We have dealt with credit repair services and bad credit fixes for quite some time now that it would be repetitive of us to deal with them all over again.
However, we are enjoining you to take a step back and re-read our previous blog posts so that you will have a better understanding on what these two are all about and how they are related to our current blog.
For credit repair services, visit this page and have a read-through so that you will have a firmer grasp on this topic.
Once you have finished digesting our suggested blog post above, proceed to this page and get a better perspective on bad credit and how this affects your overall financial well-being.
On the other hand, if you cannot fight the itch to dive into the details of our latest post then read on by all means.
Quick Overview 1: Credit Repair Service
Credit repair service is a type of service that helps consumers resolve and repair their credit score ratings and win disputed erroneous credit details that are resulted in high penalty fees.
There are a lot of credit repair companies to assist you in improving your credit score. You have to be careful, though, of who and what you are working with because there is a preponderance of fraudulent credit repair companies lurking out in the open and on the internet.
Be observant about their claims in clearing your negative credit score in a short span of time (i.e., one week guarantee credit score repair). There is a possibility that you will enter into a sham instead and lose all your hard-earned money instead to these criminals.
If you are in doubt then vouch these companies against the updated official listing at Better Business Bureau Canada or check out other Canada government-recognized agencies that store and track reviews regarding reputable credit repair services.
Quick Overview 2: Bad Credit Fix
A low credit score equates to high-interest rates. Having a poor credit rating constitutes inability to repay your dues on time and fund mismanagement. This will adversely affect almost all of your financial dealings – from securing a personal loan to landing your dream job.
You may wonder, “Fishing for my dream job is compromised because of bad credit?” The answer is a resounding, “YES! It will!”
The reason is too evident: companies –big or small –are using your credit scores to render decisions surrounding you as a responsible individual, your financial stability, your economic status, and most importantly your credit wellness.
If you are the type of person who shows financial responsibility and demonstrates knowledge on how to fix bad credit without compromising your self-worth then companies will have confidence in you and will hire you unquestionably.
If, on the other hand, you are the type of person who exudes poor financial decisions and always defaults on monthly payments then your chances of landing a decent job is slim.
Companies usually frown down on applicants whose financial records are irregular, insecure, and incomprehensible because they do not want to be involved with a person that could damage their reputation.
Strategies to Fix Bad Credit
Fixing your bad credit is not as hard as you think. You only need to follow the right procedures, have the right resources, and be patient. Raising your credit score does not happen overnight since it requires time and effort; hence, our suggestion is to start right away with a clear objective and 100% focus to get your credit score up as quickly as you possibly can and then wait for the results to surface.
We sorted these strategies to help you fix your credit and repair your credit standing with the least of effort:
- Get yourself a credit report
You are entitled to get a national free credit report every 12 months from each of the three major credit reporting agencies; namely, Equifax, Experian, and TransUnion .
- Find any errors and dispute them
Review your credit report history, your personal information on your credit card, your payment history, your outstanding balances, and your recent and past purchases.
Check every detail in your credit record and dispute any irregularities you find as soon as possible. File a report with your creditor if you encounter even a minute error in your account.
Never leave anything to fate or lack of initiative (on your part) or want in customer concern (creditor’s part).
- Review and improve your payment history
Your payment history comprises 35 percent of your credit score. This will give a negative impact on your credit score if you always make late payments.
Your mobile bills can also help in improving your credit score if you list it in your credit report.
Always pay your bills on time because this is your key to better credit reputation and to repair your credit score for good.
- Keep credit utilization at below 30 percent only
Credit utilization ratio is the amount of credit that you are currently using divided by the total amount of credit you have. Keeping it below 30 percent makes your credit score improve and fixes your credit profile.
- Stay away from hard inquiries
Hard inquiries happen when lenders start checking on you and on your credit. This is considered part of your lenders’ protocol and is commonly known as credit investigation.
What lenders do is they will check if (a) you are a voracious borrower from other sources (i.e., lending institutions, third party creditors, etc.), (b) you always or never default on your monthly payments, (c) you own other loans, and (d) your bank account has enough funds to shoulder your financial obligations.
The results from their scrutiny will appear on your credit report and, depending on their established findings, will either make or break your credit score.
Our suggestions: keep away from too many creditors, strengthen your financial discipline, and exercise prudence. Do this to build (or re-build) your credit reputation and re-instill creditor confidence.
Good credit will help you get an easy life and win financial freedom. Following our outlined strategies will turn around your dire credit standing and make it face forward with confidence to show to your creditors.
Spending lavishly is devilish but managing finances wisely is prosperity made in heaven.
Creditor trust can only be garnered in earnest so you have to prove yourself to be financially worthy at all times.
Lastly, avoid the temptation of having too many creditors in your pocket. Instead, seek advice from a reputable credit professional to guide you properly in the right direction towards the use of money.
We are you specialists in mortgages and in credit score repair for 9 years running. Our office is located in Canada and is founded by Faizal Garasia, an expert in credit and mortgage matters.
Feel free to phone +1 647-373-9651 or send an email to [email protected] to learn more.