt counselling sessions and now feels confident that she is “in control” of her own life.
Lynda was telling me that she would like to obtain a credit card for the purpose of ordering from the web, purchasing theatre tickets and other commodities that seem to require one. She was apprehensive about applying for a credit card as this would be her first attempt at venturing back into unsecured credit. She wasn’t sure if she would qualify and did not want to have a number of “hits” on her credit report. I suggested the following:
- Obtain a credit report from Equifax and examine it thoroughly. If there are any discrepancies make Equifax aware of them immediately. It is critical that this report be as accurate as possible as lenders rely on the information provided.
- Meet with an officer in person (not just on the phone) with her home bank and explain her situation. If the bank is unwilling to grant her unsecured credit ask how she can improve her situation to meet their qualifications and then follow their advice.
- Get a secured Visa card as a way to rebuild credit, and to have a credit card available for internet and other purchases.
Lynda told me that filing for bankruptcy gave her a fresh start and that the changes she has made in her life have enabled her to move in a positive direction. If you feel that you need Fresh Start contact us in Kitchener to arrange a free initial consultation.