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very bad credit

I found out that my credit score is very bad, but I have no balance on my card now. How do I repair my credit so it won`t hinder any of my application(mortgage). How long does it take before you are back in the good books?

Posted from: Ontario

One Response to “very bad credit”

A licensed trustee said...

Repairing credit takes time. You didn’t damage your credit rating overnight and you can’t fix it overnight.

Book an appointment with a loans officer at your bank and ask them what steps you need to take in order to qualify for a mortgage in the future. Likely they will tell you the first thing to do is try and establish a new (good) history with some form of credit. This may mean applying for a secured credit card or some other form of secured debt. After a year or two of making all of your required payments you will create the good history you’ll require. It just takes time…