Five Tips to Help You Repair Your Bad Credit Many people are reluctant to admit that they have bad credit. Bad credit is caused by inability to pay financial debts, such as those caused by credit cards or loans. Bad credit can be troublesome, but it can be repaired.
Hi, my name is Amit, Credit Counsellor at Credit Management Services. We are an Ontario Based firm with a professional and dedicated staff of government certified counsellors that provide result driven solutions and answers to almost every financial problem! My team and I provide services for debt consolidation and settlement, mortgage loans and real estate to consumers since 2003. This month’s article focuses on five tips to help you repair your bad credit in Toronto and Greater Toronto Area. At Credit Management Services, we can help you find a plan that really works for you. We fight on your behalf not the creditors to provide you and your love ones the best financial solution so you can manage your debt easily. Here a five tips to help you repair your bad credit: 1. Repair efforts can go awry if unsolicited creditors are polling your credit. Pre-qualified offers are quite common these days and it is in your best interest to remove your name from any consumer reporting lists that will allow for this activity. 2. You will be able to get a lower interest rate if you keep your personal credit low. By lowering your monthly payments, you'll be able to reduce your debt more quickly. Asking for a better deal from your debtors can help you get out of debt and back to achieving a better credit score. 3. If you want to repair your credit faster, you might want to ask someone if you can borrow some money. Just make sure you pay them back because you don't want to break a relationship up due to money. There's no shame in wanting to better yourself, just be honest with people and make them understand your financial needs. 4. It is easy to find a loan even if you have bad credit, but it isn't all positive. If you have bad credit, you are forced to pay higher interest rates and it is hard to find fair companies, that don't punish you for negative credit. It is much easier to legally clean up your credit than to pay thousands of dollars more for a loan. 5. If you have credit cards, make sure you're paying off the entire balance at the end of the month. This will help keep you from getting into a spiral of debt. If you let your credit card bills start piling up, it becomes nearly impossible to pay them all off.