Although filing a bankruptcy or a proposal will affect your credit rating adversely, as soon as the proposal is completed, or your receive your discharge from bankruptcy, (9 to 21 months), you can start to work on reestablishing your credit rating. One way to begin this process is by obtaining a "secured credit card". A "secured credit card" is a card protected by funds you previously deposited with the issuing financial institution. The card is essentially exactly the same as a regular credit card, but the credit limit depends on the deposit that secures it.

  These cards allow you the consumer to begin rebuilding your credit rating while providing assurance to the card issuer. In the event that you do not make the required payment on the card, the issuer will debit the arrears from your account where you have deposited the funds for security on the card. In order to use a credit card to reestablish your credit rating, it is suggested that you ensure timely payments on the account.