You may be in a situation where past decisions have negatively impacted your credit score. This can make it harder for you to qualify for a loan or get a good interest rate. The good news is it is possible to build your credit back up with time and making good financial decisions. You can harm your credit score in many ways but there are just as many ways to salvage your credit score.

Check your credit score

There are two credit reporting companies in Canada, and they are Equifax and TransUnion. To start building your credit you need to get a copy of your credit report and determine where you need to improve. When you open an account with a bank or other lending institutions, any activity on the accounts will be listed in your credit reports. Factors such as missed payments, your debt utilization being high, or filing for bankruptcy can lower your credit score and your credit report is where you can see what is impacting you.

Apply for a secured credit card

A secured credit card like the Home Trust Secured Visa or Refresh Financial Visa is for those dealing with no credit or bad credit to help establish a credit history. It is like a regular credit card except your credit limit is set by how much money you can put down. This assures creditors you can pay back the money you borrow. The activity n your secured card is reported the same as an unsecured card so it will have an impact on your credit. It is important you use it to make purchases you can pay off on time. After you have shown you can consistently make your payments on time you can upgrade your secured credit card to an unsecured credit card.

Home Trust Secured Visa

The Home Trust Secured Visa is for individuals who need help building their credit rating who have untraditional credit histories. The Home Trust Secured Visa helps individuals build or rebuild their credit by letting them take control of their own future and designing their own way forward to an improved credit rating. This includes students, newcomers to Canada, people dealing with past credit issues, and self-employed individuals.

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Refresh Financial Visa

Refresh Financial offers custom credit building solutions that help individuals take control of their finances. Since 2013 Refresh Financial has helped over 100,000 Canadians improve their credit score. Good credit is important and a higher credit score means better terms and lower interest rates on mortgages and car loans while a lower credit score tells lenders you are a risk and the worse your terms will be and the more you’ll pay in interest. Bad credit can be costly and can narrow your options. Refresh Financial helps you build credit with the money you already have.

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Credit Building Edmonton

Build your credit with Consumer Debt Consulting

Free Assessment

Credit Building – Debt Consulting

780-446-9502

Make the minimum payment

It is very important to make any payments on time to build your credit history. This also includes non-credit bills such as utility bills. Any outstanding bill whether it’s a utility or cell phone bill can get reported to credit bureaus and if you are unable to make a payment on time you should at least make the minimum payment before your bills due date. Any late or missed payments will impact your credit score and your credit report negatively. A good tip to consider is to set up automatic payments. This way you know your payment is going out on time but you need to make sure you have enough funds in your account or nothing will happen and you will miss the payment.

Develop good habits

Developing good habits in the way you spend and save money is important to rebuilding your credit. Think about setting a monthly budget as this can help determine how much you earn and can spend in a month. A monthly budget will help you better manage your money and live within your means. Once you have determined what your budget is it is important to keep track of your monthly payment dates. It will help remind you where your money needs to go and when, so you never have a late payment. Living within your means will help pay off your debt and build your credit faster and maintain your new and better credit history.

Your bad credit can limit you in the loans you can qualify for as well as having to settle for higher interest rates or unfavorable terms. There are no quick fixes to rebuild your credit but by being patient and adopting good financial habits you can build your credit back up over time even if you declared bankruptcy.

Credit Building Edmonton

Build your credit with Consumer Debt Consulting

Free Assessment

Credit Building – Debt Consulting

780-446-9502

How Credit Counselling Works:

Call 1-833-446-9502 to speak to a credit
counsellor and set up an appointment.

Gather your records and meet with an expert to review your financial
situation.

The Credit Counsellor will recommend a plan to help you and explain all details.

Follow your plan to Become Debt Free and start living your life again.

consumer debt consulting

Get In Touch

Feel free to get in touch with us by using the form below.

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    Why Work With Us?

    • Guarantee your debt is reduced or you pay no fee.
    • Be debt free in 1 to 5 Years.
    • Homes, Vehicles are fully protected.
    • Collection agency calls will stop.
    • Wage garnish will stop.
    • Protect client from legal action.
    • Information on re-establishing your credit rating.

    We Can Help You

    • Credit Card Debt
    • Department Store Cards
    • Retail Store Cards
    • Most Credit Line
    • Unsecured Personal Loans
    • Auto Loans
    • Unsecured Business Debts & more

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