How to fix a bad credit score
Posted January 27, 2013 11:58 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – What do you do if you have a bad credit score? Is there any way to recover? The three-digit number can have a huge influence on much you spend on some essentials, but one expert says the majority of people have no clue how to find their elusive number.
Jeff Schwartz with the Credit Counselling Services of Canada says if your score is low, you should be able to bounce back within about six months. “You do have to build some sort of credit history and how you do that is to take out a loan and pay it off and are taking out a credit card and making regular payments on it and on time so that it shows you can manage your credit.”
But be careful when doing those things. “You’re doing everything you can not to make it lower, so if have some outstanding debts on there, pay them off if you have been paying late, then don’t pay late. Or if you’ve been going over your limit then don’t go over your limit.”
He adds opening or applying for several cards can be risky and if you’re trying to get a loan from a few different places, then same thing, it shows you’re financially unstable.
