Tips on Rebuilding Credit in Alberta

Rebuilding credit in Alberta can be a difficult task, but it is possible with the right strategies and actions. Having a good credit score is important for many aspects of your financial life, including getting approved for loans, credit cards, and even renting an apartment. Here are some steps you can take to rebuild your credit in Alberta:

1. Check your credit report: Obtain a copy of your credit report from Equifax or TransUnion and review it for errors. Dispute any inaccuracies with the credit bureau.
2. Pay your bills on time: Late payments can have a negative impact on your credit score. Set up automatic payments or reminders to ensure that you pay your bills on time.
3. Keep your credit utilization low: The amount of credit you use in relation to your available credit is known as credit utilization. Try to keep your credit utilization below 30%.
4. Consider a secured credit card: If you’re having trouble getting approved for a traditional credit card, a secured credit card can be a good option. It requires a deposit, which serves as collateral, but it can help you build credit by using the card responsibly and making on-time payments.
5. Get a co-signer: If you’re having trouble getting approved for a loan, consider getting a co-signer. A co-signer with a good credit score can help you qualify for a loan and can help you rebuild your credit by making on-time payments.
6. Don’t apply for too many credit products at once: Each time you apply for credit, it can cause a hard inquiry on your credit report, which can lower your score. Avoid applying for too many credit products at once.
7. Be patient: Rebuilding credit takes time and it won’t happen overnight. It’s important to be patient and consistent in your efforts.

By following these steps, you can start to rebuild your credit in Alberta. Remember, rebuilding credit is a process, it takes time and patience, but it is possible if you take the right steps and stick to your plan. It’s also important to keep an eye on your credit report and score to monitor your progress. Simpli Auto Finance can help you rebuild your credit and lower your interest rate on your existing vehicle or help you find something new.