Like after Bankruptcy-Road to recover?

[IceBlueShoes12]

Hello,
I've noticed a lot of people here have a wealth of financial knowledge as to how one can improve their credit score and so forth.
Anyways long story short, about 2 years ago I had to declare bankruptcy. After trying other options, it was obvious it was my only option.
Anyways I've been discharged for about a year now and am wondering how to get back to establishing a credit history.
All I can think of is getting a credit card but all the companies want me to pay up front (understandably) but they're asking for $1000. I guess it's almost like a pre-paid card but it actually has a credit history.
I'm a student (not enough $$$ to simply buy out the credit card so to speak) and still have my OSAP loans which I will start to pay back before I finish school in hopes of it helping my credit possibly. Or I start to pay it once I graduate.
Anyways, any help is greatly appreciated. Thanks in advance.

[xtrader101]

Get a secured MC from Capitalone. It requires a $99 deposit and you might get a $500 credit limit.

[UrbanPoet]

Perhaps... You could tell your relatives (that you trust!) to put your name under their bills...
AFAIK a history of paying bills on time reflects well on your credit.

[Caillo]

Hello,
I've noticed a lot of people here have a wealth of financial knowledge as to how one can improve their credit score and so forth.
Anyways long story short, about 2 years ago I had to declare bankruptcy. After trying other options, it was obvious it was my only option.
Anyways I've been discharged for about a year now and am wondering how to get back to establishing a credit history.
All I can think of is getting a credit card but all the companies want me to pay up front (understandably) but they're asking for $1000. I guess it's almost like a pre-paid card but it actually has a credit history.
I'm a student (not enough $$$ to simply buy out the credit card so to speak) and still have my OSAP loans which I will start to pay back before I finish school in hopes of it helping my credit possibly. Or I start to pay it once I graduate.
Anyways, any help is greatly appreciated. Thanks in advance.

You will have to prepay for your next credit card but do it. Only buy stuff you absolutely need (food, rent, etc.).

90% of the money you have after the necessities needs to go to paying off that OSAP debt once your done school.

You should live frugally like this until you pay off your OSAP and after 5-7 years (the amount of time a Bankruptcy stays on your CR), you should have good credit again.

Good Luck!

[dealtacular]

Perhaps... You could tell your relatives (that you trust!) to put your name under their bills...
AFAIK a history of paying bills on time reflects well on your credit.

This would work, but I think it's a bit too risky as this would not fully be within the OPs control.

[IceBlueShoes12]

Perhaps... You could tell your relatives (that you trust!) to put your name under their bills...
AFAIK a history of paying bills on time reflects well on your credit.

Actually I only have 2 bills in my name. They're rent and my Fido mobile bill. I've had my Fido bill for 5yrs or so.
I don't think I should have any bills in my families' name. Speaking from experience, it could be 1 bad mistake that snowballs and I don't want to declare bankruptcy, again! (I'm a little paranoid lol) And while I think my relatives are fine, I don't want to go asking them if they really are. I don't go around telling everyone I've declared bankruptcy afterall. Only my parents know.

Thanks xtrader. I'd be content w/ a $300 MC limit. Easily enough for me to get by.

I hope to have my osap paid off within 3yrs of graduating. Luckily I don't owe much and even if I dragged it out to 4-5yrs tops, I wouldn't be living too frugally.
I would like to be able to get a mortgage before the 7 (more like 5 now) years are up. I know it's a long shot, and have considered financing a car w/ like 60-70% down (nothing too expensive though) as a way of building credit, but it greatly depends on where I end up living.

[UrbanPoet]

Actually I only have 2 bills in my name. They're rent and my Fido mobile bill. I've had my Fido bill for 5yrs or so.
I don't think I should have any bills in my families' name. Speaking from experience, it could be 1 bad mistake that snowballs and I don't want to declare bankruptcy, again! (I'm a little paranoid lol) And while I think my relatives are fine, I don't want to go asking them if they really are. I don't go around telling everyone I've declared bankruptcy afterall. Only my parents know.

Thanks xtrader. I'd be content w/ a $300 MC limit. Easily enough for me to get by.

I hope to have my osap paid off within 3yrs of graduating. Luckily I don't owe much and even if I dragged it out to 4-5yrs tops, I wouldn't be living too frugally.
I would like to be able to get a mortgage before the 7 (more like 5 now) years are up. I know it's a long shot, and have considered financing a car w/ like 60-70% down (nothing too expensive though) as a way of building credit, but it greatly depends on where I end up living.

Well this would technically work only if you plan well..
Eg. i know a lot of people have old school parents that don't touch credit and are pretty damn responsible with paying bills on time...

If it were me i'd tell my old school parents to put their bills in my bill and they can just pay them.. It'd just be like a favor to build credit.

But again yes... theres the chance that relative or family member might belly up and stop paying bills on time.

[YYZFA]

Well this would technically work only if you plan well..
Eg. i know a lot of people have old school parents that don't touch credit and are pretty damn responsible with paying bills on time...

If it were me i'd tell my old school parents to put their bills in my bill and they can just pay them.. It'd just be like a favor to build credit.

But again yes... theres the chance that relative or family member might belly up and stop paying bills on time.

I don't think this is at all necessaray. I doubt it would help very much. From having read Hellfire's credit thread, I think getting a secured credit card, using and paying it off on time every month, as well as not screwing up any other loan and bill payments will do him just fine. It will take time before creditors trust him because they really don't like people who have defaulted on their loan obligations.

[IceBlueShoes12]

K thanks.
I guess the Capital One card is the best way for me to go.
I'll call them to see if I qualify. I did apply about 3 months ago but got denied. Maybe they didn't have the records of my discharge? I know OSAP hadn't received them at around the same time which made things complicated. Luckily it was easily solved.
Knowing my luck I probably won't qualify but IF I don't I'll post back seeing if theirs another route for me to go.
Wish me luck!

[marlaene]

speaking from experience . just get a 200.00 secured card from capital one, use it for gas, or groceries only, charge wait 2 days then pay immediately, so you dont screw up, you only really have to use it once in a while by the time a year is up, you can apply for can tire or pc (thats what i did next) remember there will be an annual fee on the capital one payable on the first statement. its good to keep this card for additional years (as this will be your longest credit card on your history) but remember to pay the annual fee wheather you continue to use it or not. by the end of 2 years you will granted anything you want and be able to get your house.

[IceBlueShoes12]

speaking from experience . just get a 200.00 secured card from capital one, use it for gas, or groceries only, charge wait 2 days then pay immediately, so you dont screw up, you only really have to use it once in a while by the time a year is up, you can apply for can tire or pc (thats what i did next) remember there will be an annual fee on the capital one payable on the first statement. its good to keep this card for additional years (as this will be your longest credit card on your history) but remember to pay the annual fee wheather you continue to use it or not. by the end of 2 years you will granted anything you want and be able to get your house.
I;ll reapply in about a month or so. IF I get denied (again!) I'll call and ask why. Might be that not enough time has passed for them to give me card. Ah well, such is life.

[onetruguju]

weird...

Bankrupt as a student?
how'd you pull that one off??

didnt know that you could claim bankruptcy when you had osap due....

[dolphie]

didnt know that you could claim bankruptcy when you had osap due....
you can, they just wont include the osap as part of the debt that goes away after your bankruptcy

[IceBlueShoes12]

weird...

Bankrupt as a student?
how'd you pull that one off??

didnt know that you could claim bankruptcy when you had osap due....

I finished college and owed my osap there.
Being a new grad I was dumb and got a brand new car.
It was the car payments that did me in since it was a lease and I couldn't cancel the insurance which made things worst.
I went to university since the the job I was at was dead end and while I originally was doing one, I made 1 stupid mistake and everything then snowballed until I didn't have much of a choice.

I still owe my osap, which I intend to pay. I'm actually sort of glad I won't be getting a car again. Such a big expense. Public transportation is best for me and better for the environment.

Ya after reading the Capital 1 requirements, I don't think they'll give me a CC. Oh well, guess I"ll have to save up for my own place w/ cash, which means it'll be a loooooong time before I do get one.

I'm also going to have to somehow get a place w/o a credit check. This should be interesting...