Credit Card after bankruptcy in Ontario

Question: I was told by a bank manager that I had to wait 3 to 5 years to get a credit card, yet my bankruptcy agent tells me to get a credit card ASAP prior to being discharged to start repairing my credit. When can I get one, and is there a particular bank I should go with….thanks

Answer: In most cases it is difficult to qualify for a credit card while you are bankrupt.

Once you are discharged from bankruptcy (generally after 9 or 21 months) you may apply for new credit.  Your credit report will show that you filed for bankruptcy, and that note will remain on your credit report for 6 years, so it will be more difficult to qualify for credit than if you had not declared bankruptcy.

However, it is possible to get a secured credit card, where you put money on deposit, and the credit card company issues you a credit card with available credit equal to the amount of your deposit.

Here is more information on how you can repair your credit with a secured credit card.