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 45ET55JSYABoth 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 |