Will bad credit continue to haunt you?

Will bad credit continue to haunt you?

Top view of a man grabbing his head in frustration surrounded by papers with graphs and numbers.


Will bad credit continue to haunt you?


Well, for the most part it can remain on your credit bureau for six to seven years, and how the credit reporting agency files delinquent or bad debts. Equifax Canada submits from day one when a file is submitted to a collection agency.


So maybe your next question is, what amount of time is required to correct and/or improve your credit score?


We can honestly say, no amount of time will really impact great credit – only new credit made available to you can do that! If credit issues like poor repayment history, exceeding credit balance continuously, debts written off by creditor or placed into collections are not physically addressed in some way, they remain on your credit report.


How lenders assess you for new credit is so much like your report card from school. That end of year reporting will indicate whether someone is advancing to the next grade. Does that mean being held back for another year to improve upon grades? You bet it does!


Has holding back being granted credit become a burden on you, causing stress, or holding you back from achieving more in your life? Do you remember when you started applying for your first job, only to be told “well if you had experience, we would love to hire you.” Ok, well if you hire me then I can get the experience!

That also applies to credit – any lender is looking at “your report card” and assessing your credit worthiness. Where does this leave you with auto loans – are you destined to be declined constantly, or offered financing at extremely high interest rates? Be careful of guarantees made by salespeople that using this high interest loan for a few months is your ticket to the best financing rate on your next loan? You know, if it sounds unrealistic or far too promising, it likely is!


So, on the off chance you’re thinking can I apply for auto financing, and still be treated fairly - Totally! We support applying for a vehicle loan even if you have sub-prime credit.


Everything is about “new beginnings” and we have our “Fresh Start Initiative” with experts to guide, and give you a chance to connect with an improved credit status.

Anne Kolodynski
Personal Finance Consultant
RightRide Edmonton / Auto Canada

Categories: The Right Advice, Credit, Bad Credit

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