Rebuilding your credit score following insolvency | Refresh Financial

Official blog of Refresh Financial

Rebuilding your credit score following insolvency

recover from insolvency

Rebuilding your credit as soon as you can after insolvency is critical. It ensures a better, brighter financial future. Having a good credit score means access to credit products - from personal loans to car loans to mortgages - at the lowest interest rates, potentially saving you thousands in interest payments over the years. 

There are many benefits to building your credit with a custom credit building solution from Refresh Financial:

  • It’s a safe way to build your credit score: 35% of your credit score is made up of on-time credit repayments. However, when you’re coming out of insolvency, it can be next to impossible to get a loan or any form of credit. Our program lets you use your own money as security, but we still report your payments to the credit bureaus, ensuring you are building credit without the risk of going into debt. 
  • You build credit FAST: We have packages that allow you to build credit at the pace which works best for you, however, the Sprint Pack will get you to your goal the fastest. It consists of the credit builder loan, the secured credit card, and the Black Tier dashboard. Did you know, having a mix of credit types like this accounts for 10% of your credit score?
  • You’ll save a significant amount of money in the long-run: If your credit score is lower than 660, you can expect to pay upwards of 30% interest on any credit products you are offered (if you are offered any at all). Investing the time to build a better credit score can save you a ton of money in interest in the long-run. 

We have two credit building products, each working in a different way to build your credit, but both ensuring you won’t go into any debt to achieve your credit building goals. 

  1. Credit builder loan: 

This is a loan that you repay before gettּing access to the funds, unlike a traditional loan. This eliminates the risk of going into debt. As you make payments to your loan, funds are placed into a secured account which you can access at a later date. Your payments are reported to the credit bureaus, positively impacting your credit score.

  1. Secured Credit Card

Our Secured Credit Card is one of the most affordable in Canada and one of the easiest ways to build your credit, albeit a little slower than the Credit Builder Loan. The secured credit card is available without a credit check, but you do need to pay a deposit equal to the amount of credit you’d like. Need a card with a $500 limit? You will need to pay a $500 deposit. This ensures, once again, that you will not go into debt.  

There are two major differences between a credit builder loan and a secured credit card. A credit builder loan is a form of installment credit which means you borrow a certain amount of money, and you pay the whole amount back in equal installments. A secured credit card is revolving credit, meaning you have access to a set amount of credit, but how much you use, and therefore owe each month, changes.

BONUS: Black Tier Dashboard

Available with both of our products is the Black Tier dashboard, the ultimate credit building experience. 

Black Tier connects you to the credit bureau so you can view your credit score at any time, and receive alerts when there are changes, and includes a credit simulator to see how your credit score would be impacted by different scenarios. Also included is:

  • Refresh Perks - discounts at over 600 retailers across Canada
  • Refresh Academy - a library of financial courses and quizzes that can help change your financial habits for life.
  • Refresh Goals - get pre-qualified for financial products with our preferred partners.

We understand the challenges that you have overcome or are still overcoming during your insolvency and want to help get you back on your financial feet as quickly as possible. Put insolvency behind you and get started building your credit score today!

 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

+ 28 = 34

    What Canadians are saying about Refresh

    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

    – Aaron A

    “It hasn’t even been a year yet, possibly only 6-7 months, and my TransUnion score has gone up over 100 points. That was only the tip of the iceberg as recently I was able to get a consolidation loan from my bank that allowed me to move forward and make things easier for me. Talk about second chances!”

    – Angelica M

    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

    – Cathy M

    “I had not heard of a company doing such a thing before someone suggested it to me and it made sense. I am not very good at saving money and Refresh Financial helped me. I have dealt with them for years now and never had a problem. The customer service is excellent and fast.”

    – Chris C

    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

    – Deb K

    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

    – Heather T

    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

    – Irene L

    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

    – Jason I

    “I recommend this program to anyone having credit issues. At the end of the agreement, your money is refunded to you. There were times I found myself short on cash and Refresh, with permission, used a portion of my money to clear up my arrears.”

    – Margaret L

    “I would like to thank Refresh Financial for their professionalism, great customer service and for helping get back to a better financial situation. I have always been treated with the utmost respect.”

    – Martine B

    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

    – Matthew S

    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

    – Mike L

    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

    – Phil J

    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

    – Rocky M.

    “Refresh financial is great!!! They boosted my credit score, helped me save money and helped my husband and I buy our house;) I was not only a number to them, they stayed in touch and helped me out along the way. Answered all my questions and concerns.”

    – Sara B

    “Refresh Financial had been exceptionally good to me! I’ve just been out on medical leave and they have accommodated me with my payments without hesitation!! I was in a really bad spot with my credit and they have helped me to try and correct it!! Bravo!”

    – Shannon B

    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

    – Shirley K

    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

    – Soraya H

    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

    – Tanya W

    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

    – Taylor B

    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B