Licensed Moneylender Loan Application: How to Get Higher Credit Score
When you apply for any loan from a money lender Singapore, the first criteria that you should meet is the required credit score. If you have a poor credit history, you’ll like to find it difficult to seek approval. We discussed here the things to avoid getting your score sink. So in this article, we will give you tips to have your credit score soar up high. This way you’ll get that personal loan or business loan you need.
Tips to Improve Credit Score
1. Review your credit report and correct any errors.
Do not ignore paper works especially if it is your credit report. Take time to read and check your numbers. Anything that is there will significantly impact your credit rating. If you happen to see any incorrect information, do not hesitate to contact Credit Bureau Singapore (CBS) and raise your concern. These mistakes may include but not limited to account status, balances that are overdue and miscalculations. CBS will investigate the issue and correct it for you.
2. Always pay financial obligations on time.
Late or worse missed payments will have the hardest effect on your credit score. If a licensed moneylender reviews your credit history and finds out recent overdue bills, you’ll surely get rejected with your loan application.
Another tip is to pay your credit card balances every month fully. This way penalties and interest would not pile up, and you would not find yourself being a slave to your debt. Payment through GIRO will make you always on time. Also, do not just pay on time this month and then pay late the following month. You need to develop consistency and build your reputation that you can return what you borrowed.
3. Don’t apply for many loans in a short period.
Anything that is too much is harmful. Submitting loan applications to multiple Singapore licensed money lender at the same time will attract investigations on why you need such a massive amount of money. Remember also that past inquiries remain in your credit report for two years after you were investigated.
4. Get your credit active and running
As ironic as it may sound, one way to keep a good credit score is get credit, but responsibly. You need to balance using your credit card but within your limit and make sure you pay on time. This will send a message to the licensed money lender that you know how to manage your finances.
5. Do not complicate your credit
The key to keep your credit score up is simple. You have to pay dues on time, always, maintain a low balance, do not go for multiple loans at the same or short period, and finally, use your credit consistently. It’s all about setting realistic expectations and knowing your financial capability. Credit score gets complicated when you do not do you promised.
Do you know other tips on how to improve your credit rating? For more ways how you can get your loan from licensed moneylender get approved here.