No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
A realistic step-by-step plan to go from R9 to 680+ within 3 years
Answer three questions to get your personalized recovery timeline.
KOHO helps you stick to your budget with real-time spending insights and automatic savings. No fees, no overspending, no excuses.
Get KOHO Free — Code BREMO2026Both Equifax Canada and TransUnion Canada follow specific timelines for bankruptcy and insolvency reporting:
| Event | Equifax | TransUnion |
|---|---|---|
| First bankruptcy | 6 years after discharge | 6 years after discharge |
| Second bankruptcy | 14 years after discharge | 14 years after discharge |
| Consumer proposal | 3 years after completion | 3 years after completion |
| Debt Management Plan | 2 years after completion | 2 years after completion |
| Individual accounts (R9) | 6 years from date of last activity | 6 years from date of last activity |
Order free reports from both bureaus. In Canada, you're entitled to one free report annually by mail from each:
Check for errors — discharged debts still showing as active, incorrect balances, or accounts that don't belong to you. Dispute errors in writing; bureaus have 30 days to investigate.
A secured card requires a cash deposit (your credit limit) and reports monthly to the bureaus just like a regular card. Best Canadian secured cards post-bankruptcy:
Use the card for one small recurring purchase monthly (e.g., a streaming subscription) and pay it in full every month. Never carry a balance — the interest costs more than the credit building is worth.
Ask a family member or trusted friend with good credit to add you as an authorized user on their credit card. You don't need to use the card — their positive payment history will reflect on your report. This is one of the fastest legal credit-building strategies available in Canada.
Some Canadian credit unions and financial companies (like KOHO's Credit Building feature) offer credit builder loans — you make monthly payments to a locked savings account, and the on-time payments are reported to credit bureaus. At the end of the term, you receive the savings. Builds credit and forced savings simultaneously.
After 12–18 months of on-time secured card payments, apply for a regular (unsecured) low-limit card. The new account adds to your "credit mix" — one of the scoring factors for both Equifax and TransUnion. Keep credit utilization below 30% on each card.
| Timeframe | Realistic Score | What It Unlocks |
|---|---|---|
| Discharge to 12 months | 520–580 | Secured cards, credit builder loans |
| 12–24 months | 580–640 | Some unsecured cards (high rate), cell phone plans |
| 24–36 months | 640–680 | Car loans (reasonable rate), apartment rentals |
| 3–5 years | 680–740 | Standard mortgage qualification, best card products |