Is your credit under repair; there are credit repair companies ready to assist you in improving your credit score. This is done commonly in Canada by providing credit building loans. The aim of offering this loan is that it will create a new good credit report and show the availability of credit to you.
This approach helps quite a number of people in promoting their credit score, but the companies offering them do it as it is lucrative for them. They can charge fees and interest for many more years from you. However, there is a cheaper, better and effective way of improving your credit.
How Can I Get My Credit Repaired in Canada
The simplest way to get your credit repaired, improved, fixed or restored in Canada! Canadians can now get a cash-secured credit card. It is a faster and much better way to improve, fix or restore a credit score than to rebuilding a credit loan. This is because the cash secured card needs you to give some security money for the credit card and this security cash is as less as $200 to $300 and the credit card functions perfectly as any other regular credit card.
Cash secured credit card Advantages
- Cash secured credit card provides quicker and more boost than any other credit loan.
- It is cheaper in comparison to all other credit repair loans as it includes an annual fee and there are no fees or interest costs to be paid, on paying off every month in full your balance.
- A very affordable way as you need not break your head to bring this into the budget as a credit repair service fee to any company. Instead, you can use this card to pay that exists in your budget already. It can be anything such as your transit pass or even your gas bill and by the month-end, pay off the balance in full on the card. This will not cost anything in surplus and is the biggest advantage.
- Cash secured credit card needs to be paid only if you use it. If your income comes down or you are sick, you will not use the card and this means your credit does not get affected.
Precisely, a cash-secured credit card is the best way to rebuild your credit and enjoy a score boost. Bear in mind to pay it by month end or pay at least the minimum payments monthly. If you are unable to make it still, it may hurt your credit. In case you miss payments, your card will be closed by the credit card company and they will deduct the money you own from the security you initially deposited and give back your cash security.
The biggest advantage of cash secured credit card is you need not use them much. You may use it every few months once and keep the card active. For safety, use only 50% of the available credit limit and carry a balance. Keep the credit limits on the card reasonable meeting your income levels and having even a few hundred dollars as the limit is also acceptable. However, if you can maintain a security of $1000 to $2500, your score is sure to get boosted.