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Tag: Credit Situation

How To Rebuild Your Credit History In Canada

Looking to improve your credit rating after having bad credit situation due to poor payment history or else, previous insolvency, bankruptcy or consumer proposal. Remember, there is no any quick fix but you can get back on track if you follow the right path. In your situation, the best solution is a prepaid credit cards or a secured credit card that are the easiest to obtain. It can help you to establish or rebuild your credit history, and let you access to credit when you need it.

If you’re a new to Canada having no credit history or if you’re a Canadian citizen trying to rebuild your credit rating for your ruined credit history, it’s not always easy to get approved for a credit card, where secured credit card is an easy to get credit card in all kinds of credit ratings and financial difficulties and its the one you need it to establish or rebuild your credit history. There are plenty of secured credit cards from various banks and non-banking financial companies that are being offered in the Canadian market today. You should be smart in selecting a good secured card as secured credit cards usually require processing charges, application fees and annual fees  where regular credit cards don’t.

Here’s an article that specially selected to reproduce it here from Financial Consumer Agency of Canada to help website visitors looking to get an authentic answer from a reliable source on; how to rebuild your credit history?

Rebuilding Your Credit

Even if you have made money mistakes in the past, you can rebuild your credit history and become a borrower in good standing. It is important to have a good credit history if you want to borrow money. The better your credit report and score, the better the terms of your loans and credit will be (e.g. lower interest rates).

However, you have harmed your credit history and score if:

  • you did not pay at least the minimum balance on your debts
  • you made late payments
  • you went over your credit limit
  • you missed one or several payments
  • you stopped making payments altogether
  • you have too much credit and you use it
  • your debt was referred to collection
  • you made a consumer proposal
  • you declared bankruptcy.

A bad credit report and score can mean you do not get approved for a loan, or you do not receive the best loan terms (e.g. higher interest rate).

How to rebuild your credit history

  1. Apply for a secured credit card. Secured credit cards require you to leave a deposit with the credit card issuer as a guarantee. The deposit is usually equivalent to the card limit, but can be higher. For instance, if you want a limit of $500, you may be asked to leave a deposit of $500. Once you’ve shown that you pay the balance regularly and have built a payment history, you can ask that the security requirement be dropped and that the deposit be returned.
  2. Make at least the minimum payment by the due date. If you cannot pay off your balance in full each month, make at least the minimum payment on each of your debts on time. Late payments will count against you and negatively impact your credit score and credit report.
  3. Do not apply for too many credit and loan products. Having too much credit can also negatively affect your credit report. Keep your available credit at a minimum. Do not fill in too many applications for credit and loans because every time you do, your credit history is checked. Each credit check can affect your credit score.
  4. Review your statements. When you are in debt, avoiding your monthly statements may cost you. Mistakes happen and you only have a limited time to correct them. Always review your statements to make sure there are no transactions charged in error and that your payments are recorded correctly. Report any mistakes as soon as possible.
  5. Check your credit report annually. You are entitled to receive a free copy of your credit report annually from each of Canada’s two credit rating agencies, Equifax and TransUnion. Check your credit report annually for errors and get them corrected as soon as possible.

Prepaid cards do not help you build credit. You may choose to use a prepaid card as a payment option, but its use is not tracked by the credit rating agencies.

Productive Suggestion: Use credit responsibly

“There are no quick fixes to repairing your credit history. You have to prove you are a responsible borrower to lenders, and that may take time. Whether you are rebuilding your credit history, or trying to maintain a good credit score, you should always use credit responsibly.”

Alternate to secured credit cards to rebuild your credit history

How to repair your credit in Canada or rebuild your history? In the past secure credit card is the only option available but now Canadian market is offering another innovative alternate to establish, and or rebuild your credit history is a Credit Repair Loan that also works in bankruptcy and consumer proposal issues beside don’t overburden their customers in relation to high interest rate secured credit cards that ask for the cash “upfront” at the time you receive your credit card. As many of such consumers trying to rebuild their credit may have a difficult time doing so.

Related:


Where Can I Get A Loan With Bad Credit In Canada That Help Me In Fixing Credit While My Savings Grow?

Get guaranteed bad credit loans Canada through credit repair loan that will help you in fixing credit beside your savings grow. Rebuild your credit with no or bad credit in Canada. Re-establish credit from bankruptcy and consumer proposal.Today there are thousands of people in Canada who are suffering with poor credit situations and desperately searching online for bad credit loans Canada in a hope to get loan on best rates and terms. Most of the online lenders deal in high rates short terms loans that clearly means borrower can end up asking for a very bad credit loan after one in case he/she doesn’t afford it on first place. Although in such situation, secured loan option mostly works but for those who have some assets to pledge.

Your credit history is the major factor that determines not even interest rates but approval of your loan. A good credit rating is required to obtain lenders best rates for mortgage loans, personal loans, credit cards and other kinds of credit facilities. There is a significant difference between no credit history, also known as an un-established credit and bad credit history, but when applying for a loan, most of the lenders adversely treats both of these credit situations nearly same way. That’s why it’s important for all the borrowers to establish their creditability first before applying for loans and if you are suffering from bad credit situation then you have to re-establish your credit rating by fixing bad credit and improving your credit score. Can I get a loan with bad credit in Canada that helps me in fixing credit while my savings grow? Yes, through GIC Investment Loan, it offers value added options to people looking for bad credit loan in Canada; you can get a loan with bad credit through Credit Repair Loans that can turn your bad credit situation into good one while fixing credit and building up a savings account for you to secure your future.

Comparing available bad credit repair Canada options with the GIC Investment Loan that may help an individual in establishing and fixing credit:

As there are various types of financial help available in the market today that can fix your credit and prepare you to get bad credit loan Canada, but the most famous and widely used way to repair credit that people have been taken in the past is a secured credit card, it can help you in fixing credit and can remove your bad credit history to obtain a best rate loans in future but most of these cards holds high rates and demand cash “upfront” before receiving a secured credit card for you.

Can I get a loan with bad credit in Canada that helps me in fixing bad credit while my savings grow through secured credit cards? No, although a secured credit card can help rebuild bad credit but it will not provide you bad credit loan, in the past one of the only options to rebuild your credit was getting a secure credit card, what it basically do; it help you in demonstrating your perfect repayment history to all the major credit bureaus by involving your money and efforts with its assistance to work on at least two or more accounts for a certain time that may take two years or so. There are variety of financial institutes offering secured credit cards that you can easily get and use them to do the job like Home Trust’s , TD’s or else. But when we look at the reality of a bad credit borrower’s financial situation it felt that applying for a secured credit card to re-establish, re-build or repair credit profile seems to be another burden because these cards typically charge high interest rate and fees as they are secured and also require the borrower to come up with the cash “upfront” before receiving a credit card. Although, it will improve your credit score to obtain a loan but on high initial expenses that you have to wait and watch to come up with a status where you can apply for lenders fast approval on best rates in Canada.

GIC Investment Loans (Credit Repair Loans)

What is a GIC investment loan? Also known as GIC loan, GIC savings loan or Credit Repair loans! It’s a new concept of financial relief that has been introduced by LendIt Financial through GIC investment loan or best described as a credit repair loans, although it’s not a credit repair company but helping Canadians to build better financial future, what it asks borrowers to pay fix amount of regular and affordable monthly payments against its credit facility, these payments are then reported to the credit bureaus to help you in building and maintaining your perfect repayment history; if you follow, you will observe a noticeable improvement in your credit score in short span of time. Invest your loan in a secure GIC (Guaranteed Investment Certificate) today! No problem, if you have little or no credit, bad credit or even very bad credit history and or past critical issues like bankruptcy or a consumer proposal, it allows you to jumpstart your financial savings, earn interest on your investment while fixing and re-establishing your credit.

Can I get a loan with bad credit in Canada that helps me in fixing bad credit while my savings grow through GIC Investment Loans or credit repair loans? Yes, it not even provides loan for people with bad credit in Canada but also help fixing bad credit score with an intension to prepare such group of needy consumers either having new or critical credit history to apply and get best rates for all types of future financial credit requirements and loans like personal loan, home loan, car finance, credit cards, and other.

How Lendit GIC Investment Loan Works

  • Your loan is automatically invested into a GIC in your name.
  • Your investment is insured by the CDIC to keep your money safe.
  • Your repayment history is reported to credit bureaus to help building your credit rating.
  • Your loan interest rates are only 12.99% per annum, much lower than secured credit cards or bad credit card loans available in the market.
  • Your loan is offered with three options to fit your budget: $2,300, $3,200 or $5,500.
  • Your loan permits you to access cash during the term of your loan that based on the equity you’ve built up in your GIC.
  • You get full access to your GIC plus interest at the end of the loan term.
  • Moreover, Lendit GIC Loans are available even if you have not been discharged from bankruptcy or are still making payments under a consumer proposal.
“Based on your financial goals, you can choose a loan that’s right for your goals; save for a vacation, education, payoff debt, or put a down payment on a home. Lendit’s GIC Investment Loans currently offer, Credit Brite Loan for $2,300 on 3 years term, Credit Brite Loan Plus for $3,200 on 3 years term and Credit Brite Home Loan for $5,500 on 5 years term on affordable fixed monthly payments on amortization basis (GIC principal + interest you’ve earned during the term) to help you jumpstart your savings plan while you re-establish your credit history in a financially safe way.” It’s simple and easy to apply online and your approval can be obtained within 24 hours. For more information, terms & conditions and guidance you should visit the official website.Get LendIt Financial Credit Repair Loan Also Known As GIC Loan, GIC Investment Loan and Saving Loan, Helping Canadians build a better financial future.

Lendit Financial review has been written with an intention to help those individual require bad credit loans but facing no credit or poor credit situation. Where it not even provides affordable savings loan to borrowers having any type of credit history but also help them to establish and maintain their credit through the successful repayment of their loan. Fixing bad credit or establishing new credit will definitely improve creditability of an individual to enjoy all the future benefits as a good credit holder. Where providing comparison with the other credit repair Canada options available in the market today, is to highlight those special features that make it unique with the rest of others in the row. Either you may not have any credit history and looking for no credit loans like a new Canadian or may have been suffering from negative credit rating even like bankruptcy, and or making payments under your consumer proposal. This financial product can help you in providing you with reasonable loan amount for 3 to 5 years terms on affordable fixed monthly payments beside opening up a GIC investment account on your name will enhance your personal financial creditability to enjoy better financial future. You can get a loan with bad credit in Canada from Lendit Financial that will help you in fixing credit while your savings grow!


Risks And Benefits Of Applying For Unsecured Personal Loans Online

An unsecured personal loan may be a right choice if you do not have any asset or collateral to secure your loan and it also works in case you have been suffering from a bad credit situation. Unsecured personal loans may also mean asking for a high risk unsecured personal loans or bad credit personal loans Canada. However, in the light of today’s consumer credit issues, there are so many lenders that also have developed high risk unsecured personal loan plans that protect their investment while servicing these kinds of consumers in the due course. Applying for unsecured personal loans online has become so easy and fast today that’s the reason it has increased numbers of online shoppers who want to benefit with these available fast and convenient loan services online. Following are some of the important points that you should consider before applying for a loan, there are some risks you should know prior to getting benefits will help you to successfully complete the loan process till paying it back.

Easy online access

There is no need to go to a lender physically to collect an application form to fill and apply because you can instantly get the application form to fill and submit online at once through your computer or even your cell phones these days. Beside you can access your application form 24 hour a day and 7 days a week. One thing you should always take care of and it’s the security issue, Internet is full of bad surprises too, that’s why you should always take care of your security issues, you should carefully confirm your loan application should provide a secure platform.

Simple application process

Your credit profile is what that can make it complex your loan request and if you have bad credit or even no credit history, traditional banks will most probably deny your application but when dealing with online private lenders offering unsecured personal loans like payday loans and other related online personal loans, an adverse or negative credit history does not affect your application process. That’s why asking for a payday loan make your application process simple as your regular income or salary is enough to satisfy your lender to keep it simple and going.

Fast loan approval

Its really a very hard to wait the loan approval process when an urgent need for a money is required. However, an online approval process is almost instantaneous. It will just take few minutes to fill it up application and submit then you will be notified in next few minutes about your application has been reviewed and in most cases accepted. On the other hand fast loan approval also means fast liability, so it should be your personal liability before accepting the loan to confirm yourself about paying it back accordingly before the due date.

Applying for online unsecured personal loans has a significant number of benefits over the traditional available methods; there are also some risks involve. Here are some key points that it holds as benefits and risks.

Risks of applying for unsecured personal loans

  • Unsecured personal loan often carries a high interest rate in relation to a secured personal loan.
  • In case you cant payback your loan payments, lender may directly ask the court for the collection of loan payments generally through your salary or income where an unsecured debt is secured against the collateral like equity in your home as a homeowner.

Benefits of applying for unsecured personal loans

  • You can spend your loan amount on anything you want.
  • Your quick loan repayment will increase your monthly payments, but decrease your interest charges.
  • As these types of unsecured personal loans don’t require any property to secure, it works for the people who are not homeowners and also who don’t want a secured personal loan.

Remember, unsecured personal loans are good to fund most of your small purchases such as paying bills, education expenses, home renovations, vacations or unexpected expenses. If you are suffering from a bad credit, an unsecured personal loan can be a great option for you to consolidate debts and to achieve a positive cash flow. Moreover, when applying for unsecured personal loans online, you will get variety of lenders with ease that’s why you will also get variety of loan options, rates and terms; select the right lender of your choice and when your application process begins you will generally find out its quick and simple, because you don’t require any assets to secure, and your cash loan is instantly transferred to your checking or savings account. If its not a payday loan Canada what you want to get then you can also go with the other option available as payday loan alternatives and else. As benefits of taking such simple and fast cash is huge but always consider precautions to safeguard your personal finances. Risks and benefits of applying for an unsecured personal loan online is written with an intention to reduce the hyped up behavior associated with the subject. Always check and care about: How much can you afford to borrow?


Role Of Bad Credit Personal Loan In Today’s Economy

With the present state of the global economy being what it is, most of the Canadians with the other developing nations are also finding themselves in bad credit situations. Demand of personal loan has increased money wise. This cash shortage may be due to difference between our earning and spending beside routine payment schedule on our previously taken personal loans, car loans, mortgages and credit card debts. Although Credit report mechanism is efficient in collecting data of our transactions but it is not programmed to tolerate to adjust anyone in the light of personal problems individually or economical problems as a whole because even delay in your single payment beside prompt payment history may announce you a bad creditor because lot of people having good payment record already have gone in a poor credit situation.

Although we are heading towards economical recovery, our last months stock market have shown a nice upward trend in relation to last several months beside job market is still under observation, savings and investments are not materializing, credit card users are expecting some more hard changes in near future. Perhaps first phase of economic recovery needs sacrificing of some of our needs and that an ordinary people have been going through.

What if some one needs a fast credit if an emergency arises? General banks will not compensate your loan request if you have crossed your debt to income ratio according to their policy and asking for a short term loan till your next pay check and people with bad credit aren’t likely to be approved for a banking loan. The good news is that you are not alone here looking to remove your financial worries without any option of hope. Instead, look for a private lender that will grant you a loan, you will find secure and unsecured credit both.

Short term and low amount of credit need like a payday loan or cash advance is granted looking at your regular job and its unsecured in nature and if you are looking for a longer term with more cash requirement then you could get a secured loan based upon collateral.

Moreover, if you presently have bad credit, taking out a new loan might not seem too wise and there is really no such thing as a quick credit fix. Unfortunately, credit don’t take only months but sometimes years to repair that only require your persistence approach towards your commitment.


Do you need cash fast? Pay Day Loan Is A Short Term Fast Cash Option

A payday loan is a financial helping hand to solve short-term or emergency cash-flow problems provided by private lenders and financial companies other than banks! If you ever find yourself in some short-term financial crises, a payday loan may be the answer and a better solution to your cash requirement. A payday loan is an instant cash loan, which helps you to regain control of your finances in an efficient way without taking on any long-term debt. Taking a payday loan has a great advantage because it doesn’t affect your credit history and also you don’t even need to tell your lender about your present credit situation. The loan should be repaid with interest on your normal paycheck, and all you need to supply limited information to fill the application that may be the name, address and your bank account details. You can even apply for a payday loan online that makes it hassle free and fast, the cash can often be in your account the very next day.

Payday loans always have a high interest rate because of its nature, as the lenders understand that people usually need them in an emergency and are used as a quick credit fix. Payday loans could very well save you money over a short-term like two or three weeks period before your upcoming paycheck, since pay day is a short term loan designed to get you out of that tough time, you probably won’t be able to get much more than $1000.

The high rate of interest means that payday loans should not be used for a long term lending, so using them over the long term make this credit opportunity into a great burden that could make your life miserable. Moreover, if you want to get benefit with this kind of fast cash loan, you should always try to pay it with your next paycheck.


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