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Reasons to Clean Up Your Credit Today

Tuesday, January 12, 2016

I sometimes find myself saying, “if only you had come to me a few months ago, I could have helped you quicker and with cheaper rates”.

The last few months I have been receiving calls from referral sources like trustees who refer clients to me in dire need of restructuring their debts.

They are usually in the midst of heading toward a consumer proposal but there is some good news if they have equity in their house.

There are lenders out there that give clients like the above, second chances to repair their current credit situation- if it’s not too late. And I stress, if it’s not too late!!

Maintaining a decent credit history is so important in so many aspects these days.

I think it’s important to note the most important reasons to not delay and clean up your credit today

Better Rates - if the credit has not suffered too much, I can usually find a lender who will consider at slightly above prime lending rates. I always negotiate on the clients’ behalf and if I have the backing of a good story to tell the lender, it’s far easier to get an approval.

Less financial and personal stress - who doesn’t lay awake at night thinking about their financial situation? Now put yourself in the place of someone who’s receiving nasty calls from creditors and you’ll understand the stress it can put yourself and your family. This also carries over to your workplace and social life. Taking action to clean up your credit will lessen your stress and allow better cash flow for your clients. Clients will love you for helping them out and you may receive a referral or two from them!

Keeps your house marketable - spending too much time “robbing Peter to pay Paul” over time ,will drain your financial resources and not allow general up keep of your most valuable asset- Your house. The house condition and value is so very important as secondary lenders place most of their decision making in that asset! Be sure to keep your house updated at all times as it makes it much easier to have that top notch asset work in your favor.  

Applying for Employment - you’re applying for a new job and almost have it..the employer proposes to do a credit bureau but you have some issues which could stop you from getting that dream job…what do you do? Keeping your credit history up to date allows less roadblocks to gaining employment and removes the embarrassment of having to explain any issues to your new employer.

If you have any questions as to how I can educate you or anyone in these situations, please call me for a free consultation @ 647-202-4122

Gary Bovair
Mortgage Agent- Premiere Mtg Centre

Resources- debt Canada https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/h_ca02146.html




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