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Fixing Credit is Easier Than You Think



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Do you want to pay less for loans and other purchases? Yeah, me too. Having a great credit score is something that can bring this dream closer to reality, sometimes a little bit — and sometimes a lot.

In today’s world, agencies and companies look at credit scores when deciding if they want to give you a loan, a good interest rate, or in some cases – a job. Unfortunately, 6 out of 10 millennials get rejected for loans because of bad credit scores. 

Moreover, recent financial turmoil has been causing defaults left and right, making credit card companies cut credit limits with no warning. Only clients with excellent FICOs avoided this inconvenience, as well as many others. So, how does one go about increasing their score and getting all the benefits?

You already know that making timely payments and keeping your expenses low is a way to get a credit rating to the coveted 800+ zone – but that’s not all there is to it. More often than not, the agencies that determine your score make reporting mistakes. These errors can sneak up in your credit report unnoticeably and make it seem like you are less creditworthy than you actually are.

Do you know what it looks like if a big expense on your report has an extra zero because of a typo? Well… about 10 times worse than it actually is. Luckily there are ways to solve these issues and keep track of all your credit-related obligations easily, and without having to pay an expensive credit repair agency every month.

A more suitable solution than credit agencies for some is credit repair software, which you only need to buy once (or never if it’s free) – after which you can fix reporting errors quickly and keep your finger on your credit’s pulse, protecting yourself from any unpleasant surprises. This article is here to give you a hint as to how this stuff works and showcase what we think is some of the best credit repair software around today.

Some of these programs are free and can help you keep track of everything, and some are on the expensive side but allow you to fix errors almost automatically, increasing your score overnight. As the saying goes – sitting idly won’t raise your FICO. So, without further ado, let’s take a look at some good credit-saving software, as well as some tips you can use to get your score where you want it to be.

Top Credit Repair Software

Our pick for the best credit repair software based on prices and benefits:

1. Personal Credit Software
    Best Overall
2. Experian Boost
    Best For Quick Credit Repair
3. TurnScor
    Best Price-Functionality Ratio
4. Credit Karma
    Best Free Software
5. Credit Detailer
    Best Bilingual Software (Spanish)
6. Intuit Turbo
    Best For User-friendliness

What’s the Best Credit Repair Software?

Since credit repair software includes different categories and different types of functionality, it’s hard to put one above all others. Some programs can help you settle disputes with credit bureaus, some can help you track your score, and some can do just about everything – but for a higher price. Let’s take a look at some very different pieces of software and see which one suits your needs best in terms of functionality and price. 

1. Personal Credit Software – Best Overall

The homepage of Personal Credit Software
Personal Credit Software is the best overall credit repair software you can find.


  • Probably the most comprehensive credit repair software
  • Partially automated report dispute system
  • Very easy-to-use interface


  • High price
  • Requires a bit of work from the user

Price: $400 ($199.97 with the current discount)

Best for: Clients looking for quick credit report fixes and an easy-to-use platform

Personal Credit Software, also known as Personal Credit Builder, may lack the glitz of fancy-looking modern software (and a memorable name), but more than makes up for it with functionality. Among other things, this software gives you a comprehensive overview of your credit as well as the ability to quickly find and resolve reporting errors.

Finding errors in reports is partially automated so you don’t have to be an accounting wizard to figure out if something is where it shouldn’t be. After you’ve spotted these errors, you can use templates for letters you need to send to the credit bureaus to fix the report. Making quick fixes is especially easy, as the platform is fairly automated when dealing with typical, simple reporting errors.

You can also set up automatic alerts to keep track of when all your payments are due. The toolset is very comprehensive but isn’t hard to use. This windows-based platform has 7 screens that you can navigate by clicking big buttons, making it very easy to get used to, even if you have no previous experience with such programs.

However, this well-rounded platform costs a hefty amount, namely, $400 – but you can use the limited discount offer and get this software for $199.97 at the moment. There are many cheaper alternatives, but this is a one-time payment after which you can install the software on 3 different devices and never worry about additional payments.

If you are a DIY-oriented person, this solution might seem a lot better than professional credit repair services which will cost you more in subscription fees after a year or so.

Personal Credit Builder will also give you educational materials, helpful legal tips, and tutorials on how to improve your credit. This will require a bit of reading but is a good investment – there is a lot to know about credit repair and most debtors are often unaware of many useful tips that can mean the world to one’s FICO.

Personal Credit Software might require some legwork, but gives you a complete toolset for keeping an eye on your score and you can use the professionally-made letter templates to dispute any and all mistakes in your credit report. Email customer support is available 24/7 if you need help fixing your score with this software.

2. Experian Boost – Best for Quick Credit Repair

Experian Boost Logo
Experian Boos is a great software for users who need to repair credit as quick as possible.


  • Can update reports very quickly to include positive credit factors
  • Updating a report can not decrease your FICO
  • Completely FREE


  • Only works for Experian reports
  • Very limited functionality

Price: FREE

Best for: Quick credit updates/fixes for Experian reports

Experian is one of the 3 major credit reporting bureaus where credit ratings are calculated, so it’s only natural it has its own credit repair software. Experian Boost is a program that you can link to your financial accounts, after which it will dig through all your bills and payments. And that’s how you get your boost.

If you’ve been taking care of your utility bills and credit payments on time, Boost will see these positive factors and update your FICO immediately. Luckily, the opposite is not true – if Boost finds you haven’t been making timely payments, it will not affect your score negatively.

So, how much can something this simple increase your score? According to Experian, users have experienced a 10 point increase on average. What’s more, users who have less than 5 accounts on their credit reports have seen a 19 point jump on average – not bad for free software.

That’s right, Experian Boost is free, so there’s no upside to not using it. This credit score boost works best for clients with average or low scores, as well as new credit users with no credit history. Someone with a great FICO won’t benefit much from Experian Boost and is better off getting a comprehensive credit monitoring software.

There is, however, a big drawback to keep in mind. If you’re using reports from the other 2 credit bureaus, TransUnion and Equifax, you will have no use for this software. On the other hand, setting up a free account is very quick and easy, so it might be a good idea to check out Boost if you’re using Experian credit reports.

3. TurnScor – Best Price-Functionality Ratio

TurnScor Logo
If you need a low-cost software that provides excellent features , then TurnScor is the right choice.


  • Very low price
  • Helps with sending credit report disputes
  • The platform is easy to use


  • Requires more legwork than similar competing software
  • Unresponsive customer support

Price: $40

Best for: Clients looking for an affordable, user-friendly platform

If well-rounded credit repair programs seem a bit heavy on the pocket, don’t worry – this one offers much and has a more relaxed price tag of only $40. TurnScor is the step below high-tier credit repair software in terms of functionality, but offers most tools you’ll need to manage and fix your score for a much more competitive price.

With this software, you can monitor your scores from all 3 major credit bureaus and keep a close eye on all credit-related expenses and events. The UI is designed for ease of use- if you ever get lost or confused you can click on the handy “T” icon, which will show you the next step you should take whatever you might be doing in the platform.

TurnScor also enables you to file disputes and send letters to credit bureaus using the professionally-made templates to make the process quicker. However, unlike the software on the top of this list, this one requires a lot more legwork from the user.

When you manually fill out these templates and make the letters, they will be saved in your account, through which you can track your correspondence with credit bureaus. The platform lacks some nuanced functions of its expensive competitors – but it is very easy to figure out.

The program comes with thorough tutorials and training videos, which will be very helpful for new users. 

The software uses a fun, race car-themed interface design and offers good functionality all-around. There doesn’t seem to be a trial version available at the moment, but you can get a free ebook explaining all the software’s functions in detail upon signing up.

4. Credit Karma – Best Free Software

Credit Karma Banner
Credit Karma will help you repair your credit for free.


  • Totally FREE
  • Helps you track your FICO and read reports
  • Has a credit simulator


  • Only provides TransUnion and Equifax reports
  • Will try to upsell you products occasionally

Price: FREE

Best for:  Users who want easy credit monitoring and a credit simulator

Credit Karma doesn’t give you the ability to dispute errors in your credit reports like some of the other names on this list but will provide you with most tools you’ll ever need to keep a close eye on your score. The software has become very well known for its ease of use and overall handiness – and on top of that, it’s completely free.

You can get regular credit reports – but rather than reading them in their convoluted raw form, they will be presented in a simple format that non-bankers will have no trouble understanding. Aside from intelligible reports, the platform will also give you a list of credit factors that can improve your score – you might even think of this as a to-do list if you’re intent on fixing your score as quickly as possible.

Probably the most interesting feature here is Credit Karma’s credit simulator.

Essentially, this is a little program that will tell you how certain actions like missing a payment will impact your FICO. It can also simulate events like opening/closing a credit card account, lowering your credit utilization, etc. Just input what you think you’ll be doing in the future, and see how the simulation plays out – this is quite handy for making credit-related plans.

This is a simple, yet useful platform you don’t have to pay for, but it has a few limitations. For one, you will only get reports from TransUnion and Equifax, which is not great if you need your Experian report for some reason. Although, if you just want to monitor your FICO, the two agency reports will give you a very precise estimate of where your score is at.

Even though it’s free, Credit Karma has to make money somehow – which brings us to another downside. As you use the software, it will recommend and try to upsell certain products like credit cards. These recommendations are based on what Credit Karma knows about you, so at least they’ll be something you likely need.

5. Credit Detailer – Best Bilingual Software

Credit Detailer Logo
Credit Detailer enables you to use its services in multiple languages.


  • Comprehensive toolset
  • Partially automated report dispute system
  • 30-day money-back guarantee and 7-day free trial
  • Software and customer support are available in Spanish


  • Expensive without a discount
  • More difficult to use than some competing software

Price: $400 ( $99 with the current discount)

Best for: Users looking for a comprehensive program and don’t mind a bit of complexity

Not unlike Personal Credit Software, Credit Detailer will be of great help when it comes to finding report errors and fixing them. You can use templates to compose a professional letter and send it to your credit bureaus so they can correct whatever mistakes there are on your reports. This way, Credit Detailer can give you an easy fix for common reporting errors that are dragging your FICO through the dirt.

The whole process from noticing to fixing the error is pretty much automated, same as Personal Credit Software. However, Detailer’s interface is much more difficult to navigate and requires more legwork from the user. 

Nonetheless, the software wasn’t named Credit Detailer for no reason. The toolset you get is comprehensive and can give you detailed information about your reports from all 3 major credit bureaus. The software and its customer service are also available in Spanish, unlike most other such programs that are English-exclusive.

The official price for the full program is $400, but Credit Detailer has frequent discounts you should always be on a lookout for. At the moment, the software goes for $99, which is a great price considering how many options you get for it.

If you want to test the water before buying, Credit Detailer has a 7-day trial, which is enough time to figure out what button does what if you’re interested. The platform is a bit more difficult to use, but there are free ebooks, as well as tutorial videos if you need help learning how to use this comprehensive credit repair software.

6. Intuit Turbo – Best for User-Friendliness

Intuit Turbo Logo
The Intuit Turbo software comes with an intuitive user interface and help you repair credit in no time.


  • Completely FREE
  • Very easy to use
  • Lets you keep an eye on your FICO and credit reports


  • Very limited functionality
  • Can help you monitor credit but won’t take any action towards fixing it

Price: FREE

Best for: Someone looking to monitor their credit on a very user-friendly platform

As you might have guessed from the name, Intuit has a credit repair software that’s, well… Intuitive. This means easy to understand and use. Turbo is geared toward clients who want all information given to them in a very clear and concise form – visual aids like green for good and red for not-so-good are also there to brighten up the software’s UI.

Intuit is a well-known company in the financial software circles and its credit repair software gets good marks for accessibility and a useful mobile app – letting you keep an eye in your credit wherever and whenever. However, with ease use comes a lack of functionality.

Unlike some of the aforementioned programs, Intuit Turbo can not help you with reaching out to the credit bureaus so they can fix the errors in your report. Rather, this software will only help you monitor your credit and let you have all relevant information at your fingertips.

A bonus to keep in mind is that Inuit Turbo is totally free. What’s more, it won’t try to upsell other products, so you can have a comprehensive free personal credit monitoring experience without getting swamped with ads and “awesome limited offers” all the time. This makes it seem like there’s no upside to not having Intuit Turbo on your phone.

Your personal data is well-protected too, as the software has user ID encryption, as well as face ID and touch ID if you want to enable them. Turbo will show you your debt-to-income ratio and precise FICO, but can not take any action toward actually fixing your score. This makes it a good tool for clients who want their fingers on their credit’s pulse, but not if you need something that will fix erroneous reports and give you a better sense of how to go about increasing your credit rating.

How Credit Repair Works

Essentially, paying off your debt and bills on time, borrowing well below your credit limit, and being debt-free in general should be the main guidelines for improving your credit. However, there are a few nuisances that can damage your score even if you do everything by the book and on time – and that’s where credit repair software comes in helpful. 

For instance, it’s not uncommon for credit reports to have errors like typos which can make it seem like you’re less credit-worthy than you actually are. More importantly, keeping track of all credit-related activity isn’t exactly fun and easy, especially if you are trying to balance 4 different credit cards, a mortgage, and an auto loan.

Whether it’s correcting report errors, keeping track of exact payment dates, or predicting what your score will look like in the future and what you can count on – a good software solution can be a great boon. Using a credit repair agency is also a good way to rid yourself of debt-related burdens, but they have subscription fees which all of us can do without.

Credit repair software, on the other hand, is either free or requires a one-time payment, after which your wallet is safe. It might require a bit of legwork from you, but this is a good opportunity to get acquainted with managing credit on your own. Let’s see how 3 main types of this software work, and how they can help solve your problems.

Credit Clearing Kits – Fix Flaws In Your Credit Report

Credit reports often have mistakes like typos, misreported amounts, or spelling errors which can do subtle, yet significant damage. For instance, a single decimal point more on an important number, and you suddenly owe 10 times more than you should – at least in the eyes of companies that read those reports.

Moreover, credit reports aren’t updated every day, so it’s quite possible for an outdated item you paid off months ago to still be there – messing up your total score. If you’ve fallen victim to identity theft without knowing, your report may contain debt that’s been put there by fraudsters and shouldn’t be your responsibility.

These errors can be very damaging for your score and are hard to notice, even for savvy credit users – which is why specialized software can come in very handy. A credit clearing kit can notice mistakes and help you fix them easily and without having to hire professionals to get them removed. 

One more benefit, especially for users who want to delve into the mysteries of FICO scores, is that these programs usually offer ebooks and other educational materials you can learn from. The educational content is usually updated whenever legislation changes, which means you can get good, relevant info if you are interested.

Credit Repair Software is a good choice if you go about fixing your errors and learn more about credit score management – although this includes a bit of legwork. On the other hand, if a quick, free fix is what you’re looking for, Experian Boost might be a better option.

Credit Simulators – Predict Changes In Your Score

Since there are a thousand and one things that can impact your credit score, it is nice to know what they are and how much they will decrease/increase your rating. Luckily, credit simulator software is abundant and can help you predict what effect a late payment or opening a new credit card will have.

These programs can also simulate paying off debt, staying away from your credit limit, getting a balance transfer (which we will explain a bit later), and just about all other activities that impact credit scores. This is why a credit sim is a must-have tool if you want to make a detailed strategy for improving your rating in the future. A reputable and free service you can use for this purpose is Credit Karma, which offers a credit sim, as well as a spending tracker and a few other benefits.

Keep in mind that simulators cannot pinpoint your future credit score with %100 accuracy – but still, they can help you get a pretty good idea where you will stand. Moreover, unlike clearing kits, sims won’t see errors or marks of identity theft, which means you’re better off correcting your report beforehand if need be. 

Credit Trackers – Be Up To Date With Your Credit Rating

Trackers, aka credit monitoring services, can keep up with just about everything going on with your credit, however, they usually have subscription fees. Depending on the service you choose, they can give you clear regular reports and keep vigil over your accounts for signs of identity theft. 

Although they can cost a hefty amount, some credit monitoring services can give you a full package of credit monitoring, identity protection, as well as insurance in case you need legal assistance to fix problems created by identity thieves. 

However, even a full package won’t spare you from doing most of the legwork when fixing your credit, but they are a good source of protection in a world of rampant cybercrime. If you like the idea of getting a comprehensive service for tracking and protecting your financial health, check out our list of the best credit monitoring services to see if they can give you what you need.

Is Credit Repair Worth The Money?

Credit repair is definitely worth it as it can help you get a loan, good interest rates, insurance, and in some cases – a job. If your score is already in the 800s you are in a very, very good place – but reporting errors and identity theft can still pop up and do a number on your score, and your overall mood.

What happens if you try to borrow money with bad credit? Well, depending on a few factors, you could be denied altogether. If you do get approved, you’re likely to be stuck with some sort of a bad credit loan featuring guaranteed approval. While these may be necessary in certain situations, it’s ideal to avoid them and their high interest rates.

To put things into perspective, you should be aware that millions of Americans have skipped their credit payments in the past couple of months. This means that credit card companies will have to raise their requirements soon and only lend to users with very high scores – clients which are the least likely to miss payments in this chaotic time. In a way, having a great credit rating is more important today than ever before.

So, if your FICO is top-notch and you can keep it that way with responsible spending, your only concern is keeping your accounts fraud-free and safe. On the other hand, a low score means you will be limited in many ways and charged higher interest rates than you would if you were considered very creditworthy.

If you are a do-it-yourselfer, you can probably get through the process of credit repair without spending much money on expensive tools and services. On the other hand, the most comprehensive credit monitoring services can cost you an arm and a leg, so getting these is probably not the cheapest idea unless your FICO needs a serious overhaul.

How Can I Fix My Credit Fast?

To fix your credit score, you can buy services that will provide you with assistance and information, as well as software that can make your climb to the top scores less of a headache. However, in the end, your score depends on you. 

Basically, the less you are indebted, the more you’ll be considered creditworthy. However, there are a number of ways to improve credit and make it easier for yourself to meet all those timely payments. Here are some things you can do to fix your score over time regardless of whether you’re using a comprehensive credit repair service or not.

Pay Off Debt On Time

This might come as a no-brainer, but this is the single most important factor for your credit rating. Nothing will melt your great FICO like a few late payments, which is why it is so important to prioritize paying debt and other bills as soon as possible. However, if you just can’t make those payments on time, don’t worry – there are ways to get around this to some extent.

Balance Transfer

You can borrow money using one credit card to pay off the debt on another credit card. Essentially, you are “transferring” debt from one card to another that can be paid off at a later date, giving you time to spread out your payments and avoid being late – hence the name. 

So, is there another benefit to this? There can be – if card A has a 10% interest rate (which you have to pay if you’re late) and you transfer its debt to car B which has a 5% rate, you’ve just lowered the interest rate you have to pay. Doing the opposite would mean you would have to pay more, so always remember to use the card with the lowest rate for balance transfers.

Unfortunately, balance transfers include fees that are usually between 3% and 5% of the total amount you want to transfer. However, if you do everything right and use a lower interest rate card for the transfer, these fees will turn out cheaper than letting one card accumulate all your debt.

Another thing you have to keep in mind is that just because your 2 credit cards are different it doesn’t mean they belong to different companies. Two different credit card providers can have the same parent company, like a big bank – in which case you can not use one card to pay off the debt on another one. 

There is a way around this if you don’t mind the hassle, and that is – balance checks. You can request balance transfer checks from your credit card provider and use them to complete this transfer – even if both cards are owned by the same big bank. A balance check is a handy ace to have up your sleeve but requires you to have multiple open lines of credit, preferably cheap credit – which is why it might not be for everyone. 

Keep Your Credit Utilization Low

This might seem counterintuitive, but just because you can max out your credit, doesn’t mean you should. In fact, using most of your maximum credit will reduce your score almost immediately. 

If your max credit for a month is $1,000 and you use $500, that means your credit utilization is 50%. What you want to do is reduce your credit utilization to 20% or even lower. If you manage this, your FICO will see improvement very quickly – and you might even see it rise a few dozen points over the next couple of weeks.

Hand Holding a Credit Card Vector
Low credit utilization equals better credit score.

Clear Your Credit Report

This is a technical matter and will usually contribute less to your FICO than keeping your debt low and your payments frequent. Nonetheless, this is easy to do with a report clearing service like the aptly named Credit Detailer and can improve your score quickly because of two facts.

The first fact is that clearing will remove the errors and outdated items in your reports, which can increase your score almost immediately. The second fact is that it will update your FICO. Usually, FICO scores don’t get updated very often – sometimes a couple of times per year. Doing a few nice things for your FICO and then getting it updated means you will get the benefits of a high rating as soon as possible, rather than with a 6-month delay.

Credit Repair or Debt Consolidation

Debt consolidation means taking out a loan to pay off other debt like credit card bills, student loans, etc. If you can get a favorable loan offer, debt consolidation can help you pay off your debt on time, as well as lower the interest you have to pay. How does this fit into the bigger picture?

Many things can help your credit score, and debt consolidation is one of them. However, it is not a solution, but a method that can buy you time and decrease the interest you have to pay if you can find a cheap, favorable loan to pay off your other liabilities.

So, should you get a credit repair service or try debt consolidation? It depends – these two tools have different uses. A credit repair service or software can help you improve and protect your money and rating over a long period. No credit repair service will give you a quick solution for a bad FICO, even though their ads might imply otherwise.

If you get a comprehensive credit monitoring service it can give you regular credit reports, clear your reports for mistakes, and protect you from identity theft. This is good stuff, but it will only benefit you in the long run.

Debt consolidation, on the other hand, can give you an instant one-time relief and is part of the whole credit repair process. If you are in debt you can’t handle, you can try debt consolidation to get out of a potentially sticky situation smoothly. If that goes well and you get to a more pleasant state of debt, getting a credit repair service can help keep your score under control and on a steady upward trajectory.

Is debt consolidation right for you? See our top debt consolidation loans report.

Credit Repair vs Bankruptcy

Bankruptcy is a complicated process that will not improve your score in most cases. The best-case scenario is: you file for bankruptcy, your property is liquidated to pay off your debt, you get out of debt completely, and you get a long-lasting negative statement in your credit report. It is possible to remove this negative statement from your credit report by disputing it, but that won’t work for everyone and you will probably need legal support.

There are many types of bankruptcy and you might not be eligible for the one you want. All in all, bankruptcy is a tool debtors use as the last attempt to get out of debt, and not a way to improve your credit score. If bankruptcy is something you’re considering, we recommend speaking to a good bankruptcy attorney rather than simply reading up on it online.

Credit Repair With Student Loans

If you can’t make your student loan payments in time that will lead to a default. As you might imagine, this will negatively affect your credit score which you will want to repair right away. Repairing your score from a default is possible but there are no quick solutions – such endeavors usually take a lot of time and organization. The first thing you need to do is get out of the default, and there are a few ways to go about it. 

Paying off your loan is the best thing to do, but it is unrealistic in most cases since most student loans tend to be well over $10,000. A more realistic approach might be borrowing money from a close friend or family member at a lower rate – this will relieve you of your student debt and give you a more relaxed obligation towards your new creditor.

Rehabilitating your loans is another way to make paying them off more doable. This means talking to your loan servicer or collections agency to restructure your debt into a series of reasonable monthly payments. This is basically stretching out your obligation to make paying it off easier.

Consolidating your loans into one is also possible, but only if you have federal loans. Essentially, your loans are merged into one big loan and they will be considered paid and get you out of a default. There are 2 ways to qualify for consolidation:

The first way is to make 3 on-time payments and then apply for a direct consolidation loan. The second way is to apply for an income-driven repayment program – this means your loan payments will be structured based on your income, leaving you with affordable monthly bills.

These are some ways to make getting out of a default more approachable. However, getting out of a default is only the first step – after that, you need to pay off your debt in time, stay far away from your credit limit as possible, etc. Do the things we talked about in the previous sections, rinse and repeat – fixing your score is something that always takes time but is easy as long as you are consistent and organized.

How Long Does It Take To Rebuild Credit?

Clearing reports and settling disputes can take up to six months on average because the credit bureaus need a lot of time to go through the whole bureaucratic process. However, if you have a couple of mistakes and clear them every year, this will likely take less than a month.

Fixing errors is only a part of the process, though. Making timely payments, cutting down on the number of credit cards, spending much less than your credit limit allows, etc. will determine the bulk of your credit score. If you do everything efficiently and on time, your score will likely increase a couple of points every week – or even more if you manage to pay off a significant part of your debt.

Credit Repair Mistakes You Want To Avoid

Not Doing Anything

First of all, nothing good can come out of postponing credit repair. A bad rating has an ugly habit of dropping even lower if you leave it unattended. Since credit repair is all about little victories over time, it is better if you take action as soon as possible.

Canceling Credit Cards

Not many people know this but canceling a credit card account can actually damage your credit rating. This is especially true if it’s an old credit card or a credit card with a balance. Although having fewer credit cards means less debt and a better score long-term, keep in mind that canceling one will decrease your credit rating immediately.

Overestimating Balance Transfers

A balance transfer might lower the amount of debt you have to pay, but it’s mainly there to postpone your payments. Since this is only a way to delay the inevitable, don’t think of it as a solution – a good strategy and consistency are needed if you want to fix your credit after a balance transfer.

Not Reading Credit Reports

Before starting to repair your credit, it’s best to have a good strategy. Credit reports will tell you what the critical areas are and where you should focus your efforts. Luckily, checking these reports is possible through many handy free programs, so there is no upside to checking them every now and then.

Declaring Bankruptcy

Although bankruptcy can help repair your credit in theory, it shouldn’t be used as a score-fixing tactic. Bankruptcy will negatively impact your score and it will remain on your reports for the next 7-10 years – remember, lenders really don’t like clients who have filed for bankruptcy in the past. Getting rid of this stain from your report isn’t easy, so it’s best to avoid bankruptcy if you have alternatives.


By following all the tips above, you’ll be able to restore your credit in due time. With better credit, you’ll be able to qualify for top low-interest personal loans and keep more money in your wallet.

Don’t get stuck with high interest rates — take responsible steps to fix your credit. Once you start seeing results, you’ll be glad you did.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.

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In the past, a credit rating was only important when borrowing money. Things have changed, but a good rating is still free

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Q: My partner and I are having a disagreement about credit ratings. We came into a little bit of money and it’s enough to either pay off our line of credit or save for a special trip as soon as we can travel again safely. My partner says we should pay off our credit line so that we not only have a cushion, but it will help our credit rating. He’s really concerned because when he was in university and had some trouble with debt, he felt like his bad situation only got worse because he had bad credit. I think that with so many people having lost their jobs due to the pandemic, the consequences of having a bad credit rating right now won’t be that bad because we’re all facing the same thing. We are due a honeymoon and I want to save the money for a trip because it’s the only way we’ll ever be able to go. Who’s right? ~Ross

A: Credit ratings are one of those things that most Canadians would like to know more about, but the more they learn, the more questions they have. And answers often aren’t straightforward due to the complexity of the credit scoring system. However, I’d be remiss if I didn’t commend you and your partner for having these conversations about your finances. Even if you can’t agree on everything, just talking about possible options is already more than what many couples are able to do.


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When it comes to financial decisions and debates about credit, it’s best if I steer clear of taking sides. Most of us know there are hidden perks when we have good credit; but having bad credit, it can cost us in ways we never realized. To help you both achieve a win-win, here are things to consider as you make decisions for your financial future.

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The perks of having a good credit rating

A good credit rating allows a lender to offer you a better interest rate and terms and conditions. It can make you eligible for a low-interest credit card. When you’re buying a new car at a dealership and your credit score is very high, the financing incentives can include zero per cent interest with payments spread out over an additional year or two.

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When it comes to a mortgage, a high credit rating can result in added buying power with steeply discounted interest rates and a slight easing of qualification criteria. A solid credit rating means you are able to obtain a new cellphone with a plan on contract, rather than having to pay for a device yourself first. It means your home utilities will be connected without an upfront deposit. A good credit rating means you don’t have to worry you’ll be declined whenever someone requests that you consent to a credit check.

How to Get Your Own Credit Report for Free

What does it cost to have a bad credit rating?

As you may be able to guess, a bad credit rating will limit you in terms of how much money you are able to borrow, what interest rates you’ll be charged, and what the repayment terms and conditions will be. When your credit score drops below a certain point, you are no longer eligible for low-interest credit cards and credit card instalment offers for larger purchases. Your interest rate will even go up by as much as five per cent if your credit card payments are late. Unsecured lines of credit may not be available at reasonable interest rates, if at all, and other restrictions — e.g., co-signers, guarantors or collateral — might be necessary for other types of loans.


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How to Get Out of Debt With Bad Credit

The impact of a bad credit rating on mortgage payments

When it comes to a mortgage, a credit report with a few small collection items and a record of late payments could add as much as two additional percentage points to the interest rate. That will not only decrease your buying power, it will dramatically affect how much interest you pay over the term of the mortgage.

For example, a $350,000 mortgage with a payment based on two per cent (five-year term, 25-year amortization), the base monthly payment would be $1,482. Over the course of the five-year term, this mortgage holder would pay $32,120 in interest, along with payments on the principal.

If this same borrower would have to make payments based on four per cent instead of two, the base monthly payments would increase by $359 to $1,841 and the interest paid over the five-year term would more than double to $65,153! The additional interest takes money away from being able to afford other goals. Here’s a simple mortgage payment calculator to try calculations for your own circumstances.

A bad credit rating affects more than credit applications

It used to be that a credit rating was only important when you applied to borrow money, but things have changed. A poor credit check could cost someone their dream job. Many employers ask potential employees to consent to a credit check as part of the hiring process. While they screen for a number of criteria, if someone has filed for bankruptcy, it could preclude them from working in certain industries.


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Landlords also routinely ask potential tenants to consent to credit checks as part of the screening process. Those who have trouble paying their bills on time could have trouble paying their rent. Landlords may also fear that someone with prior obligations, e.g., significant vehicle payments or family maintenance arrears, might not be able to afford the rent along with their living costs.

How to Convince a Landlord to Rent to You

As financial institutions do as well, it’s up to each landlord and employer to interpret the credit checks based on their own criteria. This means that if you need to explain your situation, it might be best to do it before they check your credit.

What does it cost to have a good credit rating?

With all the drawbacks that come with having a bad credit rating, you might wonder what it costs to have a good rating. A good credit rating doesn’t cost you anything — and it will save you money in the long run. All that’s required is that you engage in positive credit behaviours. Here are five tips to do just that:

1. Make your payments on time

On-time payments can be for the full amount that’s owing, or the required minimum payment. One of the most significant ways to protect your credit rating is to pay at least your minimums on time every month. In order to do this, you need to live according to a realistic budget and spend below your means so you’ve got enough money to bring down what you owe.

2. Plan for the unexpected – watch your credit utilization rates

Any balances you do carry on credit cards and lines of credit, aim to keep them below about 65 per cent of the limit on each account. That way if something unforeseen happens, you’re not left in the lurch trying to make bigger payments than you can reasonably afford.


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3. Demonstrate how you manage during the good times and the bad

Time provides a true picture for how responsible someone is with their money and credit. Aim to keep one older account active so a potential lender can see how you manage your affairs. If you’ve had some late payments within the last six to seven years, if they are still reflected on your credit report, they will be less significant than all of the more recent payments you have made on time to recover from the past difficulties.

It’s natural in life to hit some financial bumps, and the longer you use credit the more likely it is that there will be some reflected on your credit report. Some ways of dealing with financial trouble wipe the slate clean, which is why lenders look at your overall financial picture as part of a credit application. A balanced approach tends to be the strongest: spending within your means and based on a steady source of income, using credit wisely, managing routine payments and obligations, saving in proportion to your level of income, and having some assets to show for your spending. It raises red flags if someone has been actively using credit for a number of years, but their credit report offers no meaningful information about their credit accounts.

4. Only keep and apply for the credit that you actually need

We all know that person who has so many credit cards in their wallet that it hardly closes. But a lot of credit doesn’t necessarily mean they have a good credit rating. In fact, it could signal a problem. Only apply for credit that you actually need and will use.


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Pay off and close any accounts you don’t use regularly and don’t really need. This protects you from giving in to temptation simply because you have credit available to you. It also protects you from fraudulent activity on an account you don’t use regularly. The first thing a fraudster would do is change your address and contact details so you don’t get their bills. By the time you’ve caught on to their spending spree, the damage could be done.

5. Not all credit is created equal

When there isn’t much to report on your credit file, potential lenders and interested parties might look more closely at the types of debts you do have. Different types of credit shed light on how you handle your money overall. For example, deferred interest or payment plans can indicate you aren’t able to save up for purchases ahead of time. Consolidation loans mean you’ve had difficulty paying your debts in the past. A line of credit is a revolving form of credit, like a credit card, and it’s easier to get into trouble with a revolving form of credit than with an instalment loan, where you make payments for a set period of time and then it’s paid in full.

How to deal with debt and save for a goal

When faced with a sum of money you weren’t expecting, consider how to make it work hardest for you toward your most meaningful goals. Pay off an expensive debt and then keep making the payments you were making on that debt into a savings account instead. You’ll save money on interest by paying off the debt offand also be able to save up for an important goal. This is a particularly effective strategy when interest rates on saving accounts are as low as they are now.


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Should I Pay Off Debt or Save Money?

If you have more money than what’s needed to pay off an expensive debt, consider whether it’s better to pay down another debt with the leftover sum, or to jump-start a savings account with it. If you have quite a few debts to take care of and not enough money to pay them all off, consider how best to use the sum you received while employing the snowball or avalanche method of debt repayment. Just be sure to execute your debt repayment plan within a realistic budget that also accounts for some savings. That will protect you from relying on credit and seeing your progress evaporate should you face an unexpected expense.

The bottom line on what your credit rating means

The best things in life are free, and this certainly applies to having a good credit rating — especially when you consider how painfully expensive the alternative is. No one thinks about what a bad credit rating will cost until they’re faced with the consequences. Only by then, it’s often too late to turn things around quickly. While negative information on your credit report is frustrating, with some patience and corrective steps, time is on your side to (re)build an excellent credit rating.

Related reading:

7 Things That Are Not on Your Credit Report

What are Your Bad Habits Really Costing You?

5 Credit Myths Debunked and What to Do Instead

Scott Hannah is president of the Credit Counselling Society, a non-profit organization. For more information about managing your money or debt, contact Scott byemail, check nomoredebts.orgor call 1-888-527-8999.


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Bad Credit

Fixed-rate student loan refinancing rates do not budge from record low set last week



Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

The latest trends in interest rates for student loan refinancing from the Credible marketplace, updated weekly. (iStock)

Rates for well-qualified borrowers using the Credible marketplace to refinance student loans into 10-year fixed-rate loans continue to stick at record lows during the week of May 10, 2021.

For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender during the week of May 10:

  • Rates on 10-year fixed-rate loans averaged 3.60%, the same as the week before and down from 4.35% a year ago. This marks the second week that rates have not budged from 3.60%, the record low set last week.
  • Rates on 5-year variable-rate loans averaged 3.18%, down from 3.19% the week before and up from 3.03% a year ago. Variable-rate loans recorded a record low of 2.63% during the week of June 29, 2020.

Student loan refinancing weekly rate trends

If you’re curious about what kind of student loan refinance rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates won’t affect your credit score.

Current student loan refinancing rates by FICO score

To provide relief from the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended through at least Sept. 30, 2021. As long as that relief is in place, there’s little incentive to refinance federal student loans. But many borrowers with private student loans are taking advantage of the low interest rate environment to refinance their education debt at lower rates.

If you qualify to refinance your student loans, the interest rate you may be offered can depend on factors like your FICO score, the type of loan you’re seeking (fixed or variable rate) and the loan repayment term. 

The chart above shows that good credit can help you get a lower rate and that rates tend to be higher on loans with fixed interest rates and longer repayment terms. Because each lender has its own method of evaluating borrowers, it’s a good idea to request rates from multiple lenders so you can compare your options. A student loan refinancing calculator can help you estimate how much you might save.

If you want to refinance with bad credit, you may need to apply with a cosigner. Or you can work on improving your credit before applying. Many lenders will allow children to refinance parent PLUS loans in their own name after graduation.

You can use Credible to compare rates from multiple private lenders at once without affecting your credit score.

How rates for student loan refinancing are determined

The rates private lenders charge to refinance student loans depend in part on the economy and interest rate environment but also the loan term, the type of loan (fixed- or variable-rate), the borrower’s credit worthiness and the lender’s operating costs and profit margin. 

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Bad Credit

Bad credit loan guaranteed approval online (In a business day)



Bad credit loan guaranteed approval

(YourDigitalWall Editorial):- Pennsylvania , United States May 10, 2021 ( – Do you have bad credit? But in need of money? You can still get a bad credit loan guaranteed approval from various websites.

Bad Credit Loans is one of the websites, which has been in the business of helping people. They make it simple for consumers to get the funds they are looking for online.

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They can help connect you to lenders that offer loans that may work for you. Their lender network includes state and Tribal lenders. Tribal lenders’ rates and fees may be higher than state-licensed lenders and are subject to federal and tribal laws, not state laws. Your credit history may impact whether a lender offers you a loan and the terms of your loan, but some lenders in our network may offer loans to borrowers with all types of credit.

Bad Credit makes it amazingly simple to check online whether you qualify for the loan. You just need to fill the convenient online form and will receive an offer in a few minutes from the network of lenders and financial service providers.

If your loan gets approved, funds will get deposited into your bank account electronically deposited in one business day. The loan offer you receive is free to use, and you are not obligated to accept the offer if you are not willing to.

With Bad credit loan, the best part is your credit need not be perfect to consider for a bad credit loan as even with poor credit you can still qualify for the loan while meeting the following requirements:

  • The Minimum age must be of 18 years.
  • Proof of documentation-proof of citizenship or social security number.
  • Regular income-full-time, part-time, self-employed, disabled, social security benefits (anyone).
  • Checking account in your name.
  • Telephone numbers-residence and work
  • A valid email address

Apply now and get a $5000 bad credit loan guaranteed approval






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(YourDigitalWall Editorial):- Sydney, New South Wales May 10, 2021 ( – xbullion has announced its listing on the global trading exchange Bitrue. xbullion’s gold token, ticker GOLD, is secured by 1 gram of 9999/LBMA physical gold which is physically owned by the token holder. The gold is secured in best-of-class geo- disbursed […]

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