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Poor Credit

The SunCoast Mortgage Team is here to assist with all challenging credit situations. With access to many lenders that are extremely lenient on credit there might be an option for you. We may be able to provide you with some assistance. While there are no guarantees - we will do the best to help whenever possible. Even if we can't help you now - we will show you what you need to do in the future to help you obtain the financing you are looking for. 

Whether you have been through a bankruptcy or a consumer proposal that has been discharged, had or have arrears, late payments, bad credit, low credit score or collections give us a call at 866-544-4001 to see what we could possibly do for you.

Before you make what is likely to be the biggest financial decision of your life, call us at 866-544-4001 or email Justin Christie or Keith Walper

Rebuilt your credit

• Poor credit history

• Discharged Bankrupts

• No established credit history

• New immigrants

The Home Trust secured VISA card has been created to help people build or rebuild their credit. The credit card requires a security deposit for eligibility. The credit limit will be set by the amount of the deposit. If you decide to cancel your card, all you  have to do is pay off the balance and Home Trust will give your security deposit back.

How it works

The Home Trust Secured VISA is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $500, or as much as $10,000.

If you decide to cancel your card, you can just pay off your outstanding balance, and you'll get your security deposit back from Home Trust. From more information or to apply now please follow the link below:

Apply for your Home Trust credit card 

Credit Repair 101

So you don’t have the best credit record in history. You’ve maxed out cards, missed monthly payments, and “robbed” from plastic Peter to pay plastic Paul. Your financial mistakes have finally caught up to you, and you’ve just found out officially that you have a poor credit score. In most cases, you can recover from your credit mistakes. Make a disciplined plan to repair your credit profile with our Credit Repair 101 tips:

Make a plan and stick to it. You must be serious and committed to making changes in your lifestyle – changes that will bring financial peace of mind. Above all, restrict yourself to absolutely necessary purchases. Borrow wisely. The two most important questions to ask yourself: “can I afford it?” and “do I really need it?” As tempting as it is to cut up all of your plastic, you must maintain responsible credit card use – your new payment history will gradually rebuild a better credit rating for you.

Prompt payment of bills, especially of credit cards, is the surest way to repair your credit rating. As you have discovered, we leave “financial footprints” for all to see. Payment of our bills, both amount and timeliness, are tracked by credit rating agencies such as Equifax Canada and TransUnion of Canada.

Say no to grace periods when offered by credit card companies. It’s hard to resist such offers, and because your budget is tight, you naturally want to “legally” skip payments -- but don’t do it. It’s a bad credit habit; only a financially strapped customer would fall for this, and you no longer want to send out that kind of message. Pay at least the minimum balance if you are really tight, but ideally you want to pay above that.

Always try to pay more than the minimum balance due on your credit cards. Not only does it polish your credit rating, but it also saves you a lot of money in interest, and makes a huge difference in your eventual goal of debt retirement. A key credit skill.

Keep your balances low. This is an important strategy, and one that will reflect well on your use of credit. You want to keep your balance way below the credit available to you.

Don’t send out financial distress signals. Avoid excessive inquiries for credit. Do not use credit from one company to pay off credit to another. The creation of multiple new accounts is another red flag that works against you.

Maintain and use between two to four cards -- less that two and it takes longer to create a new payment history. More than four, and you look like you cannot manage your debt. Remember – responsible, steady, and reliable use of your cards is your first and best defence against a poor rating.
 

Try to keep your oldest most established credit card active. The longer your history is with a certain company, the better it is for your credit rating. This is your most important account. If the interest rate is excessive, contact the company and explain your situation to them. Let them know that you are serious, and eager to maintain them as a creditor. Their goal is to keep a reliable customer, so make that work for you.

Contact your creditors. Don’t hide your head in the sand, and hope for the best. Take action. Pick up the phone, and explain your situation. Be upfront and honest. Remain cooperative and calm. Not only will they appreciate your initiative, but also they will be willing to create a payment plan that works for you. By calling, you are showing them that you are a concerned low risk customer. And, by communicating, you will avoid the dreaded collection agency round – a real downer for your credit rating.

Slow and steady wins the race. You’ll be rewarded for responsible long-time credit handling. Be patient -- the passage of time will earn back your good credit profile. Then, when you do need credit for a major purchase -- such as a car or a house -- it will be there for you. Once recovered, maintaining a good credit rating takes vigilance, but it’s worth the effort. You’ll be able to live and enjoy a financially stable life.

For more information or a free consultation - Please contact Justin Christie or Keith Walper at 519-238-HOME(4663) or toll free at 1-866-544-4001.

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