Life after bankruptcy

Discussion in 'Credit Talk' started by TB, Jan 25, 2001.

  1. TB

    TB Guest

    It has been almost 4 years since my husband and I filed for bankruptcy. We have since been given credit to lease a car and have been doing so for the last 2.5 years. We have never missed a payment.

    The problem is our credit report does not display this information. The credit bureau tells me because the car is leased, once the leasing agreement is up THEN the "good" credit will be reported. Anyway, we have been unable to obtain any other credit at all. Does anyone know of any credit card companies or banks that will lend to a person with a bankruptcy in CANADA?? I have heard of Capital One - is this a secured credit card?

  2. John S

    John S Guest

    Who is the car leased through?

    Whoever told you that about 'once the lease is up, THEN they report the info' it out of their mind.

    Leases are reported every month, just like car loans, mortgages and credit cards.
  3. TB

    TB Guest

    The credit bureau told me this

    They told me because it is a secured loan that they do not report monthly, but will report when the contract has been satisfied.

    I have my credit report and the only thing it says is:

    "A secured loan/Chattel mortgage was filed in 08/98 in SECURED LOAN. Amount: Chrysler Credit $19890 Maturity Date: 08/01"

    It does not say anything about payments being paid on time. That is the only reference to the loan.
  4. Carrot

    Carrot Guest

    RE: The credit bureau told me

    That's crazy--aren't all car loans secured loans? The car itself serves as collateral, right?

    I bet if you were late they would be more than happy to report that! You might need to contact Chrysler Credit on this one.
  5. Zachary

    Zachary Guest

    RE: The credit bureau told me

    Unsecured credit in Canada; I got Cap1 gold card ; 2.5K with annual fee; 19.8% (a little steep). It came on the heels of a "Platinum Card" direct mail offer; which Cap1 claims to be demographically selected based on where you live. (NOTE, however, I'm over 5.5 years post BK since discharge and soon to be clean as a whistle later this summer. (SIX years erasure from bureaus in Ontario.)

    So, the unqualified answer to your question is YES. My approval came on the heels of lots of business with Trans Canada Credit through vehicle financing.

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