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How To Easily Rebuild Credit In Waterford

How To Easily Rebuild Credit In Waterford

You can still get an auto loan with bad credit but having good credit makes it easier and cheaper to access finance. As Waterford car loan specialists, we are perfectly placed to offer actionable advice on how to easily rebuild credit and provide the means to access that credit when you need it.


So here are some simple ways to help easily rebuild credit.


Set up automatic payments


Paying all your bills on time every month has a significant impact on your credit score. Never miss a payment and your score will rise steadily over time. Miss a payment and your score can take a serious hit.


We recommend setting up automatic payments for every outgoing you have. If you have the option to choose the payment date, we also recommend setting that for the day after you get paid.


That way, all your obligations are taken care of without you having to do a thing!


Check your credit report for errors


Correcting any errors on your credit report is a quick win. If you see anything that’s incorrect or missing, follow it up with the organization that made the entry.


You’ll need to provide proof of the mistake if you have it, otherwise the organization may refuse to make the change.


If the organization doesn’t change the entry, you can ask the credit bureaus to do it using the following links, Equifax dispute resolution and TransUnion dispute resolution.


Pay down debt if you have it


The amount of debt you currently have is called your credit utilization ratio. The higher the ratio, the more of a negative impact it can have on your credit score. Lenders also look very closely at higher credit utilization to make sure you can afford extra outgoings each month.


The more debt you can pay down, the lower your credit utilization. That will have a positive impact on your credit score as well as daily life!


Get a credit card if you don’t always have one


If you don’t use credit cards, we suggest you get one. It may seem odd that we tell you to pay down debt one minute and then suggest getting a credit card the next, but there is method in our madness.


One, the amount of credit you have available but aren’t using helps increase your credit score. Two, using your credit card regularly while paying it off in full each month will also help your credit score.


We don’t mean get a credit card and max it out. We mean use it for everyday purchases like gas or groceries and clear it each month. It can make a huge difference to your score!


Improving credit doesn’t happen overnight. It’s a gradual process that takes time. Even if you’re not planning an auto loan in the near future, it’s a good time to begin rebuilding credit.


Then, when you do need a loan, you have the credit score in place to get one!


If you need help or advice on anything to do with auto loans in Waterford, contact Car Nation Canada today, we can help!


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Categories: Car News