Here's an interesting way to re-establish your credit. Ask your banker that you'd like to buy a $5000 five year Guaranteed Investment Certificate (or GIC). Your banker will say fine, let's see your $5000. Well, you'll explain, you really don't have $5000, but can you borrow it from his bank? Because this is a 'secured' loan - the bank has a piece of paper saying you owe them $5000 which is offset by another piece of paper saying you now have $5000 on deposit - chances are pretty good that you'll be approved. Now all you have to do is ensure a payment is made to the bank each month, without fail. Both the loan and the record of your payments will be reported on the credit bureau and, if you're paying the full payment on time each month, your credit bureau history will soon start looking pretty good. As an added bonus, you will have managed to save $5000!
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