Toll-Free Phone: (888) 978-5825
Phone: (888) 978-5825
1012 Central Ave
Saskatoon, SK
Toll-Free (306) 955-5626
3440 Idylwyld Dr N
Saskatoon, SK
Toll-Free (306) 343-5825
506 20th Street
Saskatoon, SK
Toll-Free (306) 525-5626
1455 Broad St
Regina, SK
Toll-Free (855) 764-5825
3033 6th Ave E
Prince Albert, SK

Facts About Credit in Saskatoon, SK

5 ways to improve your credit score

Get Pre-Approved

Overview

A bad credit history doesn't have to be a life sentence. It's true that financial mishaps such as late payments, bankruptcy, foreclosures and repossessions can stay in your credit report for up to seven years. However, there are steps you can take to clean up your credit history.

1. Sign up for a secured credit card

A secured credit card is one that's secured by the funds you deposit with the card issuer or a financial institution. What's more, the card's credit limit is set by the amount you deposit. A secured credit card will show up on your credit history as a regular credit card. However, secured credit cards are much easier to qualify for if you have a poor credit history and then you can use it to start to build some positive credit history information.

2. Apply for a Registered Retirement Savings loan

An RRSP loan won't only help you maximize your retirement plan contribution, but because of its typically low-interest rate. You can repay it within the year and that'll automatically show some positive credit history as well.

3. Don't act desperate

There are a lot of organizations out there that say they'll fix your credit record and help you repair it. Do not be a victim and do not fool yourself into believing that it will not take the appropriate time to rebuild credit. It is legally impossible to alter an accurate credit history.

4. Limit the number of credit cards you own

A secured credit card is one that's secured by the funds you deposit with the card issuer or a financial institution. What's more, the card's credit limit is set by the amount you deposit. A secured credit card will show up on your credit history as a regular credit card. However, secured credit cards are much easier to qualify for if you have a poor credit history and then you can use it to start to build some positive credit history information.

5. Quit applying for multiple credit lines at one

Understand your inquiries, if they're extensive and in a short period of time, it could look damaging on your credit rating. It could look as if you're seeking credit or trying to amass a whole bunch of different types of credit. Stop making inquiries and your credit rating will improve.

Get Pre-Approved561769|10330
AdChoices