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Tag: Secured Card

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:


Credit Repair Canada? Credit Repair Loans Vs Secured Credit Cards

Best way to repair credit Canada? Credit Repair Loan VS Secured Credit CardLooking for the best option to get credit repair in Canada in between Canadian secured credit card and credit repair loan? An individual need a good credit rating to get loans on best rates, insurance, or even apply for a job! Credit repairing companies can erase your bad credit rating and help you in getting back your good history. Credit repair Canada have become a big industry, there are plenty of companies offering their services to clean up your credit report for a fee beside you can also use credit repair software that enable consumers to correct errors and inaccurate information in their credit reports to boost their Credit score. Secured credit cards have been used most as a reliable way to erase bad credit and building up good credit history beside credit repair loan is getting attention of various people in Canada who require opportunities that cannot achieved with the secured credit cards.

Secured credit cards have been one of the best dealt credit repair services by most of the people in Canada because these are easy to get and bring up a simple way to build or rebuild a credit rating. Secured credit card application requires a predetermined amount of cash deposit (usually $500.00) where your credit card deposit works as your credit limit against your new credit card (MasterCard or Visa). The lender or a credit card issuing company may increase the credit limit or return the initial security deposit back to borrower on looking at his/her discipline when keeping up good record of regular payments history over a period of time.

Whereas the credit repair loans are concern, these are offered for fixed amounts and time. There are plenty of examples of borrowing to build your credit Canada like getting a loan for a Registered Retirement Savings Plan (RRSP) or a Registered Education Savings Plan (RESP) are good place to start. These kinds of loans are offered usually for a short period of time, until an income tax return comes in beside money stays with the lender (providing them security). As you are saving for your future goals like your retirement or for your child’s education, it will also highlight you are exercising good money habits. It will make your future borrowing easy as you have increased your assets and have developed a good track record like a normal person. As Lendit loan brings great acceptable way of credit repair loan that can offer great advantages to erase your bad credit rating and enhance your credit rebuilding process. Here is how you can compare credit repair loan with the secured credit card:

Credit Repair Loan vs Secured Credit Card
Compare and find solution to get a perfect credit repair Canada!

Title Credit Repair Loan Secured Credit Card
Deposit No deposit required Minimum deposit (usually $500)
Interest Rate 12.99% 14.90% – 19.50%+
Turnaround Time Same day approvals and funding It take time to process paper application (usually weeks)
Credit Check No credit check required Credit check required
Credit Reporting Reports as “I” Instalment Tradeline Reports as “R” Revolving Tradeline
Credit Amount $2,300 to $5,500 sizes $500 to $10,000 (based on deposit)

Source: LenditFinancial Inc., Newsletter August, 2012. How a Lendit Loan measures up…

How to fix your credit? You have to consult with one of a credit repair expert, who can better guide you one of the best program that works for you in your specific circumstances and need or may give you a customise credit repair advice accordingly. What’s the fastest best way to fix credit scores? Credit repair Canada is possible but holds a lengthy process, you have to take strict measures to improve your credit rating and it will take your time and dedication. You will get lot of credit repair companies online and, through television and newspapers claiming to offer you a guaranteed credit fix like “erase your bad debt today”, whereas getting a fast credit repair is impossible because it’s a slow process that require lot of time and effort to get it fixed. Don’t ever consider these kinds of credit repair experts that offer such claims like easy or quick credit repair. Best way to repair credit Canada is that which most of people consider following; while a secured credit card is well recognized tool that people have been using from years to rebuild credit, beside you may also go with the credit repair loan that offer legal, logical and reasonable way to fix and build or rebuild your credit with additional features to build and enhanse your savings and best of all it works for individuals facing critical financial situations like consumer proposals and bankruptcy. Adopt what suits you in your own circumstances and requirements, where Lendit credit repair loan is an enhanced form of traditional concept of borrowing to build your credit which offers faster, easier, more affordable credit rebuilding process that will help in removing your financial worries and getting your normal life back on right track!


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