A bad credit could be a worst nightmare when you go to the mortgage market for more future loans. However, navigating bad credit challenges in Canada is not as tough as you might assume.
Therefore, at DebtConsolidationBC, we have prepared an expert guide to help needy people navigate their bad credit challenges with our active help.
The Guide Is for:
I have written the guide for the following:
- Families lapsed on mortgage payments, lost income, and experienced financial hardships.
- Canadian families who went to file bankruptcy or have filed consumer proposals now wish to boost their credit rating fast.
- Canadians think of filing consumer proposals and want to know how long it will take to rebuild their credit score.
- 750+ – Excellent credit.
- 700-749 – Good credit.
- 650-699 – Fair credit.
- 600-649 – Poor credit.
- Below 600 – Bad credit.
Factors Used in Calculating Credit Ratings in Canada
- Multiple Requests to Obtain Credit:
- Hard vs. Soft Inquiries:
- On-time Payment History:
- Collection Agencies:
- Level of Delinquency:
How to Navigate Bad Credit Ratings in Canada?
Settle Your Debts:
If you indulge deeply in the debt in Vancouver/Surrey, the first action should be to settle your debts. There are various ways to settle your debts, including consumer proposals, debt consolidation, etc., instead of filing a bankruptcy.
No More Debts Vancouver:
Once all your debts have settled, plan your income and expenses so you can achieve “no more debts Vancouver” status. Pay credit card monthly payments in full. Buy day-to-day things with cash or a debit card with your bank balance.
Bad Credit Help Vancouver:
If you have bad credit anywhere in the market, take bad credit help Vancouver from our team. We have financial experts to guide you in adequately mitigating your bad credit issues with efficient payment planning, looking at your income and expenses closely.
Rent Positive Report:
You can apply to Equifax to get your rent payment report if you are a renter. It will help you improve your credit score. This way, you will be considered a good tenant and get benefits when you go to the tenant market next time.
Secure Credit Card Account:
You can open a secure credit card account if you have no credit history. It will provide a report of your payment habits to credit bureaus. Thus, you will get additional points.
When choosing a secure credit card account, check whether they report payment behavior to TransUnion, Experian, or Equifax.
Get a Cell Phone with a Contract:
It is a fact that cell phone companies often report your payment habits to the credit bureaus. So, get a cell phone on a contract. Pay bills regularly on time or before every month. Cell companies automatically send reports to TELUS. Thus, you can obtain a good credit rating if you set automatic payment with your bank.
Regularly Check Bank Balance:
Your credit score will be affected if you get hit with NFS fees or overdraw your account. So, weekly check your bank balance and keep receipts of your payments. Good habits will reward you.
Check Credit Utilization:
Use 10 or 20 percent of your credit limit. Suppose you have a credit limit of $10,000; you should not exceed more than $2,000 in credit usage every month in Vancouver/Surrey.