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How Can I Rebuild My Credit History: A Guide for Graduates

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After finishing school and entering the workforce, many former students may find themselves with low or no credit rating. No matter the reason—be it student loans or credit card debt—this may impact your post-graduation life. Potential employers, landlords, lenders, insurers, and others may check your financial background when you apply for jobs, loans, or look for homes and insurance. Therefore, it is important to note what impacts your credit history.

Get a Credit Report

Obtaining a free credit report on a yearly basis will help you to a) be mindful of how you appear to those who check it, and b) verify all of the information therein. Errors happen, including the possibility of identity theft or fraud. If you confirm some of the negative details, simply paying off your bills as quickly as possible will help. Information older than seven years should be removed from your record, though, giving you a clean slate. If not, contact the credit reporting company to have them remove it. At A.C. Waring & Associates, we offer a free initial consultation to review your financial situation and assess your debt solutions.

Plan Ahead and Be Mindful

Ultimately, planning ahead is simple and effective to avoid debt. Knowing what you make, what your necessary expenses are, your credit limits, and the amount you should be saving each month can positively affect your financial health and instill good habits. Saving even $100 a month to start with will make a difference in the event that an expensive emergency arises. Further, speaking with a knowledgeable licensed insolvency trustee in Edmonton who offers guidance and credit counselling is often easy and extremely helpful.
Individuals recently out of school must avoid the temptation of getting and using credit cards. The best option is to stick to cash. Choose only necessary purchases in order to limit expenditures and increase savings. If a credit card is necessary, choose just one or two with little to no annual fees and, ideally, the lowest interest rates. Remember to keep balances low and pay them on time each month in full. This is actually the most crucial and significant component of your overall credit score. If you are forgetful, set up reminders in your phone a week ahead of the due date (as credit card companies can take a few days to process payments).

Build Good Credit

Ironically, it is important to have loans to help build up your credit. But your best position is always solvency through savings, investments, and cash. Credit used by others to assess your ability to make loan payments and how responsible you are with money. Having a good credit rating is an important part of adulthood as it will make various necessary parts of your life much easier—especially as you secure yourself better rates and a better financial reputation. Do not put off getting debt help if you find yourself over your head. Our Edmonton office associates, are ready to help you build an action plan to deal with your debt/credit history.

Get a Free Initial Consultation and Find Your Debt Solution!

Recent graduates may feel overwhelmed, but determining the best debt solution and learning how to avoid further money problems can help ease your mind. Contact our office to speak with a Licensed Insolvency Trustee serving the Edmonton and Central/Northern Alberta area who is available to discuss your path to financial freedom. Drop in or call 780-424-9944 or 1-800-423-3328.

Written by Arthur Waring

Arthur earned his Bachelor of Arts from the University of Western Ontario before earning a Bachelor of Commerce from the University of Windsor. During university, he also participated in a French immersion program in Trois Pistol, Quebec, and has been employed for several national firms over the years.

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