1. Get a Secured Credit Card. The fastest, cheapest and easiest way to establish a credit history is with a secured credit card. Since there’s no risk to the lender because you’ve put up the cash to cover your balance, secured cards are great for new borrowers or people trying to re-establish credit after a bankruptcy.

Lenders usually want twice the credit card limit. So if you want a $500 credit limit, you’ll have to ante up $1,000. Once you’ve established your ability to manage the card – anywhere from six months to a year – you can ask for the security requirement to be dropped and your deposit returned.

2. Get a gas or department store card. Gas or department store credit cards are often easier to get and can be good ways to establish credit. You must pay your bills in full and on time because the interest rates on these cards are often astronomical. But as long as you don’t miss a payment – which you never will, right? – it makes no difference what the interest rate is. Use these cards wisely and they can be a great toe-hold.

3. Borrow for an RRSP. Borrowing money to contribute to an RRSP is a great way to establish a credit history. While the RRSP cannot officially be used as collateral for the loan, lenders know where to find their money so approvals come more easily and the interest rate won’t be horrendous. Make sure you only borrow as much as you can afford to repay in six months. How much you borrow doesn’t mean much; repaying the loan quickly without a misstep does. Don’t let anyone talk you into more. Once the six months are up, use the amount you were using to repay the loan as your month retirement savings contribution. Now you’re building up your assets, which will be good for your credit history too.

If you or someone you know has been through an emotional Bankruptcy in Canada, there is still a second chance to get back on your feet. After all, we are human and sometimes bad things can happen to good people.

1. Get Discharged ASAP – The sooner you get discharged from your Bankruptcy, the sooner you can start to rebuild your credit.
2. Check Credit after Discharge – After you have been discharged from Bankruptcy, check your credit bureau report from TransUnion Canada and Equifax Canada to make sure that all the debts that were included in your Bankruptcy were also updated, included and paid off on your credit bureau.
3. Re-Build your Credit ASAP –Rebuilding your credit after your Bankruptcy as soon as possible is the best thing you can do to bounce back quickly. The first step is to apply for a couple of Secured Credit Cards, you can start with one – but we suggest you apply for at least two or more from different lending institutions. Here are a few of these lending institutions that have helped our clients bounce back quickly and successfully: Capital One, Home Trust and Peoples Trust.
4. Pay Outstanding Taxes to Revenue Canada –Even though you have been discharged from your Bankruptcy, the lenders will still want to see that you have paid any outstanding taxes to Revenue Canada. The lender will request tax returns from the previous year showing that the income taxes were paid in full.
5. Apply for an RRSP Loan – An RRSP loan is secured by the RRSP that is invested and is another great way to rebuild your credit quickly. Visit your local bank or credit union and talk to them about applying for an RRSP Loan. If you’re a First Home Buyer in Canada, you will be able to withdraw up to $30,000 from your RRSP to be used towards a down payment of a home in Canada, but only once the loan is paid off.
6. Keep all Bankruptcy Documents – Even though the Bankruptcy has been discharged, the lender which you are applying for mortgage may ask you to provide a copy of the Statement of Discharge.  Along with copies of the Bankruptcy papers showing all the creditors, accounts and balances that were included in the Bankruptcy. Keep these documents in a safe place as you will very like be asked to provide these documents at time of application.
7. Start Saving – The higher your net worth, the stronger your application will be when you apply for mortgage financing. Lenders will choose your mortgage application over others if you have a substantial savings, good strong income and job stability and re-established credit after being discharged from Bankruptcy.

Many people today are intent on paying off their mortgage as quickly as possible. While most mortgages are amortized over 25 years, below are tips to implement if you want to be mortgage free as quickly as possible. If you follow all the suggestions below, your mortgage can be gone a lot quicker than you think:

1. Never get an open mortgage at a fixed rate unless you plan on paying off within its term.

Today’s closed mortgages generally offer 10-20% prepayment privileges, and can usually be obtained at 1% or more off the posted rate. Open mortgages at fixed rates carry higher interest. Why pay higher interest unless you are going to exceed this 10-20% prepayment? You can always make bigger lump sum payments at renewal time with no penalty.

2. Use accelerated weekly or bi-weekly payments.

Accelerated weekly payments are equivalent to a quarter of your monthly payment. Accelerated bi-weekly payments are equivalent to half your monthly payment. Both of these methods enable you to make one extra monthly payment a year – the effect of this alone reduces your amortization from 25 to less than 21 years.

3. Give your mortgage the same raise as you get each year.

If your income goes up 10%, so should your mortgage payment. This extra increase in payment will go directly towards principal repayment.

4. Give your mortgage a portion of any bonus or extra income

If you spend 30% of your income on your mortgage, then 30% of extra income should also go to your mortgage in the form of a prepayment. This bonus portion will go straight towards principle repayment.

5. Keep your payments the same even if you renew at a lower rate.

Since you know you can afford to pay at this level, don’t decrease your payment when you negotiate a lower rate. The difference in payments between your new rate and the old rate will go directly to the principal.

6. Use your income tax return to put a lump sum payment towards your mortgage.

This is extra money that is not used in your monthly budget. Don’t indulge – make it really benefit you.

7. Use extra money from your budget.

Most financially sound people have a budget that they live by, if you have a little bit extra then apply it to your mortgage. Minimum prepayments can be as little as $100/mo.

8. Round up your mortgage payments.

Why not round off that $656 bi-weekly to $660 or $675? You will be amazed at the difference.

9. Consider a variable-rate mortgage.

While the fluctuation will keep some people awake at night, those who can endure the rate adjustments can save money. Some variable-rate or adjustable-rate mortgages are up to 0.45% below prime.

10. Seek independent financial advice.

While some bankers do look out for your best interest, they work for the bank and not you. Their branch, organization and shareholders all have a financial interest in lending at higher rates, hopefully having you keep your mortgage for a long time. Talk to your financial planner, mortgage broker or talk to a financially savvy friend.

I know that these steps take discipline and dedication, but the one thing that most financially successful people have in common is discipline. If your top discipline is paying off your mortgage quickly then these are the tips to do it.