Credit Reconstruction

Rebuilding your credit can be a confusing process fraught with missteps for many. Please contact our credit specialists today to arrange a free consultation. They will advise you on the most effective way to rebuild your credit profile to obtain more products from many lenders.

Did you know:

  • Many lenders prefer to deal with clients who have had at least two trade lines open for a minimum of one year?
    • Credit cards, car loans, and lines of credit qualify as trade lines.
    • Mortgages, Phone and utility accounts do not build good credit, however paying these accounts late will harm it.
  • Carrying a credit card balance greater than 75% of your approved limit is likely to lower the credit score?
  • Allowing a credit card balance to go over its authorized limit will harm the credit score more?
  • For an explanation of how your credit score is calculated, click here. Although closing unused credit lines may help your score, please remember most Mortgage lenders require at least two active accounts before offering a Mortgage.

Every credit situation is different and could benefit from advice on how to manage it best.

Many lenders place higher value on unsecured credit products, however they are difficult to obtain if you have dealt with payment challenges in the past. Before resorting to secured credit we recommend you try the following credit issuers:

For Students with no credit history, Scotiabank offers a good option as well:

If you have been declined for credit and are unable to establish a credit card with the usual issuers you should consider a secured product such as the following:

Did you know that many find errors in the information maintained by Canada’s credit reporting agencies? Check the accuracy of yours today to allow time to make corrections before you need it.

  • Equifax
  • Transunion
    • Credit report REQUEST form
    • You may be able to access your Transunion credit bureau information through your online banking profile. Look for “CREDITVIEW” after logging in.
      • RBC
      • TD
      • Scotiabank
      • BMO
      • CIBC
      • possibly others
    • Dispute errors with Transunion online

Apply for a home equity loan now!