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cochon de monnaie brisé par faillite sur fond gris

Rebuilding Credit After Bankruptcy: 4 Pieces of Advice

You went bankrupt and you don’t know how to win back lenders’ confidence? You can make it happen earlier than you think.

Without further delay, discover our 4 pieces of advice for rebuilding your credit report.

1. Make a Budget and Stick to It!

It might seem obvious, but it’s the basics. So as not to affect your credit score, you must avoid living beyond your means. Take a moment to calculate your income and expenses. 

Then, when you buy a car, take the time to calculate how much you’re ready to pay each month, in order not to exceed your capacity to pay.

2. Borrow Intelligently

If you want to show lenders that you are a good payer, you have to take out loans! Even if it seems contradictory to you, getting in debt in a reasonable way is still the best way to win back their confidence.

It means that financing your car can be a sensible way to rebuild your credit. How can I know if my car loan will be accepted? At L’Ami Auto Crédit, everyone has the right to car financing. All you need to do is fill up the form!

3. Don’t Make Too Many Applications

If you want to take out a loan after bankruptcy, doing a bunch of applications is one of the worst things you can do! Even if it might be tempting to do so, it shows on your file and harms your credit score.

Instead, go directly to a specialized agency like L’Ami Auto Crédit. This way, you know you’ll have access to various lenders and tailored solutions so that you won’t be refused. 

4. Diversify Your Loans

To improve your report, you can rely on several products like:

  • Credit card
  • Credit line
  • Car loan

In any event, make sure to do your calculations and to demonstrate your stability. That’s the key to improving your credit report after a bankruptcy! For more advice, contact the L’Ami Auto Crédit team in Chicoutimi, La Malbaie, Baie-Comeau, Alma and Sept-Îles.

learn more about repairing credit after bankruptcy with l'ami auto credit in chicoutimi
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