Step 1. To Improving your Credit Rating

Request your credit report and review it. Check for any errors or identity fraud and fix those right away. You will need to contact both credit reporting agencies in Canada as they each have different reports on you, and that way you will get the full picture of your credit history.

Go to the TransUnion Canada website and Equifax Canada website to get each of their contact information and request your credit report. If received by mail the report is free, if retrieved online the fee is about $15. Look over your report to make sure it accurately reflects your credit history, and contact the companies if there are any problems.

Step 2. Make Minimum Payments

Make at least your minimum payments to credit cards and other debt on a regular basis. When you miss a payment here or there due to misplacing a bill or just coming up short that month, it reflects badly on your credit rating. Make regular payments even if they are just the minimums. If you are struggling to pay your minimum payments, contact Solutions for help. We will give you confidential and unbiased advice that is best for you. We can work with your creditors to reduce interest and fees, and schedule a feasible plan for getting you debt free.

Step 3. Get a secured credit card.

What is a secured credit card? It looks just like a regular credit card, provide by either Visa or MasterCard®, but unlike regular credit cards it uses “secured credit”. This means that you provide money in the amount of your choice (your limit) to be held in a savings account as a security to your credit card balance. This is secured debt, like a car loan which is secured by the vehicle, and a mortgage which is secured by the house, and which the bank can repossess if you default on your loan. But if you have to provide your own money up front to use a secured credit card, what is the point? Why use a secured credit card rather than your debit card or cash? Because the secured credit card will help you establish your credit quickly, and you are not at risk of gaining more debt. When you make regular timely payments you will establish or rebuild your good credit rating. Apply for a Secured Visa Card through Home Trust today.