Collections - low credit score - debts paid- where do I go from here?
I also own my own home. I couldn't keep up and my payment history went to shit and then the LOC and credit card went into arrears and then collections.
I was able to pay it in full ASAP. So, I have worked with someone and completely changed my finances and prioritized things and I am in a much better place. I actually have an emergency account and personal savings.
This all occurred within the last 5 months.
My score is the lowest I have ever seen it (535 on Credit Karma. 543 on Borrowell) and I want to get it back. My payments haven't reported yet.
I thought a credit card would help me rebuild my credit card but I am afraid to apply. I figured I should wait until the credit bureaus are updated and then take a chance. I don't particularly want a secured credit card because that means I have to use cash up front and that will be difficult with my new budget situation. I probably don't have a choice. To be honest, I am a bit surprised that CIBC closed it. I know someone who went through consumer proposal and he still has his credit card.
Will my score go up a bit once the payment shows up at the bureaus?
CIBC says I have an R9 but I am pretty sure that will change once they recognize my payment, right?
I know it won't fall off for 7 years but it's not going to say my debt is unpaid forever, is it?
Any recommendations to help me get my credit situation in order?
I don't have any other credit cards or loans. My cell phone bill is up to date with a few late payments in the past.