Our team has daily conversations with people from throughout Ontario who need assistance repairing their credit.
People can get up in situations where they have terrible credit for a variety of reasons. People occasionally have poor credit because they missed payments. Other times, it’s as simple as neglecting to notify a change of address, which resulted in bills being sent to the incorrect address and not being paid.
Whatever the cause of your poor credit, the good news is that you can repair it, and we’ll show you how to do so.
Step 1: Get a copy of your Credit Report
You must learn what your credit report (credit bureau) looks like to decide how to rebuild your credit the best way possible.
Our team at Ontario Drivez instantly starts looking for mistakes that could be adversely influencing your credit when we pull your credit report. Errors can occasionally be as straightforward as an old cell phone carrier failing to end your account.
If there are mistakes, we try our best to assist you in fixing them so that your credit can be repaired. Pulling your credit bureau informs us on how we may help you and that allows us to create a more individualized plan for your situation in the event of numerous missed payments or declaring bankruptcy.
Step 2: Restructuring or Reducing Debt
Bankruptcy or a Consumer Proposal may be an option if you are in or near insolvency (unable to pay your debts). Nobody wants to file for bankruptcy or a consumer proposal, but there are times when doing so
is preferable to trying to pay off your bills.
Several instances include:
- loss of income that makes it difficult to pay off obligations
- Your debt doesn’t decrease despite your payments being made because of the interest, you are paying, and it is too much to keep up with.
Your bank won’t give you any additional money because you’ve already borrowed all you can.
We would suggest a plan to assist you to pay off your debts if you could make payments toward them while still managing to pay your other monthly expenses (rent or mortgage, food, clothing, etc.…).
Step 3: Start the credit repair procedure
Your credit rebuilding process starts after we’ve determined the best way to handle your debt.
Since most individuals require cars to travel to work and conduct errands, we receive a lot of calls from people looking to rehabilitate their credit through car ownership. Making consistent, timely payments on a car loan is a terrific method to demonstrate to lenders your responsibility as a borrower.
Step 4: Acquire proper credit card usage knowledge
Creditors will want to know that you can appropriately utilize your credit card. We advise our customers to use their credit cards for small, frequent purchases that they can afford to pay off right away. As an illustration
- A tank of gas
- Cost of a cell phone
- Weekly groceries purchases
Making these purchases using your credit card and being careful about paying off the debt on your card are wonderful strategies to restore your credit because they are purchases you will need to make otherwise.
Never use all your credit at once! Never use more than 30% of your credit limit because even that can harm your credit score.
Step 5: Make On-Time Payments!
The key to repairing your credit is to demonstrate your ability to manage your money well by making timely payments to your creditors.
If at all possible, we advise our clients to make additional payments to reduce their debt more quickly. This will also demonstrate to creditors your ability to pay off debt quickly.
Want Assistance Rebuilding Your Credit?
The process of restoring your credit can be difficult and demanding. This is particularly true if you don’t know where to begin or how to restrict your expenditures.
Fortunately, you can resume your journey toward financial freedom with the assistance of our knowledgeable staff of in-house, non-commission credit consultants.
Credit repair is not usually a quick remedy. Regaining good status with creditors typically take five or six years.
We’re confident we can get you into a car that fits within your budget, has reasonable interest rates, and can start you on the road to credit repair thanks to Ontario Drivez’s approach to credit rebuilding.
