How to Fix Your Credit
How to fix your credit will greatly depend on your personal circumstances.
If you are in debt and want to fix your credit or if you have unpaid credit reporting negative ratings to your credit report your first step will be to fix the problem credit. This can be achieved through a financial consultant, credit counselling, a debt consolidation or even a bankruptcy trustee. Bankruptcy trustees do much more than put people into bankruptcy, so they are a good option if you have significant debt or have already destroyed your credit.
Once past bad credit is paid off it will be time to rebuild. To do this do not take out products like payday loans that charge sky-high fees and do not get reported to the credit reporting agencies. A secured credit card through Capitol One or Home Trust or a secured RRSP or GIC loan offered by the bank that reports to your credit report are your best options for rebuilding credit. In fact, using both a secured credit card and loan is better than just using one or the other.
Your habits with revolving credit (credit cards) will be key when rebuilding credit – here are some tips to follow:
- Only spend what you can pay in full each month
- Do not max out your credit card – in fact we do not recommend spending more than 50% of your limit
- Do not get in the habit of making minimum monthly payments only on your secured credit card
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Generally speaking, once you have managed to clean up bad credit and after 24 months of positive rebuilt credit, you will be able to qualify for unsecured credit, car loans and mortgage financing.