Here’s five easy steps to get started….
We would all like to think that we could easily borrow money, if and when we require to do so. However, for some of us, the chances are that we may not have established credit and therefore would not be in a position to an approval to borrow money. You will also be surprised to note that there are many young adults in the present day and age that have not established credit of their own. Having no credit history can be as detrimental as tarnished credit. Here are a few easy steps to getting credit:
- Obtain a secured credit card
- Borrow money to contribute towards an RRSP
- Get someone with established credit to co-sign on your behalf
- Put up collateral
If you are successful in getting credit, you have gotten through the first hurdle towards establishing credit history. The important part of the process is that you maintain your credit history without tarnishing your credit. You will need to ensure on-time payments every time, if purchases are made via credit card, ensure these payments are made in full, avoid using credit to pay off credit and limit the number credit cards you obtain.
A blog published by Gail Vaz-Oxlade gives great tips on establishing credit.
If you are an individual looking to establish your credit or rebuilding credit and in need of advice, please contact the team at MiMortgage.ca today. To get pre-approved apply now through our secure website or speak to one of our agents at (866) 452-1100.