very bad credit

November 3rd, 2009 by Questions

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…

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)