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Credit Score: Improve it with these simple and practical tips

Editorial Airtm

November, 09, 2023

3 min. reading

The credit score represents your financial behavior and how you manage your money. Also, your payment history indicates how punctual you are in meeting your obligations. Furthermore, financial institutions rely on it to decide whether to grant you credit or not.

Strategies and tips to improve your credit score

With a good score, you can choose from various options when taking a loan. On the other hand, this kind of financial resume reflects your behavior as a borrower. Likewise, it reflects the use and management of your personal finances and the types of investments you engage in.

Regularly check your Credit Score

Regularly check your credit score to spot any discrepancies or errors. This way, you can request corrections.

Use your credit card responsibly

Keep your expenses within your capacity to pay; avoid small expenses as much as possible and do not carry high balances on your cards.

Raise your Credit Score by paying your dues on time

Make sure to pay your credit cards, bills, and loans on time. Use reminders or set up automatic payments to avoid delays.

Avoid unnecessary credit applications

Applying for multiple credits simultaneously can lower your credit score, and you’ll unnecessarily accumulate debt.

Start building your credit with small financial obligations

You should start your credit life as early as possible to acquire a good credit score.

– Take on small obligations, like a financed cell phone with a postpaid plan.

– Open a bank account and create a savings plan.

– Obtain a credit card from a supermarket or a clothing store.

Only authorize essential inquiries

Every time you apply for credit, banks check your credit score, which can temporarily affect it. Get a credit card from a clothing store or a supermarket to begin your credit journey.

In the end, your score reflects the healthy management of your personal finances. It’s also a tool that enhances your chances of accessing various types of credit.

Keep in mind that this article does not constitute financial advice.

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This article does not constitute financial advice.

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