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Maintaining a good credit score is vital and one of the most important factors when applying for loans or new credit lines. In this article, you will learn the best and proven ways to improve your credit score.
Credit cards can offer many benefits; convenience, flexibility in payments, manage money better if used responsibly, accrue rewards depending on the type of card you are using, and can be used to improve your credit depending on how disciplined you can be when using it.
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There are few reasons why you should maintain a good credit score:
The quickest way to fall into the debt trap is by irresponsibly using your credit card. A credit card is not a license to buy things you can’t afford.
The best way to build a good credit score is to only spend what you can pay. This habit allows creditors to know you are a responsible borrower. You’ll find it much easier to apply for new credit or loans when you show discipline.
The same goes for loans, you should only borrow what you can afford regardless of the amount you qualify to take on. Before you sign up for loans, review your budget and see how much you can afford to repay monthly.
If you follow the first step above which is spending only what you can afford, repaying your balance in full at the end of each month won’t be a problem.
In this method, you show that you are capable of paying your bills not only on time but in full making your payment history flawless. Additionally, paying off your credit cards in full each month helps you avoid racking up interests which makes credit card repayment a lot easier.
Since the big factor of credit score is based on your payment history, paying your bills on time improves your credit tremendously.
The longer your credit card account is active, the better it is for you and for your credit score. Leave your oldest account open especially when there is no annual fee, this way it can help increase your credit age and build your credit.
If you close an account, it will stay in your credit report for a period of time. It won’t be removed from your report immediately, but after several years; old and closed accounts will eventually be removed from your credit report.
A credit score inquiry can hurt your credit report. When you apply for new credit or loans, the bank or lender will check your credit; this is called “Hard Inquiry”.
Hard inquiries may damage your credit score temporarily but it will regain its original score as time passes by. Just make sure to follow the previous steps to improve your credit score.
Note that credit bureaus can keep a record of how many times you applied for new credit or loans. Too many hard inquiries on your credit can be a sign of desperation and can pose a risk to lenders.
If you are looking for options to pay off unsecured debts in Canada – we can help. We are an authority in debt relief and we continue to help people with debt over $10,000. Do you have debt from Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans, and Student loans? It’s not too late to take action and stop your debt from ruining your life.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
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No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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