How to Rebuild your Credit

At Shaganappi we recognize that during the different times of peoples lives it is possible to run into difficulties that strain financial resources causing blemishes on an individuals credit report. These complications can impede or cause strains when applying for credit for a new or used vehicle purchase or lease. Read the list of good strategy tips below and regain your financial freedom.

Is it Possible to Fix Bad Credit?

Yes! Read on and learn how to improve your credit at no cost to you.

1. Get a Secured Credit Card: Unlike an unsecured credit card, a secured credit uses money that you place in a special account at your bank or other financial institution. However, like an unsecured credit card they report your financial history to the credit bureaus.
2. Speak with one of our Finance Staff: Let he or she know that you would like to start re-establishing your credit and see if we can help.
3. Open a Savings Account: Pay yourself first - save 5% of your pay and save your next pay raise or bonus.
4. Pay your Bills on Time: This goes a long way to improving your credit rating. Paying utility bills and credit cards on time demonstrates a willingness to improve your credit.
5. Get a Department Store Credit Card: This one can be tricky if you are an impulse buyer. These types of cards are easier to qualify for than an unsecured credit card due to their high interest rates. Buy small items ($50 - $200) and pay the bills off before the financing begins or on time if their is no waiting period.
6. Create a Budget: Sit down and create a realistic budget that you can stick too.
7. Don't Apply for every Credit Card: Each time you apply for credit or financing it generates an inquiry. This includes applications through the mail and over the phone. Too many inquires create blemishes on your file.
8. Don't over extend your credit: Buy a vehicle within your budget

Rebuilding your credit takes time. Blemishes on your credit can take up to seven years to remove; however, the more positive information you add to the file, the more they help reduce the effect of the negatives.

We hope this article was useful. For more information about how to rebuild your credit or any of the vehicles we offer select an option below:

PS: Our Used Vehicle Database contains 29233 vehicles

Come visit Shaganappi in Calgary, Alberta (AB) and we'll turn your bad credit around!