Life after bankruptcy

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Gue$t

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Life after bankruptcy
« on: October 17, 2011, 03:18:35 PM »
I have been discharged from bankruptcy for one year now, and I feel it is time to start working on repairing my credit. 

I did get a secured CC from both HT & PTand have been paying it off every month. Now I need to find a bank I could start banking with by opening savings, TFSA & RRSP accounts; therefore, I am here to ask for recommendations on banks that would be most willing to work with a past bankrupt on my way to improving my credit score.

I do know that not many will be excited to have me as a client, but I am sure there are banks who have worked with people who were past bankrupt and offered them small secure RRSP loans and eventually a small unsecured loan.

I am currently with Scotiabank, but I heard that they are the worst when it comes to past bankrupts - apparently I will stay on their black list even after 7years. 

I would love to hear your positive experiences about Bankes you have banked with. 

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missb

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Re: Life after bankruptcy
« Reply #1 on: October 19, 2011, 09:17:35 PM »
I am new to this forum.  I was discharged in Feb. 2010.  Just before declaring bankruptcy in early 2009 (job loss and severe illness, now on CPP disability) I changed banks (from CIBC to Royal Bank, per advice from my trustee).  I have banked with RBC now for 1 and a half years, no problems, my cheques get direct deposited, etc.   I just pulled out a small pension cheque from Standard Life, for about $6500, and took to RBC to get them to invest for me.   I also asked if they would give me a secured credit card for minimum, and I had the money to give them coming from my recently received $6500 pension cheque.   The secured card was for $1000.

I just got a call today that the bank denied me a secured card, even though I just handed them $6500 cheque to invest in their bank on my behalf.   I was told reason was that I did not have enough in a savings account!   I said what if I put the entire pension amount into my savings account instead of RRSP's etc.  I was told it was still a 'no', not enough to be sure I could make min. monthly payments!   On a secured card? and with my giving them several thousand more dollars to invest?????? and regular though small income deposited every month for almost 2 years and no overdraft, etc?   I have just head about prepaid visa cards from Money Mart, and since I have to book a flight, hotels, etc, soon, I may do that. But it  will not help build my credit.   What to do?  Why RBC so unhelpful?

panicking in Edmonton

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tipler

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Re: Life after bankruptcy
« Reply #2 on: October 19, 2011, 10:41:04 PM »
In my opinion this is what I would do:

If you want to start to rebuild credit you can go with : capital one secure master card or home trust. Both can be found on Canadian sites, meaning         " ca " extension.

If you just want something that doesn't report but its really good prepaid card than I personally use bank of Montreal mastercard, it's just 9.99  for 3 years and has almost no fees. Check their website, and compare with others but they are in my opinion the best.

Hope that helps
« Last Edit: October 19, 2011, 10:43:21 PM by tipler »

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Gue$t

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Re: Life after bankruptcy
« Reply #3 on: October 20, 2011, 05:08:36 PM »
I just had an appointment with RBC account manager and she informed me that their internal policy is that they will not offer someone a secured credit card until after 7 years of discharge if any accounts that were included in my bankruptcy were related to RBC.

The fact that I have other secured cc-s and am rebuilding my credit will not help me to obtain anything unsecured from them. 

So... RBC is a write off, the search continues...

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missb

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Re: Life after bankruptcy
« Reply #4 on: October 21, 2011, 07:09:23 PM »
Interesting comment RBC refusing to do business with past bankrupts even after 7 years.....; as far as I know, NONE of my past creditors were connected with RBC, so I don't think that's the reason they refused me.  But the disturbing thing is that my small pension cheque, for about $6,500.00 has been sent to their bank where my account has been since I declared bankruptcy end of 2008.   I was going to purchase RRSP's from them and put a bit into my personal chequing/savings, but now I am wondering...if RBC is so strict about helping anyone climb back from bankruptcy, is it a mistake for me to buy my RRSP's and deposit anything with them???? Should I just keep my Standard Life pension cheque and try to buy RRSP's from a place that will help me somewhat?

To date, the refund from Standard Life is lost somewhere in the postal system.  I got a copy saying it was mailed to RBC (and address was correct) shortly after it was cut on the 4th of this month.  I received MY copy of the letter stating this almost two weeks ago now.  To date the bank has not received it.     Should I just tell RBC to give me the funds and then take the money to a bank that will eventually help me out?    I had credit cards with several banks that were wiped out with the bankruptcy, so am limited in choices.  I thought, wrongly, that RCB would help.  Who do you suggest I invest my RRSP money with?   I have decided I have no choice but to buy a low limit prepaid visa from Money Mart, as I need funds soon to cover costs on a trip to the East Coast to see ill relative.  But will apply with Cap. One on return.  Meanwhile, does anyone have suggestions about what to do with my pension refund in the meantime? (provided it arrives SOON :'(   I hate to give any more funds to a bank that, it appears, will never help me get my post-bankruptcy life back on track :(.   I am already turning 60! Or can anyone suggest a better use for my refund that will not negatively affect my taxes next year?  Please Help!!

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Mortgagebrkr

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Re: Life after bankruptcy
« Reply #5 on: November 14, 2011, 07:22:34 PM »
Try HomeTrust Secured Visa to get you started.  If banks do not want to lend you money yet you have given them a fortune, there is something wrong with this picture.  Also try National Bank if they will do your secured Visa. Hope this helps.

MortgageEnder

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Michelle1977

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Re: Life after bankruptcy
« Reply #6 on: July 10, 2012, 09:07:31 PM »
Hi there I bank with RBC they do not have secured credit card for people who work and have file bankrupcy.  They only give secured cc to people who have no credit and are new to the country. They don't seem to want to give people a chance who have filed bankrupt in the past. Hometrust gave me a secured card and you get back your funds when you cancel the card and pay off the balance.  I would not invest anything with RBC hey won't give you anything.

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bluebird

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Re: Life after bankruptcy
« Reply #7 on: November 10, 2012, 10:00:03 PM »
Its been 2 months since I have been discharged from bankruptcy , want to thank everyone for the info and support i had during the last 2 years. Looking forward to rebuilding my credit and life after bankruptcy. Hang in there it will get better.

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Mortgagebrkr

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Re: Life after bankruptcy
« Reply #8 on: November 22, 2012, 06:55:52 AM »
Congratulations bluebird for getting a discharge.

If down the road you are ready to buy your own property, please do send me a quick email and we can discuss what options we can provide you in terms of getting a mortgage.  We have lenders who would consider less than 6 years after bankruptcy.  Plus we will create a long term strategy to build up your credit worthiness faster through home ownership.

Congratulations again.

Victor

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bluebird

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Re: Life after bankruptcy
« Reply #9 on: November 25, 2012, 02:36:39 PM »
Thanks Victor,
In the process of rebuilding my credit, will contact you when i'm ready for a mortgage

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shawna33

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Re: Life after bankruptcy
« Reply #10 on: May 25, 2013, 11:38:31 AM »
I just posted but the Teacher's Credit Union was so helpful and willing to help even with my having a bankruptcy.  They took a ton of time just to chat, listen to my story and treat me with respect.  Very impressed!  I am going to get their secured credit card this summer, am going to put my RRSPs with them this year and will be opening up a chequing account with them (and for the record, their fees are lower than the banks).

you do have to become a member, which is $25 that is held in a deposit and refunded back to you if you leave...you buy your share.  A credit union is collective/co-operative so very different mandate than the banks.

highly recommend you make an appointment with your local credit union and see what they can do.  They totally superceded my expectations!

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ANTONfag

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как прокачат
« Reply #11 on: April 10, 2017, 05:30:37 PM »
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« Last Edit: August 21, 2017, 10:49:02 PM by ANTONfag »

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IgorJophy

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как накачать
« Reply #12 on: April 10, 2017, 09:06:37 PM »
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« Last Edit: August 21, 2017, 11:24:47 PM by IgorJophy »

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RalphJoync

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Re: Life after bankruptcy
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Re: Life after bankruptcy
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