six months later...where am i now?

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six months later...where am i now?
« on: January 01, 2014, 09:13:28 AM »
i know that i have used these forums a lot to help during my bankruptcy, and post bankruptcy so i thought i would share where i am 6 months after my discharge

as i stated in a previous post, the first thing i did once i had my discharge was go into my local credit union and establish a relationship there.  I applied for/rec'd a $500 secured credit card with them (CUETS--no fee, $500 deposit = $500 limit) and told her i wanted to rebuild my credit.  I had $1000 in savings that I gave to them for my RRSP and she also arranged a small $1000 RRSP loan at 8% to help my rebuild my credit and to build up my RRSP again.  Then, I applied for/rec'd a $500 no fee secured VISA from Home Trust.  Great!  paid everything on time, no issues.

I have a car but it is old and giving me problems.  I happened to see a fantastic deal on a new car at my local dealer (who I have been stopping in to see for over a year now) and contacted her dec 27.  I didn't have much hope of financing given that I had the bankruptcy but I applied.  I had $2000 cash to put down and $800 trade-in for my car.   Next morning, I found out I was approved!  According to the financial officer, I had a good rating and because I had a 'significant' amount of cash down (seems that most people don't have any cash down i've since learned), and didn't go for an expensive vehicle, have a good secure job, they had no problem approving my credit. 

My $1000 loan is almost paid off (i made extra payments) and will be done by march.  now i will just sit back and pay my bills to keep building my credit.  i will be putting a bit more money in my RRSP in the following year, and saving for a down payment as i plan on applying for a mortgage in 2015 when i have 2 years discharged. 

when i applied for bankruptcy i was a mess!  it was a tough road but a worthwhile one.  my mental health has dramatically improved after all of this thanks to not having the financial stresses as i had before.  i'm still wary and cautious with my spending and i still worry sometimes that this stability will be taken away from me, but life is good.  and all i can hope is that others end up feeling the same way and have the same success after their bankruptcy.



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Re: six months later...where am i now?
« Reply #1 on: January 02, 2014, 11:59:36 PM »
Hello Shawna33,
 Good Job, Having 2 secured cards  and a car loan  6 months  after your discharge is just  wonderful, you are doing great!

Keep paying your bills on time and  saving money, you will get out of this  nightmare ( bankruptcy ) very soon, thank you for sharing  , this is an encouragement for bankrupt people who think all is  done, there is hope....

All the best



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Re: six months later...where am i now?
« Reply #2 on: March 04, 2014, 09:11:08 AM »
Just curious about the car loan, cause I had to do the same, but my car loan interest is ridiculous!!  20%, so I am just trying to pay that down as quick as possible.   Oh boy!

So what kind of interest are you paying on your car loan?


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