Bankruptcy can be a lengthy process, typically lasting between 9 to 21 months depending on whether the applicant has any surplus monthly income.
The RECI program is built on 40 years of experience dealing with credit issues and financial hardship. Our ultimate goal is to help you re-establish your credit and to put you into a position of buying a home in the shortest period of time possible.
Every case is unique. Generally you want to reach a minimum 680 Beacon Score and show minimum of 12-24 months of positive history on 2 credit lines totalling $2,500 minimum. Doing so will put you into a much better position when looking to qualify for CMHC mortgage insurance.
Poor credit history make it more challenging to secure a basic residential lease, or to apply for certain jobs. It becomes especially important when trying to qualify for big ticket purchases (ie: vehicles, equipment, real estate) as you may be turned down or charged interest 2 to 3 times higher than normal.
It is best that you start the process as soon as possible in order to minimize the negative impact of your credit history. After completing the process, you can start re-establishing your credit the day after you receive your discharge from the courts.
It may. Some lenders choose not to deal with those who went bankrupt for under $20,000. This aspect however is entirely at the discretion of each lending institution.
The security deposit provided on signup (typically in the amount of $500-25,000) is equal to your credit limit. However, the card works just like any other credit card & is often used to facilitate credit re-establishing.
Secured credit cards (and similar credit re-establishing products) provide the necessary positive credit history to establish a healthy credit score.
We offer both Master Card & Visa products.
The minimum allowable credit limit is $500 and the maximum is $25,000
Applicants who do not have an income would be unable to begin the reestablishment process. We aid in guiding clients through insolvency, but applicants that have not yet emerged from bankruptcy, would also be unable to begin the reestablishment process.
Our products are available to all residents of Canada. Foreign applicants on work and student visa will be considered on a case-by-case basis.
While most of our competitors charge between $1,500 to $2,000 for similar services, most of RECI services are set at $600 (plus HST).
At least the age of majority in the province/territory where you reside (18 years of age in Ontario, Alberta, Saskatchewan, Manitoba, Prince Edward Island; 19 years of age in British Columbia, New Brunswick, Nova Scotia, Newfoundland/Labrador and the territories).
HAVE QUESTIONS ABOUT A CREDIT ISSUE? ASK OUR EXPERTS.
Excellent service over a year with RECI. I advice anyone who plans working with it. Regards,
Konstantin and the whole team really did a great job helping people either with their credits or mortgage. Very accommodating and understanding with your situation. Great job guys!
Konstantin and his team are amazing! Walked in with a mountain of debt unsure of what to do. He calmly went through my options constantly re-assuring me that things were going to be ok. Less than 6 months later my credit score has gone up, I got a better mortgage rate and paid off my car and all my credit card debt. Thank you so much Konstantin …especially for never getting tired of my million questions and need for reassurance! You rock! Here is to 2017!