Repair Credit
July 26th, 2005 by Questions
I have an illness that has affected me over the years-I had to claim bankruptcy over 10 years ago and have had a struggle getting back on my feet.
I would like to repair my credit over time but I have absolutely no idea of how to go about it.
The frustrations of bad credit on quality of life are almost insurmountable.
Do you have any info on how and where to get started??
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July 26, 2005 at 11:32 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
If you follow these steps you will find rebuilding your credit becomes much easier than most people assume.
1. Talk to your banker and say you want to reestablish your credit rating.
2. Be a regular and persistent saver.
3. Borrow using your savings as security. Secured loans are debts you incur that are backed up by some sort of asset or guarantee and are the easiest type of loans to obtain (consider obtaining a secured credit card from an organization such as hometrust).
4. Borrow for an RRSP. For some reason, banks have made it easier to obtain loans for RRSP’s than most other forms of credit.
5. Borrow when you don’t need to. Obtain a small line of credit. Use it to pay bills and then immediately pay off the line. Repeat this process and over time, it will have a marked improvement in your credit report.
The key to all of this is that you must pay your bills on time. Don’t bounce any cheques, don’t miss any due dates, don’t overdraw any of your accounts (even if you have overdraft protection).