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Four tips to have a good score in 3 months
Many people at the time of requesting a loan in a bank cross the fingers for two reasons: one for not being reported in DataCredito and two, which must be the main one, to approve the loan.
Currently, this decision does not depend on a chance or to fall in grace or not to who authorizes the bad credit; On the contrary, the approval will depend on the score or score that you have in the risk entities.
A greater availability of information in different sectors of society and better technologies has allowed more people to know their credit history, and in this way to know previously the probability of being granted a new credit.
What is a score?
The moment you start to relate to the world of banks and credits, you start the process of building your own story in which you record your payment behavior, that is, if you pay on time, if you tend to delay or how many times you have requested a loan during the last year.
According to Luciano Scalisse, vice president of data-credit innovation Experian, the score is the efficient answer to the need for automation for the analysis of credit information. “It is a statistical model that predicts, based on the credit information of the Bureau, the probability of compliance of a person in the payment of their obligations,” he explains.
According to this qualification, which can be consulted by the person, the entities will define whether or not they are apt to deliver a loan according to their ability to pay.
Knowing how we can access this information, it is now important to know a little more about the scores and the profile they can give you when applying for a loan.
To do this, Solve your debt generated the following descriptions according to your Score to verify which profile belongs:
SCORE OF 700 OR MORE:
This score means that your credit has been used correctly and institutions have rewarded with excellent score . Pays in a timely manner, has a constant behavior, does not fall into impulses or have excess credits. Your financial life is in order, which means that institutions trust you and you may have more credit options with better rates.
SCORE BETWEEN 400 and 699
With this you can still find credit products in the market to which you have access, if you keep your behavior you will continue being a credit user and if you improve it you will have access to a greater diversity of products with better conditions.
On the other hand if you make bad use of your credits, this can go down to the point of not having access to new products. It is important that you put in an improvement plan, pay in a timely manner more than the minimum and do not acquire more credits than you can face. This way your score will remain stable and even increase.
SCORE, LESS THAN 400
currently, its relationship with the credit system is damaged. It is very likely that you have presented arrears in your paymentsor exceeded the maximum credit amounts and, as a result, is paying interest.
It will be difficult to get new credits if you do not fix your current situation and improve your Score.
You must start an action plan to settle your debts before the problem becomes more serious and the cancellation of your obligations becomes complicated. Remember that credit is a vital tool, so losing the ability to acquire it can seriously affect your future projects and finances.
How to have a good score and not be reported?
There are many myths about how reports are handled in this central risk that distance us from accessing a credit or not. However, good practices and improvements in qualifications depend on the behavior itself.
For Mauricio Angulo, president of Datacrédito Experian, it is considered that people reach a credit maturity after 13 years of good management of their products. “Experience is a determining factor in the good management of finances People with enough experience have lived through times of abundance and scarcity of both the economy and their personal finances, and this gives them a better perspective on the management of financial risk Likewise, the age and stage of each person’s life add up in the credit experience, “he adds.
In this sense, the score is dynamic and may vary due to changes in the holder’s information and the weights of the explanatory variables. The more information you use the Score, you can make a more comprehensive and weighted, ensuring that the score is not biased by a few variables that are exclusive.
Tip 1: The more information in the Score, the greater the probability of obtaining a loan. And it is a myth to believe that the less information you use the score, the better your score will be at risk centers.
To improve the score, it is also necessary to build that credit life.
Tip 2: By not having experience, the person can start their process by acquiring low-mount loans, such as cell phone plans or credit with cooperatives.
Tip 3: It may seem obvious, but it is essential to keep the payment of your obligations up to date. The number of products with good management that you have had throughout your life contribute to improve your score.
Tip 4: After acquiring a new debt, wait a prudent time before requesting another loan, so that your cash flow adapts to the new obligation.
Remember that when closing any credit or account, you must ask the entity for a peace of mind and check that the final status of the account in your credit history is a positive state.