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Tips and Advice

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Well for whatever reason it’s happened, your bills got out of hand, you missed payments or are carrying a lot of debt and now it’s affected your ability to get financing.

Plain and simple, bad credit affects your credit rating/score (FICO score) and your ability to get financing. The impact of bad credit can range from not getting the loan or credit card to having to pay interest rates well in excess of what you would see if you had good credit.

OK, enough about the past, what can you do to repair your credit.

1) Get a copy of your current credit report.

In Canada, there are two main credit bureaus

  1. Equifax 1-800-465-7166
  2. Trans Union 1-800-888-4213

Of the two bureaus, likely the most recognized would be Equifax.

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What is a Credit Rating?

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Every piece of credit history information in your credit file is assigned a rating by the credit grantor. The most common ratings are “R” ratings. These are known as North American Standard Account Ratings. The “R” indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates “on time”, “one month late”, “two months late”, etc., into two-digit codes. Take note that now in common use by most credit grantors is a numerical system called FICO or Beacon score. It is not usually included in the free credit report you order. The standard credit ratings are listed below:

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Repairing Your Credit Canada

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Something that many individuals with bad credit have in common is that they do nothing about it. They accept that they have bad credit and live with the consequences. Many don’t realize that it is actually not that difficult to fix a credit score. It does take patience as it can take a year, or many years depending on how bad your score is, but it is possible. The key is taking action and being consistent. The following are steps that you can take to improve your credit rating.

– Request your credit report. In Canada this means contacting Equifax Canada and TransUnion Canada. In the US this means contacting Experian, TransUnion, and Equifax. Many people are unaware that a poor credit rating could be due to clerical errors. Typos and duplicate entries on a credit report are not uncommon. Once you have your reports, review them closely to ensure that there are no errors. If there are errors, dispute the charges with the reporting agency and you could be back to an acceptable credit rating sooner than you think.

If you have established that your credit report is accurate, and would like to improve it, the following should be your next steps:

– Pay all of your bills on time. If you can’t pay the bills on time, call the company(s) you will be late in paying and let them know when you will be paying. Some companies will note these calls in your customer file and it may prevent them from reporting a non-payment. This will not always work, but it’s worth a try.

– Don’t cut up your credit cards. Many think that if they don’t use credit for a while their score will be fixed and this is not the case. You must use credit to gain credit. Reduce the amount of available credit on each card and reduce the number of cards you carry. Don’t just cut up a card, but call to have the account closed. Call or write to your credit card companies and ask them to reduce your interest rate. Paying a yearly fee for a lower interest rate on a card on which you carry a balance may be well worth it in the end. Again, if at all possible, be sure to pay your bills on time.

– If you have no cards, try to obtain a secured loan, or a secured credit card to re-establish your credit. Asking a friend or family member to co-sign on a loan or credit card is another method, but beware, if you don’t pay this debt, you may lose a lot more than a good credit score, so this should be a last resort.

Fixing your credit score is not impossible, but it does take patience, persistence and commitment. Following these steps should help you to improve your credit rating.

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Car Loans in Canada

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It was a time when getting a loan was too difficult a task. But with advancement in technology and new strategies been applied into the service industry, getting a loan is no big a deal now.

There are several companies that will offer you auto loans. There are many companies today that also offer the loans using their online applications. The traditional approach requiring the applicant to complete an intimidating stack of documents to establish your credit status has been replaced my by the easy to complete and far less intimidating online application. Many organizations understand your situation and specialize in providing approve car loans for people with bad credit, low credit, slow credit or no credit. No matter if you are a bankrupt or new to country, companies have an option to give you auto loans. Now you can fulfill your dream to put your new car on the roads.

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