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Rebuild Your Credit

Having bad credit can make getting a loan or mortgage difficult. At, we can link you to credit repair services and offer bad credit mortgage solutions. Credit repair takes time and commitment but it should be a top financial goal for anyone who has poor credit history. In this article we will discuss the five steps you should take to rebuilding your credit.

1. Determine the cause of your poor credit

There are many reasons why you might have poor credit and it’s important to determine the cause so you can fix the problem. Bad credit is caused when you haven’t been able to show lenders that you are a responsible borrower; maybe your credit cards are continuously maxed out, you frequently haven’t paid your regular bills on time, or you have an outstanding loan. You should begin by obtaining a copy of your credit report from Industry Canada.

2. Make a budget AND use your budget

You’ve heard it before and maybe even thought of doing it, but the key to regaining control of your debt is by changing your spending habits with a budget. Create a budget by making a list of your expenses for the month, including your debt repayment and some for savings and compare it to how much you earn in a month. You’ll need to make sacrifices to lower expenses everywhere you can, which may mean some lifestyle changes for you and your family.

3. Lower your debt

Once you have a budget made you’ll better know what your financial climate is like. It’s important that you pay down your debt to show creditors that you’re serious about paying back loans. Pay back your highest interest loans most aggressively because the money you save in interest can be used to pay back other debts.

4. Make your payments on time

Now that you’ve paid off some of your debt, show lenders that you take the agreement you have with them seriously by paying your bills on time all of the time.

5. Keep building your credit

Even once you have paid back all of your debt, don’t simply stop using credit. It’s not enough to be free of bad credit; you actually need to actively and responsibly use credit so that your credit score builds.

We offer private lending to our customers. Allow us to help you restructure your credit score and help you achieve a lower interest rate.