Loans Canada Services Are 100% Free. Disclaimer

Credit Improvement British Columbia 2019

Compare the best lenders in this region:
ProviderRating
Cash Money -
Climb -
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 5 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

With how expensive many luxuries are in the modern day, getting a loan at one time or another is essentially a requirement. If you want to buy a home, go to university or purchase a vehicle, you often need to get a loan. While there are many different kinds of lenders with different terms and conditions, nearly every single one will reference your credit before agreeing to work with you.

While getting a loan with bad credit is possible, it is often much more effective to improve your credit. However, this is easier said than done for some people and can take a lot of work.

For more information about loans in British Columbia, check this out.  

Why is My Credit Bad?

Before you are able to improve your credit effectively, you need to be aware of why it is so bad in the first place. If you aren’t aware of that, you will be unsure what to change and what you need to focus on. There are several different reasons that your credit might be bad, such as:

  • You are spending too much of your available credit every month
  • You are not paying your credit card bills or other debts on time
  • You have defaulted on a loan in the past
  • You have filed for bankruptcy
  • Applying for several types of new credit in a short period of time

Once you start correcting these issues, as well as doing things such as using credit effectively, you should start to see an improvement in your credit. While it won’t happen overnight, of course, you should see improvements in only a few months.

How Does Bad Credit Affect Daily Life?Take a look at this infographic to see how bad credit can affect your daily life.

Changing Spending Habits to Improve Credit

Unfortunately, if a person finds themselves struggling with finances and bad credit once, there is a good chance it might happen again. As a result, you need to make real and lasting changes if you want to see your credit improvements last well into the future. A big part of this is to change your spending habits.

Read this to know how ongoing debt could affect you.

Consider Total Credit Limit

First of all, you need to do your best to keep your credit usage at or below 30%, as this shows you can use credit responsibly and are in no danger of maxing out your cards, which can also be bad for your credit score.

What is your debt-to-income ratio and how do you calculate it? Find out here.  

Track It

Next, you should make sure to track your credit card spending every month, to ensure you aren’t overspending without knowledge. Also, look at your budget and see what you are spending too much on (such as entertainment, cable or eating out) and try cutting back on that. Without changing your spending habits, improving your credit becomes a lot more difficult.

Want to learn more ways to improve or fix your credit score this year? Try reading this.

British Columbia Credit Score Ranges

Credit Score Ranges

What’s On a Credit Report in British Columbia?

While most of us refer to our credit score to look at the health of our credit, our credit report is actually a much better indicator. While a credit score is a snapshot of our overall credit health, a credit report is much more detailed and features a lot more information. A credit report is primarily used to help lenders see how risky or safe a person is to lend money to.

A credit report includes a lot of important information such as:

  • Your personal information such as name, date of birth, address, telephone numbers, SIN and more
  • All the credit card accounts you have had, as well as all of the transactions made on those cards
  • Cell phone and internet service accounts that you have or had
  • “Black marks” which are accounts that have been closed due to fraud
  • Accounts that you have defaulted on
  • Credit requests and credit accounts that are currently in collections

You should also be aware of how long certain information can stay on your credit report. For example, if you go bankrupt, that will show on your credit report for 7 years, and will definitely have a negative impact on your credit. You should also know who can view your credit report, a list that includes lenders, banks, credit card companies, landlords and even potential employers.

Click here to find out how you can get a free annual copy of your credit report.

Improving Your Credit Made Simple

Improving your credit isn’t always simple and easy, but with Loans Canada, it can be. We can help you get on the right path to better credit through education and setting you up with the right products or loans you need to improve your credit easily, check out your options here

FAQs

Will seeing a credit counsellor affect my credit score?

  • Meeting with a credit counsellor to discuss your credit building or debt relief options will not affect your credit score. But, if you enter into a certain type of debt relief program through your counsellor, that could have negative effect on your credit score.

What is the difference between unsecured and secured debt?

  • Secured debt is backed by collateral in the form of an asset, typically a vehicle or house. Collateral lessens the risk for the lender and sometimes allows a borrower to gain access to a larger loan or a lower interest rate. In the event that a borrower defaults on a secured loan, the lender has the right to seize the assets to recoup any losses. Unsecured debt, on the other hand, does not require any form of collateral or security.

What is insolvency?

  • Insolvency is the state of being unable to repay your debt. A borrower who is insolvent typically must seek professional help to deal with their debt issues.

Does the Canadian Government offer debt relief services?

  • The government of Canada does not offer any specific debt relief programs or products.

How useful was this post?

Click on a star to rate it!

Posted by
After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Kale has focused on writing about finance, technology, cryptocurrency, entertainment, and sports. Kale work has been published on Yahoo, RentHop, the Regina Leader-Post, and ReboundFinance.com. Kale loves to create a wide variety of personal financ...

Services In This Region
From the blog...
Make Sure You Understand These Financial Terms Before Getting a Loan
Posted on November 19, 2019

Make Sure You Understand These Financial Terms Before Getting a Loan

Taking on a loan is a serious financial decision, make sure you understand these terms first as they will help make the process as smooth as possible.

Can I Pay Off My Loan Early?
Posted on October 31, 2019

Can I Pay Off My Loan Early?

Thinking about paying off a loan early to save on interest or to get rid of any debt you have? Loans Canada has all the information and advice you nee... Read More

How Can I Get a Lower Interest Rate on a Loan?
Posted on September 26, 2019

How Can I Get a Lower Interest Rate on a Loan?

From our friends at Fairstone Financial, everything you need to know about how to get a lower interest rate on a loan.

Related Videos
How To Identify A Loan Scam
How Your Credit Score is Calculated
The Ins & Outs of Debt Consolidation
Note:

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.