My brother filed for bankruptcy and it was finalized last December, he was then able to open a credit card again... at a high percent and low limit. However now he's tried to get a few small personal loans to help re-build his credit and keeps getting denied... in an attempt to not make his credit any worse he's stopped applying, what can he do to rebuild his credit again?

In bankruptcy it is hoped that you learn lessons. In Ontario you can't open a credit card account, you are allowed a bank account. They do not deny necessities of life, however, one learns to keep within monetary boundaries throughout the three years. It is three years in Ontario.

He will have plenty of time to rebuild credit but he has to learn abstinence first. Life goes on, we learn and go from there. Hopefully we come out of it with a better understanding on how to spend our money wisely without incurring a lot of debt AGAIN.

He has to realize that a lot of creditors got dumped during this whole process and will never see there money again. That is not fair in our society but it happens, but sh***t happens and it is unfortunate that he will have to wait a while to establish credit after he learns how to handle it.

Sorry if this doesn't sound fair but it I my opinion only and not shared by the entire forum.

Ok, the best thing is not to borrow any money and never use any credit cards again. You rebuild it by showing you learned and do not borrow money.

So in two or three years after he has proved he is not still going to not pay, he may want to consider a few minor things, But honestly going for years not really borrowing anything may be the best.

Two ways, first and more important you pay you credt bills on time and keep low average balances over the year - that credit card - Second you show in your credit report that you got money, once in a while make a large payment leaving balances at zero then after a couple of weeks you start charging on the card again, it will take at least a couple of years to have a reasonable credit available.

Carl.-