Fix Bad Credit
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Fix Bad Credit – Your Guide The A Golden Credit Report
So you’ve encountered issues in the past that have resulted in your credit score dropping from a nice plum spot at the top of the scoring chart to somewhere closer to the bottom. You know you need to take this matter in hand and turn things around and in this post we’ll show you how to fix bad credit.
Before we begin, we have some good news and some bad news. The bad news is that you can’t fix bad credit overnight. You will have to be patient, and stick with the plan. In the end, that’s not really such bad news, is it?
Now for the good news. If you have bad credit today, it is very possible, so long as you keep on track, to go from bad to great credit. That is the beauty of the Canadian credit scoring system. You can still get back to a good place despite making a few mistakes along the way.
Now how do we fix bad credit?
Fix Bad Credit Step #1 – Budget
Setting up a budget is a must. A budget is the scorecard that helps us see exactly where our money is going and to make more informed decisions about how to manage our finances.
Many consumers who find themselves in debt and feel they don’t have the money to get out are shocked when a budget shows them how much extra cash they have when they cut out unnecessary expenses.
Fix Bad Credit Step #2 – If you have more than one credit card, start small
If you owe balances on more than one credit card, start by paying down the smallest balance first by putting double or triple the minimum monthly payment, while paying the minimum payment on your other cards.
Once you’ve fully repaid the smallest balance on the first card, apply what you were paying monthly on the smallest amount to the next biggest amount PLUS the minimum payment, while continuing to pay the minimum monthly amount on the largest balance.
By following this pattern of repayment you’ll see your debt dwindle faster because you start saving on interest payments on the smallest balance first and you can apply those savings to payments on the next balance.
The reason you really want to follow this step is because credit bureaus ding you when your balance is too high – even if you always make your payments on time.
Fix Bad Credit Step #3 – Use this hack for great credit juice
Now that you’re getting ahead with your credit card balances, start automating payments for your bills (phone, cable) through your credit card. There are a number of reasons to do this. This is one of the easiest ways to fix bad credit.
Reason #1 – you need to pay your bills anyway, might as well do it with a method of payment that leaves a credit trail.
Reason #2 – as soon as your card gets charged for any of your monthly bills, immediately pay off the balance. This will make your payment history glow with extra points.
Reason #3 – the companies sending you those monthly bills report late bill payments to credit bureaus, and now you’ll never need to worry about that.
That is just three of more strategies to come, but by embracing these steps, you’ll be amazed at how quickly your credit score starts to rise from the bottom tiers and inch their way back to the top.
Tip: If you feel a debt consolidation loan might help you accelerate repayment of your credit cards, contact us. Our loans have helped thousands of Canadians fix bad credit.
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