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Want to Improve Your Credit Score? Start Here!

Having a bad credit score is just not an option when you want to buy a car, get a credit card or purchase a new home. It means that you will get the worst interest rates or will not be financed at all. We all make mistakes, and recognizing that is the first step to improving your credit score. Here are six tips to get you on the right path to re-establishing your credit.

1) Always pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, is not recorded in your credit report, some cell phone companies may report late payments to the credit-reporting agencies, which could affect your score.

2) Try to pay your bills in full by the due date. If you can’t do this, pay at least the required minimum amount shown on your monthly credit card statement.

3) Try to pay your debts off in their entirety as quickly as possible.

4) Don't go over the credit limit on your credit card. Try to keep your balance well below the limit. The higher your balance, the more impact it has on your credit score.

5) Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this may have a negative effect on your score. However, your score does not change when you ask for information about your own credit report.

6) Make sure you have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card.

These tips are required to improve and maintain a great credit score. However, it will take time and effort to see a reasonable change. For those who want to buy a new home or car within the next few years, PersonalBanker has a program designed especially for you.

Our Credit Boost / Repair program will help you improve your credit score quickly. We have partnered with a reputable credit repair company to get you on the path to success fast.

Individual attention from one of our consultants to help you manage your finances will put you on the fast track. To learn more about our Credit Boost / Repair program, contact us today!

Three Books to Help You Manage Your Money

Unfortunately, managing our personal finances isn’t a subject they teach in high school – or college. In many ways, we kind of learn through trial and error. We go through the steps of getting a credit card or loan for school but nobody reads the fine print or really understands how the financial commitments we make have a long-term effect on our financial wellness and well-being.

Now, there are quite a few tools and resources available to help you learn how to manage your finances, but only a few are tried and true. That’s why PersoanlBanker recommends these books to get you on the path to financial awareness and freedom.

The Wealthy Barber is a financial planning book by Canadian author David Chilton, with multiple updated versions and a sequel. The first book in the series is generally the most favourable due to its comprehensive look at personal finance using fictional characters to convey financial advice. Of the many stories told in the book, the three most important takeaways are:

1. Live within your means

2. Pay yourself first

3. Control your spending

Money Talks is one of the many books by Canadian financial guru Gail Vaz-Oxlade. Known as a television personality who pulls you up by the financial boot straps, her tough love approach to finances has helped millions of Canadians. However, this book is different. This book deals with the emotion of money and how to have tough conversations about money and finances with your family or close loved ones.

This book goes to the root of the problem that sits at the core of money and relationships: how to tell your mate, your father, your best friend or your grandmother it’s time for a change. It draws on over 75 real life scenarios where she provides the insight and the tools to deal with the behavior that induces bad money habits.

Personal Finance for Dummies is another exceptional book by Eric Tyson. This book is more for the professional audience who are established in their career, and are ready to buy a home or start having a family. It’s a great go-to resource for learning about investing, but also the basics such as budgeting, debt and taxes. It packages up nicely everything you need to know to successfully manage your money.

How to Plan For Your Retirement NOW

When you’re in your 20, 30s or even 40s – retirement planning is not typically top of mind considering it’s at least 25 years away. But it should be. The earlier you start to plan your retirement, the better your chances will be of being able to retire when you want too. Whatever your current financial situation, taking the right steps now will help you to secure the future you want. Here are three ways you can set your retirement plan in motion.

1. Condition yourself to save With fewer and fewer companies providing pension plans to their employees, know that no one is going to do it for you – you must do it for yourself. The easiest way to do this is by automating savings. Many companies have a retirement savings plan that take deductions straight from your pay cheque or set it up at your financial institution. Even if you can't set aside much, the key is to start saving sooner rather than later to give your retirement account time to grow.

2. Pay off debt Debt can get in the way of saving for retirement. The higher your debt is, the longer it takes you to pay it off, resulting in little money left to set aside for retirement. That's why it's important to pay down what you owe as quickly as possible and avoid accumulating more debt.

3. Get professional help When it comes to planning for your retirement, you don't have to do it alone. A financial planner or PersonalBanker Cashflow Consultant can help you to develop a comprehensive plan to reach your financial goals and keep you out of debt.

Above all, knowing and managing your finances now will set you up for success in the future. But you cannot sit back and do nothing. Create a plan and set goals that will get you that much closer to financial freedom and retirement.

Debt Management Solutions: 4 Benefits of Using Them

Many people are finding it hard to manage their debts on their own. Instead of struggling in vain for debt relief, they are choosing to hire professionals for help. Debt management solutions provided by reputed companies helps them attain peace of mind and deal with their financial situation with confidence. Many times, a debt management solution can drastically improve the finances of a person. If you are also dealing with debt, it is essential that you take control of the situation right away and take drastic measures to improve the situation. The best option to get started is to hire a debt management company.

Here are the 4 main benefits of using debt management solutions:

1. One of the biggest benefits of choosing a debt management program is that it can reduce the monthly debt payments by a considerable amount. Paying off your debt will also become more manageable. It is beneficial to check with a reputed company if you qualify for a good debt management program.

2. With a debt management program, you will have access to a professional credit counsellor who will negotiate with creditors on your behalf. If your case is presented strongly, they will be able to convince the creditors to waive off penalty applied to your account for late or missed payments.

3. Under a debt management program, you might be able to consolidate your debt. Instead of making payments on different platforms to pay off your credit card bills or loans, you can pay off one loan by paying off all other debts using this loan. There will be fewer chances of you forgetting to make payments with just one payment due per month.

4. Many times, a debt management program can help you evade a bigger financial problem in the future. You will be able to get your finances on track quicker as compared to dealing with it on your own. It might even stop your credit rating from taking a hit.

How to Find a Good Debt Management Services Company

When it comes to dealing with debt, most people need professional help. Many of them are unaware of the consequences of the bad financial decisions they have taken. They lack the necessary knowledge needed to undo the damage done to their credit ranking. At such times, it is advisable to seek the help of a reputed company in Canada for credit repair. Luckily, such offer companies offer other debt management services as well, they can help you with relevant solutions.

Before discussing your financial situation, make sure to find a reputed company. Here are a few tips to finding a good debt management services company:

1. Recommendations: Many people face financial crisis. If you know someone who has dealt with a similar situation, you can ask them for recommendations for a debt management services company. Based on their experience with the companies they have dealt with, they will be able to guide you to find the right one for you. Since these people are in your network, you can trust their recommendations.

2. Talk to Professionals: If you are familiar with individuals who are accountants by profession or in other related careers, they might be able to direct you to a good debt management company. A few recommendations can help narrow down your search. With their reference, you might even be able to negotiate the fees for their services.

3. Research: When no one you know can help you out, turn to the internet to do your own research. You can search for the debt management companies in your area or city since the search engines now allow you to do a local search. Visit the websites of the top companies in the search results. Based on the customer feedback on their website as well as their overall impression, shortlist a few names. Then, using their contact number, set up a consultation or meeting with them. Once you find a suitable company, discuss your case and check if their approach for your situation resonates with you.

About us

Our Consultants have been providing expert cashflow management and debt elimination services to individuals throughout the country since 1998.

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