by Linda Taylor
Business Manager
At Country Chrysler, our goal is to help obtain financing for anyone with any type of credit history. - good or bad. One of the questions I have come across in my position as Business Manager is how can someone rebuild credit after it has been compromised? Here are my five tips, starting with the one I feel is often easiest for people to get.
1) Get an RRSP loan as these are the easiest loans for people to get. Pay your loan off in twelve payments and you will quickly begin improving your credit score.
2) Apply for a fully secured credit card through Capital One. Credit limits start at $300 and credit card approval is guaranteed. Basically, you pay cash to Capital One which they hold against your credit. As you use your credit card and make monthly payments, we report your payment history to the credit bureaus every month. A consistent and on-time payment history helps establish and repair your credit history
3) Go to equifax.ca and pull your credit report. Your credit report will give you your credit score and also give you detail about what is impacting your score. If you find any inaccuracies in your report, contact Equifax directly to dispute and correct them.
4) If you have any outstanding negative accounts that appear on your credit report, try to pay them off. Paid accounts improve credit standing.
5) Open a savings account and put a little bit of money in it every month. Banks love savers - especially consistent savers.
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Linda is the Business Manager at Country Chrysler Dodge Ram Jeep and specializes in vehicle financing and leasing. Have a question for Linda? Submit it here.
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