A bad credit score may not be an ideal situation if you’re looking for favorable mortgage or car loan terms. Businesses judge you on your credit score for obvious reasons. Why would they lend money to someone who is an elevated credit risk? A typical credit report considers information on past loan payments, foreclosures, credit applications, and credit utilizations. They’re certainly not going to trust someone who continues to max out his credit card limits. But you can rebuild your credit with a little patience and planning. Here are three simple trick you can follow:
Opt for a car loan:
Opting for more loans with a bad credit situation does not seem to be a wise enough advice, but trust me, this is one of the best ways to get your report back on track. There are plenty of dealers offering car loans for bad credit. Choose dealers that offer loans on low interest rates. Look for discounts and cash back offers. You can save up to $5000 on preapproved loans. But remember to buy a car that you can afford and make sure you back the loan back on time. This will help you prove that your loan status is current. Payment history has a huge influence on scores. Call us if you’re looking for bad credit car loans in Nova Scotia – we also offer credit rebuilding programs.
Check your credit report:
An error in your credit report is more common that you think. Look for discrepancies in the report and make sure that everything is reported accurately. Dispute the information that you believe to be incorrect. Get back to the debt collection agencies or other lenders if they haven’t reported your payment.
Fix late payments:
Late payments are a huge factor affecting your credit report. Set up payment due date alerts or move them to a date that fits the paycheck schedule. Inform lenders in advance if you are going to be late for a payment. They can help you if they’re convinced if you have a good track record and have a genuine case.
Call us if you are looking to discuss our Credit Rebuilding Program in in the Maritimes. We know how to help!