Have you recently been discharged from Bankruptcy or Consumer Proposal paid off collection agency dues or court judgments or lastly a newcomer to Canada?
Once you have been discharged from Bankruptcy or Consumer proposal
Once you have been discharged from Bankruptcy or Consumer proposal you would attain a poor credit score and rating.
Lenders review your credit report regarding your ability to pay loans or not.
The factors that improve your credit rating and score are:
Getting a minimum $500 secured credit card with monthly bill payments done on time and using a maximum 40% of the credit limit. When you pay all your bills on time for one to two years, then you will be able to get the initial deposit returned to you.
Use your secured credit card for credit rebuilding purposes only.
If you have been declined for applying to a new credit card or loan, be advised that you can reapply after a duration of 6 months.
When approved for a new credit card or loan, do not eliminate your old credit card.
If you have a phone contract and have missed at least one monthly payment, it would then have a significant negative impact on your credit score and rating.
Getting small loans with small monthly payments.
Getting car lease or finance (works similar to the $500 secured credit cards)