How to Rebuild Credit

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How to rebuild credit in Canada

Whether you made bad financial decisions or have encountered some financial hardship, you can work on rebuilding your credit history and aim to have a good credit rating again. Having good credit rating is extremely important for borrowing money. The better your credit score, the better off you are at getting approved for your loan and to get a good interest rate.

Some reasons that your credit score could have been negatively affected are

  • Not paying the minimum amount due on your loans
  • Late payments
  • Missing payments
  • Not making payments
  • Maxing out your credit ( with too much credit)
  • Referred to Collection agency

Having a bad credit score can lead you to not getting approved for a loan and/or you may not get a good interest rate on your loan.

Working to Rebuild your Credit

These are some options you can consider to start with rebuilding your credit rating.

Secured Credit Card – these cards will require that you have a deposit with the card lender, this will be a guarantee. Typically the deposit is the same amount on the limit of the card. When you are able to show that you can pay the credit card balance on time, and you have built up a good stable payment history, you can see about having the security requirement be removed. Then the deposit would be returned.

At Least Make the Minimum Payments (On Time) – Ideally you want to be able to pay your credit card in full every month. Paying it in full helps to avoid any interest charges. When you are not able to pay the card fully, at least pay the minimum amount that is due, and pay it on time. Having late payments can harm your score.

Too Many Credit Applications/Loans – If you are making too many credit applications, this can also work against your credit score, and it can harm your score. Ideally, you should try to use less than 35% of the credit that is available to you. Avoid filling out too many credit applications, because with each application, your credit is checked, and this can affect your score.

Review all of your Credit Statements – Being in debt, this especially means that you need to make sure that you are diligent about reviewing your statements, and report any mistakes that you notice on your statements.

Get a Credit Report – you should review your credit report at least once per year. Review it for any errors and look for any sign of identity theft. When requesting a report, try getting it 6 months apart from one agency to the other (Equifax and TransUnion) this can help with detecting any problems sooner, rather than getting reports from both at the same time.

Note that prepaid credit card do not help with rebuilding your credit rating as these are not tracked by credit agencies.

Rebuilding your credit will take time as you will need to establish a good stable history.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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