Tips to Rebuild your Credit

Having a good credit rating is critical in our modern society – a low credit rating can cost you tens of thousands of dollars, or obstruct you from obtaining credit all together. If you have poor credit IT IS possible to rebuild it, but you will need to be committed to a good plan. It will not happen overnight! Here are eight tips from Ontario Lending Solutions to help you start your own personal plan.

  1. Obtain your current credit report
    Get your current credit report. Once you have this you can identify and fix any errors, as well as determine what you need to do to rebuild your credit. Also, if you don’t know where your starting, how will you know if your plan is building your score? For more information on how to get your credit report visit
  2. Learn how to interpret your credit report
    Next step is to understand what your credit report means. Every credit – reporting agency uses a slightly different format, but they all describe the same basic information about your credit history. To give you a detailed account on how to interpret your credit report we advise best to start with Equifax at
  3. Fix any errors on your credit report
    Sometimes companies do make mistakes that show up on YOUR credit report. If you find an error you need to contact the creditor directly, and or contact the credit – reporting agency to investigate and fix the error. Fixing a mistake on your credit report may take some time but it is well worth the effort!
  4. Always pay on time
    Making your credit card payments, and loan payments on time accounts for approximately 35% of your credit score! It is absolutely critical that you make your payments on time. Even if you plan on paying off the entire balance off in a few weeks, make sure you make a minimum payment when its due, or your credit history will be affected.
  5. Reduce your balances
    The size of your outstanding balances accounts for approximately 30% of your credit score. Do everything you can to reduce your debt balances.
  6. Keep older credit
    Credit is like fine wine – the older it is, the more valuable it is. The age of your existing credit accounts for approximately 15% of your overall credit score. If you are planning on cancelling your loans or your credit cards, don’t payout and cancel them all- try to keep the oldest piece of credit you have.
  7. Don’t be desperate
    Resist the temptation to apply for too much credit! Almost every time you apply for credit the lender will check your credit report and those credit checks will show up on that very same report for every other lender to see- this will not help your situation. Choose your new creditors and lenders carefully, and remember NOBODY can check your credit without your permission.
  8. Get two types of credit
    The best way to establish a good repayment history to future lenders is to obtain two forms of credit, revolving credit (Credit Cards) and non-revolving credit (Loans). Credit cards alone typically do not have high enough credit limits to make a significant difference – and you will need to show future lenders you can manage significant amounts of credit.

If your credit is poor and you do not qualify for a personal loan, and you do not want to borrow money for the purpose of “purchasing” goods, or debt consolidation we at Ontario Lending Solutions can help you with a GIC Investment Loan. This type of loan has a high approval rate that is not dependent on your current credit score. It will allow you to get credit reporting on your credit profile, as well as save the money from the loan in a GIC for future use. It is a great way to start building credit without “spending”

We will NOT wish you luck, because with your commitment to a good financial plan, you will not need it, however we will offer you our support.

Call us today at 905-517-4674 for additional information on our services.