Region served
A recent late payment weighs more than an old one. What a lender wants to see since, before approving a Bas-Saint-Laurent file.
The score matters less than what sits behind it. The lender wants to know how long ago the item was settled, whether your credit has recovered since, and whether the file stands without that line. A proposal or bankruptcy discharged two years ago with rebuilt credit is not treated like last month’s late payment.
Your full credit report, discharge or release papers for anything settled, proof of payment for what remains. Add your notices of assessment and proof of your down payment. The stronger the down payment, the more negotiable everything else gets.
A bankruptcy, proposal, judgment or collection doesn’t shut the door for good. Lenders look at how long ago it was discharged and what you’ve rebuilt since. That’s true in Bas-Saint-Laurent and everywhere else in Quebec.
Lenders go by what they can verify themselves: several months of on-time payments, balances going down, credit used without going over the limit. An explanation that leaves no trace on the report doesn’t carry much weight.
Yes, alternative lenders charge more than banks. Ask what you’re buying with that extra cost. Time to rebuild your credit, or a bridge back to a regular rate? A clear way out counts for more than the rate itself.
Bridge financing works if you know how you’ll leave it. Write down what must change, the date, and the cost of getting back to a regular lender. If you don’t, the temporary loan turns permanent.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Often two years after discharge, with credit rebuilt and paid on time since. Some lenders say yes sooner if the down payment is bigger. What you have rebuilt counts, not just the time that has passed.
Pick the situation closest to yours.
Contact
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.