When a person declares bankruptcy the Office of the Superintendent of Bankruptcy notifies the credit bureau. This information stays on your credit bureau report for 6 – 7 years. You can start to re-establish your credit by doing the following:
* Talk to your banker and say you want to re-establish your credit rating;
* Open a savings account;
* Be a regular and persistent saver. Use the common techniques I am sure you have heard of:
1) Pay yourself first;
2) Take your next raise and save it;
3) Save 5 % of your pay;
4) Have your savings come right off your pay and into a separate savings account;
* Take out a small loan using the savings account as collateral, and then pay it back;
* Apply for a secured credit card. Using a secured credit card is a quick way to rebuild your credit rating.As you make regular payments your credit history looks better and better;
* Pay your credit card balances on time.
