Tomorrow I make the final payment to my Bankruptcy Trustee!

Phew, I am feeling great! My wife and I are looking at good ways to build my credit rating up again so we can build a house in 2 years. She is a stay at home Mom with our two toddlers and we have a small business building furniture in addition to myself working full time. I already score 650 on Credit Karma. Essentially phone bills on time for the past 3 years. I've read to get a secured credit card and pay it off every month. I think I'll transfer my online bills for cell, gas, hydro etc... to it and then pay it off at the same time I would pay my bills. I'm really good at not spending what I don't have now. Mostly my bankruptcy was to cover the dept my ex-wife left me with and I've been budgeting successfully for 3 years and is why I'm out of bankruptcy now instead of another 3 years from now. So aside from the secured credit card, any suggestions?

I'm entertaining these ideas;

  • modest truck loan for $6000. We are sole proprietorship (can incorporate when bankrupted) so I could lease something (shudder)
  • RRSP loan going directly back into the loan. Not sure how this works but I like the idea of things I don't need to worry about. I've also heard of term deposits and loans working this way. Dunno if it does anything.
  • Modest $6000 secured line of credit?

Any ideas?

Posted Aug 17, 2017, 8:09 PM UTC · edited

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