5 Steps to Rebuild Your Credit

Your credit score, put simply, is a number that demonstrates how well you manage your finances. It helps a lender determine how creditworthy you are. If you’re trying to rebuild your credit, the first step is to understand where you stand today.

Did you know that you can check your credit score for free, and as often as you want? It's quick and easy to check your credit scores with Wisr App.

Your credit report holds a considerable amount of information about your financial history. It's not uncommon for errors or discrepancies to crop up which can have a negative impact on your credit score and creditworthiness. 

These mistakes can range from incorrect personal information to accounts that don’t belong to you. Take the time to carefully go through your report and ensure that everything is in order.

Late payments over 14 days for credit cards, personal loans, auto finance and mortgages can have a negative impact and lower your credit scores.

To make sure that you are paying your bills on time, consider setting up automatic payments. This way you can rest assured that they will be paid on time, every time. Plus, you won't have to worry about keeping track of due dates or late fees. 

If an outstanding payment that is $150 or more is over 60 days late, then it will be recorded as a default (overdue debt) on your credit file.

Creating a budget and sticking to it can be a daunting task, but it’s often worth the effort. By tracking your purchases, you will be able to identify areas where you might be overspending. This can help you save money on things that are not essential, and thus, help you reach your financial goals faster. 

With time, you can start enjoying the fruits of your labour and build a more secure financial future for yourself.

It's important to approach credit with caution. One of the most important things you can do is make sure you're making purchases that you can realistically afford. It can be tempting to splurge on a shopping spree or a fancy holiday, but this can quickly lead to a pile of debt that's difficult to overcome. 

Instead, focus on using credit for necessary purchases and paying off your balance in full each month. This will help you avoid interest and fees, while still receiving the benefits that come with using credit wisely.

Checking your credit score regularly each month will help you keep tabs on your progress and you watch your score improving over time. Download Wisr App now to check your scores and take advantage of our other handy features.