How to Maintain a Good Credit Score to Avail of Loans
Do you know that people with a history of accruing loans in their lifetime have more chances of getting their loans approved than for first time applicants for financial loans? That is when habitual borrowers have good credit scores. If you are a first -time applicant for a loan, the lending institution will have to look for ways to establish your credit portfolio before deciding on your loan application. For usual borrowers, lending agencies will merely look at your credit history which is reflected by your credit score. Your credit score will help the lending institution to decide whether to approve your loan or not.
Having a high credit score is nearly tantamount of having your loans approved which will bail you out from your present financial predicament, help you in our investment plans, or support your leisure plans. That is how important your credit score is; so it is critical to think of ways on how to increase your credit score to be able to get your future loans to be approved by lending institutions.
How to get a good credit score depends on the impression you made by your payment of your past loans. It is your rating on how likely you can repay your debt. Through credit bureaus like Equifax, Experian, and TransUnion; your credit reports are created and summarized which are then translated into numbers ranging from 300 to 850 by scoring models, Fico and VantageScore.
The following suggestions will help you get that high credit score that will help merit the approval of your loan by lending institutions.
Be Consistent in Your Loan Payments
Consistently paying your loans on time is the most influential factor that can increase your credit score. Lenders usually report to credit bureaus the payment patterns of borrowers. Set reminders so you will not forget the due dates of your loans.
Pay Your Bills on Time
The payment of your electric and water bills are considered in coming up with your credit score. This forms part of your past history which comprises a big percentage of your credit score. Be careful not to have delinquent payments because it will have negative implications on your credit score.
Use Your Credit Card Wisely
Don’t overuse your credit card or you will have problems paying it later. Keep a low balance of your credit card. Not delaying in the payment of your revolving debts and credit cards is one of the most effective ways of increasing your credit score.
Lower Loan Balances
If you have significant loan balances in other lending institutions and you still have more years to be able to pay all of it; you will surely get a lower credit score for another new loan. Until you have paid your past loans with good payment history, your credit score will again increase.
Manage Your Finances Efficiently
People who have declared bankruptcy and had foreclosure of their property will have a harder time in improving their credit score. The same is true with persons who had litigations concerning financial matters.
There are many ways by which you can have a loan. Nowadays, you can even have a loan through online lending institutions. But there is no way you can avail of their services unless you have built a high credit score for yourself.
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