$2,500 that you pay back over 2 years and they report it to bureau for you. The cost - $900! That’s crazy and completely unnecessary. Here is what you need to know for those in consumer proposal. Remember, every situation is unique, so always have an experienced broker work with you:
How long does a consumer proposal stay on a credit report? Once you enter into a consumer proposal, it will start reporting on both Equifax and TransUnion credit reports within 30 days. Depending on your consumer proposal agreement with creditors, you will be making payments in a consumer proposal generally between three to five years. Consumer Proposal will stay on your credit report for 3 years from the date you are discharged (made your last payment) regardless if you are looking at your Equifax or TransUnion report. Where do I start in building my credit again? You can start rebuilding your credit as soon as you file your proposal. Bankruptcy is a bit different. You need to aim for TWO credit cards, open for TWO years, with an eventual available credit of $2500 each. Just get TWO that start reporting. Your credit and what have you can do to make it better: Financial institutions are lending YOU money, so a good broker will need to explain your situation, who you are, why you had issues and what you have done to improve your situation. This is called the 5 C’s of credit. This is a method used by lenders to determine the credit worthiness of potential borrowers. The system weighs five characteristics of the borrower, attempting to gauge the chance of default or you being a chronic mismanager of debts.
Sign Up Here for Monthly Mortgage Updates
0 Comments
Leave a Reply. |
Hey There!Please Feel Free to Leave a Comment on my Blog Post! Categories
All
Archives
February 2019
Categories
All
|