Q: I went to the bank to apply for a car loan and they turned me down. I finished university not long ago and they told me that I need a steady job before I re-apply. They also said that I have some missed and/or late payments on my student credit card. I explained that happened when there was a problem with my student loan, but that didn’t seem to matter. I still want to get a car loan, so I obviously need to build up my credit rating again.
A: When looking to repair a credit rating, thankfully a steady payment history and time are on your side. Most things drop off your credit report after about six years, so you will have the chance to recover from the late payments the lender saw when you applied for credit most recently. Credit cards are a revolving form of credit, so they are a good choice when you want to keep a credit rating active.
There are, however, pros and cons to having more than one credit card, especially when you want to build up your credit rating for the purpose of applying for a big loan, like for a car or a mortgage. A lot of your decision will come down to your ability to repay all of your debts, regardless of how many cards or credit obligations you have, and how much time you have before you plan to buy a car. Here are some things to consider as you make your decision:
What’s on your credit report?Everyone should take a look at their own credit report at least once a year to check for accuracy and to see what’s being reported. Beyond a credit card, you might have more credit than you realize, e.g. monthly car insurance payments, cellphone contracts or student loans. Get a free copy of your own credit report from both credit reporting agencies in Canada to see what lenders will see about you when they check your credit.
Source: Loan Digest (loandigest.net)
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