Credit Repair In Canada

Credit Repair In Canada

Credit Repair 101: 10 Tips for your Credit Success

So you don't have the best credit record in history. You've maxed out cards, missed monthly payments, and "robbed" from plastic Peter to pay plastic Paul.

Your financial mistakes have finally caught up to you, and you've just found out officially that you have a poor Credit Score. In most cases, you can recover from your credit mistakes.

Make a disciplined plan to Repair Your Credit profile with our Credit Repair 101 tips:

1. Make A Plan And Stick To It.

You must be serious and committed to making changes in your lifestyle - changes that will bring financial peace of mind. Above all, restrict yourself to absolutely necessary purchases. Borrow wisely. The two most important questions to ask yourself: "can I afford it?" and "do I really need it?" As tempting as it is to cut up all of your plastic, you must maintain responsible Credit Card use - your new payment history will gradually rebuild a better Credit Rating for you.

2. Prompt Payment Of Bills.

Especially of Credit Cards, is the surest way to Repair Your Credit Rating. As you have discovered, we leave "financial footprints" for all to see. Payment of our bills, both amount and timeliness, are tracked by credit rating agencies such as Equifax Canada and TransUnion of Canada.

3. Say No To Grace Periods When Offered By Credit Card Companies.

It's hard to resist such offers, and because your budget is light, you naturally want to "legally" skip payments -- but don't do it. It's a Bad Credit habit; only a financially strapped customer would fall for this, and you no longer want to send out that kind of message. Pay at least the minimum balance if you are really tight, but ideally you want to pay above that.

4. Always Try To Pay More Than The Minimum Balance Due.

Not only does it polish your credit rating, but it also saves you a lot of money in interest, and makes a huge difference in your eventual goal of debt retirement. A key credit skill.

5. Keep Your Balances Low.

This is an important strategy, and one that will reflect well on your use of credit. You want to keep your balance way below the credit available to you.

6. Don't send out financial distress signals.

Avoid excessive inquiries for credit. Do not use credit from one company to pay off credit to another. The creation of multiple new accounts is another red flag that works against you.

7. Maintain and use between two to four cards.

Less that two and it takes longer to create a new payment history. More than four, and you look like you cannot manage your debt. Remember - responsible, steady, and reliable use of your cards is your first and best defense against a poor rating.

8. Try To Keep Your Oldest Most Established Credit Card Active.

The longer your history is with a certain company, the better it is for your credit rating. This is your most important account. If the

interest rate is excessive, contact the company and explain your situation to them. Let them know that you are serious, and eager to maintain them as a creditor. Their goal is to keep a reliable

customer, so make that work for you.

9. Contact Your Creditors.

Don't hide your head in the sand, and hope for the best. Take action. Pick up the phone, and explain your situation. Be upfront and honest. Remain cooperative and calm. Not only will they appreciate your initiative, but also they will be willing to create a payment plan that works for you. By calling, you are showing them that you are a concerned low risk customer. And, by communicating, you will avoid the dreaded collection agency round - a real downer for your credit rating.

10. Slow and steady wins the race.

You'll be rewarded for responsible longtime credit handling. Be patient -- the passage of time will earn back your Good Credit profile.

Then, when you do need credit for a major purchase -- such as a car or a house -- it will be there for you. Once recovered, maintaining a good credit rating takes vigilance, but it's worth the effort. You'll be able to live and enjoy a financially stable life.

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Legal Question?

I recently let my friend use My Credit card to purchase a audio car player valued around $800. However, after bringing his car to the shop to get repaired, his car was broken into and the deck was robbed (it was already installed and working). He refuses to pay me now, even though I have VISA records of the purchase, as well as witnesses who saw our "casual" verbal consent of the agreement. What can i do? The shop also claims that they are not held responsible for any actions that take place on their lot. My friend says apparently there is some sign saying this. I'm unsure if his car insurance covers theft but it doesn't seem like an option.

P.S. I live in Ontario, Canada and $800 is quite valuable to me.
Does he have any chance to recover the money from the shop for negligence in safeguarding the vehicle, again I'm pretty sure there is a sign saying they are not responsible for anything that happens to the vehicles

$800 is well within Ontario's Small Claims Court limits. With your Visa records and, if necessary, the installation companies testimony that they put the radio into his car, it should be a slam dunk.

You have no case against the installer, by the way - you loaned your friend the money, and it's him you would have to recover from. HE may try to recover from the installer if they were negligent in safeguarding his vehicle.

I've attached a link to Ontario Small Claims Court information and forms. No lawyer is needed for Small Claims.

Richard

Canada Credit Fixers - Business in a Box.wmv

 

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Credit Repair In Canada

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