How To Improve Your Credit Score
posted on Apr 7, 2022 | 1092 likes
How creditworthy are you?
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Credit score is the financial instrument that measures your credit worthiness. If you have ever applied for a loan and gotten approved or rejected, the decision from the lender was based off on your credit score.
The feeling of being rejected for a loan can be devastating, and we understand, fortunately, there are some known financial steps that can take to ensure that your credit score is in good shape to get you an approval.
While this article will assume that there is already a level of bad credit and difficulties in getting a loan, the recommendations are for everyone – whether you already have a loan, are applying for one, or planning to apply any time soon.
This article provides a general direction on steps to take in order to live a financially healthy life that guarantees a great future of financial confidence.
Let’s begin.
We are all familiar with the tried-and-true pieces of financial advice: Put aside some funds for an emergency. Pay off your debts. Try not to spend more than you make.
Yet, while you’re juggling all of the above, it can be easy to forget another important bit of wisdom: Keep your credit score as high as you can.
While it may seem obvious, failing to manage your credit score can have a serious impact on your financial health. The higher your score, the more financial opportunities you gain access to.
So, what do you do if your credit score isn’t high enough to qualify you for some credit offers you are really interested in?
Consolidate your debt
By using a personal loan from a company like Page Financials, you can consolidate your debt and boost your credit score at the same time.
Not only does consolidation make paying off multiple high-interest balances more manageable by combining them into one lower monthly payment, but it also increases your credit score by getting rid of debts that could be weighing heavily on your credit history.
Servicing multiple debts from multiple locations also makes it easy to forget payment dates and deadlines – which incurs a strike on your credit score.
Pay Debts on Time
Nothing is more detrimental to your credit than paying your bills late. That’s because late payments will remain on your credit reports for years! If you find yourself unable to make a payment or if a payment is overdue by 30 days or more, get on the phone with your creditor as soon as possible.
Work out a way to pay the outstanding balance and ask them if they would consider stopping their reporting of your missed payment to the major credit bureaus.
Final Words
As much as we’d all like to snap our fingers and magically increase our credit score, the truth is, there’s no quick fix. In fact, the best credit scores result from years of practicing good financial habits.
While some of the strategies we talked about will cause an increase of 5-10 points fast, the most significant bump you’ll see in your score will take time.
So, the best thing you can do for yourself (and your score) is to put our tried and tested advice to work as the results of a higher credit score will come over time.
Interested in consolidating multiple loans to streamline your monitoring, reduce your financial stress, and ease repayment – which can ultimately impact on your credit score?
Page Financials can help! Check your rate on a personal loan in minutes with no effect to credit score.
At Page Financials, you can get access to up to a 5 million Naira loan in just a few hours to sort your time-bound emergencies and projects.
To apply, simply visit www.pagefinancials.com/registration. For further inquiries, you can send a mail to customer@pagefinancials.com or give us a call on 017007243.
Follow Page Financials on Facebook, Instagram, Twitter and LinkedIn to get daily inspirations on how to live your dream life and take full control of your financial future.