How to Improve Your Credit Score in Canada with having Bad Debt

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How To Improve Your Credit Score in Canada With Having Bad Credit

Yes. Big brother is always watching. Particularly when you apply for any kind of credit or loan. From payment histories to current balances, the bureau knows all

That also includes your SIN number, address, age, marital status, job, and much, much more

What’s most pressing, is they’re constantly assessing your credit score: a number-ranking between 300-900. The closer you are to 900, the better. Plus, every lender ranks credit a little bit differently, using their own proprietary criteria. Therefore, the consumer score, to which you are privy, may be slightly different in their report. It’s all a little bit stressful.

It seems that 650 is the tipping point. If your score dips below that magic number, life gets much harder

With a rating under 650, renting vehicles and living spaces is extremely challenging. Applying for bank loans is akin to pulling teeth. And mortgage approvals are all but a pipedream.

So, if at one point you’ve fallen on hard times and missed a few down payments or neglected your credit card bill, does that mean you’re doomed to a life of bad credit? Absolutely not! Just follow the methods in our blog and you could vastly improve your score in as little as 10 days

How to Improve Your Credit Score in Canada With Having Bad Debt

Sooth Your Credit Score Stress With Consolidated Debt

It’s amazing how smaller loans can pile up and snowball into an all-consuming debt. It’s a situation that eats away at both your personal life and credit score. Taking out an easy-approval loan with affordable interest will help temporarily neutralize your piling debts. This offers a much-needed breathing room and an immediate boost to your credit score. Making payments – on schedule and over the minimum – always looks good in the eyes of discerning creditors.

But where can you find a loan if traditional financial institutions are just going to shoo you away?

While banks may scoff at your application, there are private lenders out there who’ll offer simple and stress-free loan approvals – even if you have bad credit. Instead of simply assessing your score, these private companies examine your overall credit history. As long as you haven’t defaulted on any previous loans and have been discharged from prior bankruptcies or consumer proposals, there’s a good chance for approval.

Note that private lenders usually won’t offer direct debt consolidation, but will loan enough money to turn many little debts into one lump sum

You may ask yourself, why not just take out a payday loan?

Well, unlike payday loans (which charge through the roof on interest), private installment loans come with manageable, fixed rates that won’t throw you for a loop.

Laser-Like Focus On Your Credit Score

Did you know that according to certain studies, 57% of Canadians have never obtained their own credit score?

It’s no wonder why people get a grim dose of reality when they’re finally forced to check their rating. Imagine realizing your credit score has tanked only once you’re looking for an apartment. Or applying for a mortgage. That is one heck of a curveball you’ll want to avoid at all costs!

By consistently tracking your report, you’ll always know where you stand and if you need to make financial changes

Furthermore, you may notice errors that are hampering your score. Bureaus aren’t infallible and are prone to common mistakes – such as entering incorrect personal information and attributing non-existent accounts to your name. As soon as you notice a blip, contact the agency to let them know. They’ll fix the error and immediately improve your score.

Channel Your Inner Negotiator

Any debt that’s gone into collections is going to do a number (pardon the pun) on your credit rating. Identify those debts and contact the collections agency immediately

Contrary to popular belief, debt collectors aren’t monsters. In fact, they’re just human beings. As such, you may be able to charm them into giving you a break

Simply ask the debt collector to remove your slip-up from their report if you pay them in full. Surprisingly, you’ll find them to be more than accommodating. Making this small effort to remove a blemish from your credit report goes a long way in improving your overall score.

Make A Bold Move With Your Credit Limit

When you’re struggling with credit and finances, increasing your limit seems counterintuitive.

That’s why if you plan to use this specific method of improving your credit score, unwavering discipline is of the essence. We’re talking stone-cold Bruce Lee meets Gandhi type discipline. Otherwise, this tactic will backfire and really hurt your credit

But how can getting an increase on your credit limit help with your score?

It’s somewhat of a “credit hack”. Since hovering close to your credit limit can be tough on your score, the quickest possible fix (outside of actually paying) is to increase the limit, so you’re further away from your max.

If this scenario sounds familiar, visit your bank and ask to get your limit increased

It’d be remiss if we didn’t point out the short-term nature of this solution. Don’t, under any circumstances, treat your loftier limit as an increase in funds, lest you run into some big-time trouble down the road!

New And Improved Credit. New And Improved You.

To our friends with bad credit, we say, with the utmost conviction, that better days lie ahead—even if you’re in a jam and need your score improved instantaneously!

However, as a private lender, we want to help you towards a promising financial future. Thus, we’re obligated to point out that while these techniques can remove you from a tough spot, you shouldn’t be relying on them. The best way to ensure a great credit score is by not falling into bad debt in the first place. And always keeping on top of your repayments schedules

Still, there will be fiscally taxing times when you’re hit with a downpour of bad luck. If your rainy day fund isn’t enough to bail you out, we’ve got you covered!

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