Cash Store Financial

Cash Store Financial

July 09, 2012 14:00 ET

The Cash Store-Fixing Your Bad Credit, One Step at a Time

EDMONTON, ALBERTA--(Marketwire - July 9, 2012) - Not only is repairing your bad credit essential to your long-term financial wellbeing, it's also crucial in decreasing your perceived credit risk and thus lowering borrowing costs. Knowing where you stand credit wise today will allow you to know what financial steps you need to take tomorrow to either improve or maintain a good credit score over the long run. So if bad credit is preventing you from being approved for financing, loans, mortgages and the like, don't despair. By following these easy steps brought to you by The Cash Store, you can turn your credit situation around.

Step #1: Find out where you stand

Companies like Equifax Canada and TransUnion Canada make it easy to acquire your current credit standing (credit report) free of charge with just a few clicks of the mouse or a quick phone call and even provide tips on how to improve your score over time. Often, for a few dollars, you can obtain your score as well. With services for individuals, small and mid-sized businesses, and large enterprises, it is easier than ever before for anyone to acquire information about their credit cards, loans opened under their names, companies accessing your credit files, delinquent payments, and more. Your credit score is an important indicator of your creditworthiness with a higher score meaning you are less likely to become delinquent on any credit extended to you. In other words, it indicates whether or not you will pay your bills on time.

Step #2: Make a plan to improve your score

It's not going to happen overnight but if you make a plan to improve your credit worthiness and ensure that you follow through on it, you can help improve your credit risk standing in the eyes of lenders. Take back control of your credit by adopting healthy credit habits including:

  • Paying all of your bills on time and in order of priority (highest interest rates first)
  • Keeping your credit card account balances below 75% of your available credit limits
  • Only applying for credit when you really need it
  • Avoiding risky co-signing arrangements
  • Staying out of overdraft (even if you have overdraft protection)
  • Planning for the future (i.e. taking out an RRSP)

Step 3: Know where to find help

With so many Canadians balancing multiple bills and lines of credit each month, it's all too easy to miss a payment and suffer the consequences. The Cash Store's Payday Loans can help you pay your debts on time and preserve your credit rating.

The Cash Store has been providing Payday Loans since 2001, and is now the largest alternative financial services provider in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, Prince Edward Island, Saskatchewan, Northwest Territories and the Yukon.

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