I would say that Paying off your installment loans quickly can help you to fix your scores but typically not as dramatically as paying down.

Does adding an installment loan really make a difference? There is so much information out there these days so that it's too hard to know what does and doesn't matter.

GUYS!! YOU DON'T HAVE TO PAY ANY OF THESE FRAUDULENT DEBTS! Please go to getoutofdebtfree {dot} org

You're welcome
PEACE!

It should be noted that both Consumer Proposals and Bankruptcies are public information and can be obtained by anyone upon the payment of $8. They can be obtained from the Office of the Superintendent of Bankruptcy.

Applications for employment, mortgages, rental forms, insurance, bank loans, lines of credit and credit cards NEVER ask the question: "Have you ever made a Consumer Proposal"?

However, it is not uncommon to ask the question: "Have you ever declared bankruptcy"? But this question is more likely to appear on an employment application where the position applied for involves the handling of money.

What is more likely to be asked is: "Have you declared bankruptcy in the past 7 years"? For example, Capital One asks this question when applying for one of their credit cards.

I have never seen a bankruptcy question on an application for insurance, mortgage, rental forms, bank loans or lines of credit because these applications undergo a more thorough check than a simple application for a credit card. If you don't pay your insurance, your insurance is cancelled; if you don't pay your rent, you are evicted; if you don't pay your mortgage, your property is foreclosed. Therefore, the bankruptcy question is not that relevant.

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Educating one Consumer at a time

Just reading the FAQs and this post thread...
Are CPs like bankruptcy in that you need to report them on these applications listed below? (Not that I am going to be applying for life ins or a new job......)

Debt settlement is for those who want to pay some of their
debts and not declare bankruptcy.

Bankruptcy is something you will have to report for the rest
of your life on credit applications, life insurance
applications, employment applications, rental forms and more.
Also... bankruptcy is public information.

Been 3 years since I first posted here

My Current Condition

Equifax Score: 765 ( Excellent )
Transunion: Everything R1, didnt check score - Interestingly, they removed items from the reports which were bad
Eg., If I settled a bad debt in 2010 and last usage was 2005 Equifax removed in 2010 but transunion took last usage as date of debt settled ., ie another 6 years but something they have changed that now

I have
Visa - 6K
Master - 1300
Amex - 3K
Line of Credit - 10K

I pay off everything before due date but leave a bal so it shows 10% usage

Pre-Approved for Mortgage upto 400K

I bet you sleep better at night. That is hard to say these days . Good for you. You didn't take the easy way out .

If anyon'es interested, just cleared all my debts through settlement.
Just got my Equifax Report which shows 0 Balance on all accounts

Start with a new journey and hope to get mortgage in the future

about the license, that is another interesting one
re:How to fix my credit

The fine is of Ontario and the letter stated - you dont pay you lose the license and report to bureau ( probably )

The fine was due in Sep 06, I moved to BC in June 06 - got the license exchanged w/o any issues and also renewed for another 5 years. I told them straight up that I intend to pay this fine in Sep 06 but what If I can't what happens the license you gave me, they said nothing as they dont care about outside province fines ( paid or not ), only difference would it be that I dont be able to drive in ON with that BC license if ever in my life I go there and drive
I never ever intend togo to ON again
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About calling the collection agencies, yes that is something i will be doing

Well, I don't have a clue about the bank overdraft as I have never had one......would it be treated like a line of credit? Does anyone on here have their bank overdraft shown on their credit report?

re:How to fix my credit

Monty would probably know better about small business bank accounts, and how they are reported.

As far as your traffic fine, wouldn't you have to pay that fine at the Registry office before they will renew your license, or registration? That is how it works in Alberta.

You could always call the collection agency that contacted you before about the overdraft and ask them about the account, or if they sold it.