When it comes to your credit score, past repayment mistakes can prevent you from qualifying for a loan or a good interest rate. However, with time, determination and patience, you can make use of and repair your credit. 

Many people have damaged their credit history and credit score without even knowing it. For instance, you make late payments, you maxed out your credit, and more. This might seem inconsequential to you, but they do have adverse effects on your credit score.

However, there are ways that you can repair your credit. Follow the steps below and rebuild your credit.

Step #1: Look at Your Credit Report

The first thing you need to do is to identify the areas that need improvement. The best way to go on about this is to get a copy of your credit report. You need to check if you have late or missed payments. 

Determine whether your debt utilization is too high and if you’re in danger of bankruptcy. These things will definitely lower your credit score. But, with your credit report, you can see where you went wrong. You can then take action to repair it right away. Aside from that, by looking at your credit score, you’ll be able to see if there are any errors or fraudulent accounts. 

Step #2: Bring Your Accounts Up-To-Date

One of the biggest factors that affect your credit score is your payment history. If you’re planning to repair your credit, you will need to bring your accounts up to date. For those who can’t afford to update their delinquent accounts, it’s best to contact your creditors or get help from a professional. You can negotiate a payment arrangement that will work with your budget. Aside from improving your accounts, it is also important to pay down your debts. 

When you factor in the amount of debt you owe minus your available credit it’s called credit utilization. Many people don’t know that their available credit and the amount you use can negatively impact your credit score. That is why it’s advisable to pay down as much of your debt as possible so your credit utilization will decrease.

Step #3: Repair Credit with a Secured Credit Card

After doing those steps, the next thing you need to do is to have a consistent payment history. You need to build credit by showing that you can pay back the money you borrowed. This will help prove to your creditors that you can manage your debt. To do this, you can get a secured credit card. 

To get a secured credit card, you’ll need to give a security deposit as a form of collateral. It can range from $100 to $500 plus. Furthermore, when you purchase using the card, those purchases would not be deducted from your security deposit. After making steady payments for at least six months to a year, you can then get your card upgraded to an unsecured card.   

Step #4: Give At Least the Minimum Payment on Time

As you work towards repairing your credit, you need to make your payments on time. Make sure that even your utility bills or parking tickets should not be way past their due date. This is because they can be reported to the credit bureaus. Therefore, you need to maintain a reliable payment history by paying at least the minimum payment on all your expenses.
Therefore try to avoid missing or making late payments. If you want to ensure doing this, you can set up reminders or set up automatic bill payments.  

Remember all of these steps, and you’ll be able to rebuild your credit in no time. Get help from professionals like Property Finance Corp to make the process easier. We can help you repair your credit and get your loan applications approved at the best rates. Check out our services today.

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Property Finance Corp. has access to a variety of mortgage products that can be tailored just for you. From first-time buyers to empty nesters looking to downsize and for every single Canadian seeking a mortgage product in between, we have the solution. Access to our network of over 35 of the most reliable lenders means we can help you find a new mortgage, negotiate a mortgage renewal, help secure refinancing,  and unlock the equity in your home.

The Right Broker = The Right Mortgage Solution

The Right Broker = The Right Mortgage Solution

Choosing the right mortgage solution is key to setting yourself up to achieve your goals and creating a bright financial future for you and your family. Choosing the right mortgage broker to help you get it is just as important. Property Finance Corp. is a team of dedicated and experienced brokers who can guide you through the often complex world of mortgage products. Leverage our skill, our industry knowledge, and our carefully cultivated lender relationships to find the mortgage solution that is most ideal for you.

Call us at 1-844-PF1CORP (731-2677) today.

Your Guide To A Strong Financial Future

You don’t have to travel the pathways to homeownership, mortgage renewal, refinancing, or accessing the equity in your home alone. Property Finance Corp. is uniquely positioned to guide you with insight and practical advice to ensure that the mortgage product you choose is exactly right for you.

Call us today at 1-844-PF1CORP (731-2677)

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