Credit Repair

Though it takes time, blemishes on your credit can be repaired faster than you might think. In the meantime there is a lot you can do on your own to help.

1) MAKE A BUDGET AND HAVE A PLAN
2) Pay your bills ON TIME and EVERY TIME, if you cannot pay the whole bill make at least the minimum payment
3) If you have high interest cards, call and ask about the lower interest options, if you do not ask you do not get
4) Try to keep what you owe to any one lender at less than 50% of the limit (this does not include mortgages)
5) If you have used a card in a while, make a small purchase, dormant cards do not help
6) If you can manage it, have different types of credit, e.g. cards, car loans, lines of credit, RRSP loans, it helps

For more detailed list

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I know it is tough to make things work and maybe this book, by an in your face guy, can help. It makes sense and it does indeed have a plan, I do not say where you should buy it, or borrow it, but I am including a link to Amazon.com so you can at least see a bit more about it.

Try the Library, the Toronto Public Library has 18 copies, your local library might as well.

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I do recommend getting help if you cannot manage it by yourself, but remember the people that help you need to get paid, so if you are not paying for the service who is and how are they compensated? This is key, because I have seen clients who had what they needed to sort themselves out without bankruptcy, but were "advised" that this was their best option. I guess it depends on what you want to do for the next 7 or so years, because that stays with you.

I had another client who could see that the spiral was going to lead to disaster and he managed to refinance his house restructure the debt, and get his affairs in order before he lost his good credit and his house.

Do not forget, if you are married or common law you are in this together so talk about it, if one of you is not holding up their side then, when mortgage renewal time comes up the partner with the poor score could send you to higher rates. Is it an embarrasing discussion? Yes I agree it will not be fun, but getting to the brink of bankruptcy without having talked about it, would be even worse.

Credit issues?
Rebuilding your credit is the first step towards qualifying for preferential mortgage terms.

If you do not have credit, or you are just getting out of bankruptcy or consumer proposal, then we recommend you apply for a secure Visa card. It’s never too early to start re-building your credit.

English Application Form

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For more help contact this, or any other not for profit group
creditcanada.com

One of the reasons why you may be declined for a mortgage or may only be eligible for sub-prime loans is a bad credit rating.

Consumer credit bureaus are maintained by Equifax Canada and Trans Union Canada. The report contains detailed information about you and your repayment history. Collections and judgments are also included.

Download "What You Need to Know About Collection Agencies" (PDF)

An ethical and competent mortgage broker can help you pinpoint the items on your bureau that can be repaired, and can provide a timeline for when purchasing a home is possible. Call us to discuss this opportunity.

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