Question: Hi there. I recently received a Suspended Discharge from my Toronto bankruptcy as I am 2nd time bankrupt. My hearing was very straight forward…my prior bankruptcy was over 18 years ago and I followed all criteria for this one…payments, statements and counseling sessions. . My question is…am I able to start to rebuild my credit now…as in purchase a pre-paid credit card or use a low limit credit card if I were able to obtain one (doubtful I know!). Or do I have to wait until the 6 month suspension is up?

Thanks so much!

Answer: You can apply for a pre-paid credit card, or a secured credit card, whenever you want. However, most credit card companies will only issue the card once your bankruptcy is officially over. Our advice is to start saving money now, since that’s the best way to re-build your credit, and then apply for the pre-paid credit card in six months.