Living in Canada with bad credit is possible, but it's tough. It makes everyday life difficult and a lot more expensive. For example, you'd be paying a higher cost on insurance strictly because your credit score is low. It makes getting a credit card, a loan, a home, a low interest rate and a lot more things close to impossible to get and the amount of companies that do credit checks is only increasing.
Typically, there's a lot of ways you can improve your credit, here are a few tips:
• Pay your bills! A big no-no is to not pay bills. It can drop your credit score as much as 200 points.
• Decrease your credit card usage. Credit card companies generally don't like seeing high bills, regardless of whether you pay them or not. Try staying somewhere in between 20%- 30% of your spending limit.
• Add an installment loan. You'll get the fastest results of improvement by showing that you're responsible with both types of credit - revolving (credit cards) and installment (mortgage, student loan, auto).
• Patience... The key to fixing your score is to be patient. It can take anywhere from a few weeks/months to a full year to see improvement so the sooner you start, the better.
• Bankruptcy . Yes, that's right. Sometimes if you're in too much debt, bankruptcy can be your only option to start from scratch. Now, I'm not saying go and file bankruptcy but if you're in over your head with unpaid bills and a credit score so low that you can't even get a magazine subscription, consider talking through your options about filing bankruptcy.
So why should you improve your credit and buy a home? Well chances are that if you're reading this, you've done something at some point or another to affect your credit rating. A late credit card or mortgage payment is one example which can drop your score as much as 200 points. Other than owning a great share in the stock market or striking oil, buying a home is one of the best investments anyone can make. It's something that the growing population has a very high demand for. Once you've raised your credit score, buy yourself a house! It's hard work building credit and you deserve the reward.
A home in itself comes with plenty of benefits. Remember when you bought your first car and bragged about it to all of your friends? It's human nature to love possessions and is one of the top reasons why people want to buy a house. It means you can blast your music, paint your walls, tear down and re-do the bathroom and hang whatever you want on the walls. Mortgaging a home is making an investment into your future.
Unlike many other markets, real estate is sort of the black sheep. Even though it's constantly changing, it's always appreciating. The trick to buying a home is to keep an eye out when the rates are at the low points and sell when they are at the high points. Flipping the house can make you a considerable amount of money.
Emotional satisfaction is also achieved by owning a home. The fact that you own your own home to grow with your family is one of those things that gets everyone going like opening Christmas gifts or buying new additions for your favorite hobby. The older houses get, the more memories they carry.
Alright, so now that you know why you need ขายอาคารพาณิชย์ to build credit and buy a home, what are you waiting for? The key thing to build credit is to remember that the sooner you start, the faster you'll see a change. When building credit to buy a home, it's always a great idea to contact a mortgage broker and get preapproved to find out what it will take to find your dream home and possibly take part in the monstrous real estate industry. It's always worth talking through your options, you may be surprised.
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