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credit score, rebuild credit

Credit Scores

It seems as though most people that we speak with are quite concerned about their credit score, and rightfully so. A good credit score can potentially open the doors to additional credit products; lower interest rates; mortgage opportunities; in some cases, lower auto and home insurance; and even impact employment opportunities.

Filing a consumer proposal or a bankruptcy will negatively impact your credit score. Sometimes however, getting relief from your debt might simply be more beneficial. If you are choosing between necessities or debt payments but can only have one, an insolvency proceeding might be the next practical step.

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Some Tips

After filing a consumer proposal or getting your discharge from bankruptcy, rebuilding your credit will be front and center. Rebuilding your credit can take some work. Hopefully these tips will help you out.


Here are some tips for rebuilding your credit:

1. Monitor your credit carefully to ensure that it is accurate and up-to-date. If you find any errors or discrepancies, you can dispute them with the credit bureau.

2. Avoid late payments on your credit products. Set up automatic payments or reminders to make sure that you are paying your bills on time.

3. Pay down your debts and focus on the debts with the highest interest rates. High levels of debt will negatively impact your Utilization Score. It is recommended to keep your balances under 30% of what you can borrow. Ideally it is best to pay the balances in full each month.

4. Secured credit cards are an option that will allow you to obtain credit in the event that you don't qualify for regular credit products. Here, the lender will ask you for a deposit to secure the card. If the card is managed appropriately and remains in good standing, the lender will generally return your deposit after a year.

5. Don't close old credit accounts: Closing old credit accounts can actually hurt your credit score. Keep your oldest credit accounts open and use them occasionally to maintain a long credit history.