Credit Repair

1. Reviewing your Credit Report?

Your Credit Report is a summary of your credit history, pieced together using information collected by Equifax Canada and TransUnion Canada — two of Canada’s major Credit-Reporting agencies. When you apply for vehicle financing, your Credit Report is a deciding factor in whether or not you’re approved.

The team at Fort City Chrysler can provide you with a copy of your credit report, and help you review it for possible errors or misinformation that are preventing you from getting approved.

2. Setting up Payment Reminders?

One of the most important aspects of credit is paying bills on time. For banks & lenders, Credit Reports are a snapshot of your ability to make payments on time, so a missed payment is a black mark on your credit history that may affect your chances of getting approved.

Payment reminders are available through many credit bureaus. Another method to avoid missing due dates is to set up automatic payments, which will automatically pay the minimum amount due on a bill every month. If missed payments are affecting your credit, we highly recommend these services!

3. Debt Reduction

If credit repair is your main priority, it’s best to postpone making credit card purchases until further notice. Instead, actively work toward paying your debts down and sticking to a payment schedule.

One of the easiest ways to avoid difficult debt accumulation is to keep your outstanding account balances below 35% of your available credit limits. This way, you won’t feel as in over your head when you view your statement balances.