It is very important that you take care of your credit history. Remember that the better your profile as a payer, the greater the number (and the amount) of the loans you can access. Also the interest rates will be better.
When a lender receives a personal loan application, the first thing he does is verify that person’s credit history.
These records are maintained by a risk center and the best known in Mexico.
The first thing you need to do to improve your rating is to know what your credit history is (it’s free).
How can I improve my credit bureau score?
If you have already reviewed your credit history and you know what your rating is, now you can improve it, keep it or if you do not appear, start it!
Remember that although it is not highly recommended to have many debts, it is good to have some type of credit history to make it easier for lenders to include you among their clients.
Robin offers you some tips to improve and maintain a good credit history:
Before applying for a loan you should read very carefully what are the terms and conditions of the lender. If you have requested several, you should read everyone’s before receiving the loan.
There are many cases in which people receive their first payment invoice and are surprised with the amounts since they did not expect them. Be very clear when and how much you will be charged.
Don’t forget to ask for the Annual Effective Cost Rate (TCEA) that includes all the fees, administrative expenses, insurance and lender fees.
This information must be given clearly and by law is free.
Beware of the loan amounts you ask for
After putting together your budget, you must adjust your expectations about the loan.
You should not request more than 30% of your annual income, otherwise you could put your payments at risk.
Remember that assuming a debt is a responsibility that can impact you legally. That is, you should consider it with great care and responsibility.
Pay all your debts on time
Schedule notifications on your calendar that reach your cell phone or email.
Always try to pay your debts and bills as soon as they arrive. If you make this a habit, you will never fall into arrears.
Avoid paying a debt with another debt
Nor should you pay a credit card using money from another credit card. The interest rates for doing this are very high and can put your financial health at risk.
This is not an intelligent act since what will actually happen is that you will borrow more.
Follow these tips from Robin and you will have more chances to get that loan you want so much!