You get the credit you deserve

CreditScore
The average Canadian has $3,954 in credit card debt, which is not a problem if you are paying it off on a timely basis. Unfortunately, over 40% of Canadians are carrying a credit card balance and paying the very high interest that goes along with doing so. Over 118,000 Canadians either filed for bankruptcy or filed a consumer proposal last year to get relief from debt. Prepaid credit cards, phone and utility bills and loan payments can all help to rebuild credit as long as they are paid consistently and on time. Consider the following:

  • A prepaid mobile phone does not establish credit like one that is billed monthly. Even with bad credit, getting a mobile phone account is usually possible and paying the bill consistently on a monthly basis can help to establish or re-establish credit.

  •  A prepaid credit card can establish or rebuild credit better than a debit card. As long as the card is paid promptly, it will establish a good credit score that will eventually allow you to qualify for a regular credit where an amount of credit is actually being extended to you.

  •  You should check your credit score from time to time. This can be done for free on sites like creditkarma.ca and mogo.ca. It is like having a scorecard that tells you when you can likely apply for more credit and improve your credit score even further.

The key to establishing or rehabilitating your credit is entering into arrangements where you have debt and then being consistent in paying it. Credit is something we earn and, as such, we really do get the credit we deserve.

Become a Financial Genius with Brilliant Advice from Your Credit Union

Kim Bridgeman
Director, Commercial Services
Your Credit Union
613-238-8025 x4261
kbridgeman@yourcu.com
 

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