By Joshua Harris, Estate Manager
How can I rebuild my credit fast? How ca I repair my credit rating?
An extremely common question amongst our clients and those interested is how to improve your credit score. First, before improving it, it is important to review your situation and decide whether the best way to improve the score is by starting fresh through a Consumer Proposal or Personal Bankruptcy.
A Consumer Proposal or Personal Bankruptcy will be best suited for those that are unable to pay their bills as they come due at the end of the month and do not earn sufficient money to pay down their debts within a reasonable amount of time, call us for a free consultation and we’ll help you decide what’s best for your specific situation 1.800.268.8093.
If you’ve already completed a Consumer Proposal, a Personal Bankruptcy or are just looking for overall advise on re/building credit the most important thing is to not miss payments.
We highly recommend starting fresh with a secured credit card from a bank like Capital One or Home Trust. Basically, they hold a deposit so that in the event you are unable to pay your monthly obligation they can take from the reserve fund. As you use this card, pay it down to zero every month and you’ll notice that within a few months they release the security and add additional credit. Be sure not to max out the card at its limit, even once additional credit is added.
Making your monthly payments early or on-time, not maxing out credit and not applying for credit frivolously will also assist in credit growth. Paying your cell phone bill on time and making your car payments on time will also help build up credit. Remember, this won’t happen overnight, it can take years to build credit.
Something people always forget is that Equifax and TransUnion do make mistakes, so feel free to request a credit report and let them know where you may disagree on a specific entry.