Improve Credit Score

If you are asking yourself what is the most important factor lenders use when making decisions on a loan process, then here is you answer! (read below)

Your credit is a very important factor for when applying for a loan (other factors apply). It determines your creditworthiness and all the information in such is obtained by a credit bureau or a consumer reporting agency. Any late payments or other adverse information contained in your credit report will receive additional review during the underwriting of your loan application, and may require further written explanation (s) or documentation from you as the lending institution considers your loan request.

If you have a not so good credit score, then we recommend you to start working in fixing your credit. One of the many things that are useful is to never overuse your credit limit. Never apply for it needlessly because if you carry more than 4 credit cards it brings your score down by 10 points.

Also, always make sure you are paying your bills on time because it is vital for your credit score, no matter how small your balance is, always make sure you are paying your bills on time! Besides this, another effective way of improving your score is by not going over your credit limit, please avoid overextending yourself. Always use it responsibly and make sure you are always in good standings with your creditors. Another great advice is not to shop around and have pulled your credit often, too many inquiries are sign of new debts coming and it doesnt look good and it can lower your score significantly.

If you have any comments or advices, we really appreciate your honest opinions! Feel free to comment below and thank you very much for visiting and reading!

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