Repairing Credit

Print | E-mail this Article | Bookmark this Page  

No matter what the circumstance, if you have a negative credit report, you may not be able to get a loan in Halifax.

With the exception of certain circumstances, a poor mark on your credit report could remain there for up to seven years following a bankruptcy.

If you are in need of credit repair quickly, and do not think waiting the full seven years is feasible, there are some things you can do to get a head-start.

First get a copy of your report. It is impossible to improve your financial situation if you do not fully understand where the problem areas are.

Next, pay your bills. If you only have a minimal amount of debt on a credit card, simply save up that amount, contact the credit card company, and pay back the debt. This is the most rapid way to repair your credit.

If it is impossible for you to save extra money, you should probably consider a debt management plan, a consumer proposal or bankruptcy. Before going ahead with any of these alternatives it is important to consult a licensed bankruptcy trustee in Halifax. The trustee can explain each option and ensure you are making the right choice.

Once previous debts have been dealt with, you can begin repairing your credit. Below are some common suggestions:

• Get a secured credit card. Through the development of monthly savings, you will soon have enough for a deposit which will give you a credit card with a similar credit limit.
• Establish and RRSP. As your savings continue to increase, put some of it into an RRSP. If you give $500 to an RRSP, the bank may give you an additional $500 to invest in the RRSP.
• Carry on Saving. Saving money is the easiest way to get back on track. It may take some time, but eventually your savings will accumulate enough to give you the funds for a down payment on a house or car.

Contact us today to find a licensed bankruptcy trustee in Halifax, who can give you additional tips on credit repair.

back to top