REBUILDING YOUR CREDIT
Trying to establish good credit can be extremely frustrating and time consuming – especially if you’ve run into financial troubles that have damaged your credit rating through no fault of your own. Everyone goes through these circumstances at some point, but there are solutions that can help you break free of the poor credit situation you currently find yourself in.
It may be difficult to obtain a credit card if you have poor or damaged credit and that’s because you’re dealing with one individual lender. Typically, credit card companies will not approve your application if you have a low credit score. You may be able to apply for a secured credit card, but that requires that you put some of your own money up front and isn’t very useful if that’s not possible.
CAR LOANS CAN HELP
Believe it or not, obtaining a car loan can be a lot easier than getting a credit card application approved. This may seem counterintuitive because of the amount of money you need to borrow for a car loan, but it has more to do with the variety of options available to you. At Getgoing.ca we have access to numerous different lenders and with all of these options available we can usually find a willing lender and secure you a loan at an interest rate that you can actually live with. Once your car loan has been secured, you can begin to repair your credit score so that you’ll be eligible for favorable credit in the future.
ON TIME PAYMENTS
The key to rebuilding your credit once we’ve obtain a car loan for you is to make sure that you make your payments on time every single month. You might think that being a few days late is no big deal, but it can significantly affect your ability to obtain credit in the future. If you do anticipate being late on a payment it’s better to be upfront with your lender. Give them a call and explain the situation. Hiding from the issue will only make things worse. It’s better to be honest and in many cases the lender will look on this favorably and will likely be willing to work with you. At the end of your loan term if you’ve made regular payments and you’ve made most of them on time you’ll find yourself with a much better credit score than you started out with. Visit our application page to get started.