Our credit counselling is a free service done through appointments in person or by phone. Your personal credit counsellor will review your financial situation with you, including your challenges and goals. We’ll tell you your options, answer your questions, and give you as much time as you need to make the best choice for you. You might find that a single counselling session gives you all the information you wanted so that you don’t need to contact us again. We’re totally fine with that and happy to have helped.
An overall credit rating is composed of more than just the factors that determine your credit score. This means that if your credit score isn’t as high as you need it to be, you can demonstrate credit worthiness to a lender in other ways too. That can help with a credit application. So in addition to the above, here are 9 factors that affect your credit rating
Have savings that you add to on a regular basis and that is proportionate to your income. Have rainy–day savings as well as long–term, retirement savings. When you have savings, it shows that you have a balanced approach to managing your money and can get by in a pinch.
Pay more than the minimum payment due each month on a credit card and work on bringing the balance owing down. Limit your use of the card until it is paid in full.
Reduce your monthly debt payments (excluding mortgage payments) to no more than 15% to 20% of your take–home pay. This will allow you to manage unforeseen financial challenges effectively.
Keep all credit card balances well below the limits on all of the cards at all times. Going over limit will instantly affect your credit score. If you normally carry a balance close to 75% of your available limit, that too will drop your credit score.
Keep credit limits reasonable – if used or charged to the limit, you should be able to pay the full balance off within a year and leave it paid off. Leaving it paid off is often the catch. Lenders don’t want to see that someone is relying on credit to make ends meet.
Good AND bad, everything stays on your credit file for 6 – 7 years, so time could be on your side if you’re trying to recover from past difficulties. If you’re curious to see what is on your own credit report you can obtain a copy for free.
It will not affect your rating negatively in any way. Keep in mind that your score is not automatically provided with your credit report. It is separate and you will need to pay for hit. That said, if your credit bureau report is fine, your score will be too.
The best long-term solution for renting with bad credit in Indian is to work on improving your credit. Here are actionable steps to get started
A co-signer for rental agreements can be a game-changer. This person—usually a parent, family member, or close friend—agrees to cover the rent if you’re unable to. They’ll need a strong credit score and income to qualify.
One way to offset a bad credit score is by offering a larger deposit upfront. While not all provinces allow deposits beyond first and last month’s rent (due to tenant law restrictions), some private landlords may accept additional financial assurance within legal limits.
Start by being upfront about your credit history. If you’re applying with a bad credit score, don’t wait for the landlord to discover it in a report. Instead, explain the context and what steps you’ve taken to recover, whether that’s completing a consumer proposal or consistently paying off debt
Over 760: Excellent
725 to 759: Very good
660 to 724: Good
560 to 659: Fair
Under 560: Poor
Start by requesting your credit report from TransUnion. Look for:
Errors (e.g. incorrect balances or missed payments)
Outdated information
Signs of identity theft
Correcting mistakes can give your score a small but immediate boost.
Whether you’re just starting out and using your first credit card, or are re-establishing your credit after past difficulties, it’s important to learn how to use credit wisely within your budget. Below are 3 short articles which answer some of the questions we hear most often.
He first article explains the difference between a credit report and a credit score, and lists some tips for what you can do to build or rebuild and “fix” your credit rating in India.
In the second article we tackle 4 myths about credit cards to make your credit card a flexible friend not foe. The third article is one of our most popular tip lists. Using a credit card doesn’t mean you have to end up facing money problems. Here are 12 tips to help you use a credit card but not end up in debt.
Learn how to interpret your CIBIL report, decode technical terms, and spot errors that may harm your credit score.
Is checking your credit score too often harmful? Does closing a credit card hurt your rating? We debunk common credit myths.
Explore the lesser-known reasons behind loan rejection and how you can fix them before applying again.
True stories of individuals who turned around their credit profiles and found new opportunities thanks to our guidance.
Step-by-step tips on how to manage legal tags in your CIBIL report, and strategies to regain financial control.
