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Here’s how you can improve your Credit Score

You have finally found your dream house. Everything is in motion, except for the loan you are hoping to get from your bank. You aren’t sure whether your bank will be willing to lend you the money you need. You start to wonder: is there anything I can do to increase the chances that my loan application is successful? Well, here’s a good time to start thinking about your Credit Score.


When banks decide whether or not they should approve your loan (or credit card) application, they are paying the most attention to your Credit Score, a three-digit number which helps them decide how likely you are to pay back your debts, on time and in full. We’ve written more about it HERE.


Luckily, it’s not set in stone and can be changed by making a few simple improvements.


Timely payments

Banks like punctuality (but don’t we all though?) If you continue to make delayed or partial payments, your credit score will eventually fall to the ground. Avoiding that is super easy.  Just ensure that your credit card, rent and utility bills are being paid on time. This way, banks can use your consistency as a good future predictor to know you are capable of returning the borrowed money on time.


Responsible spending

It is important that you avoid over-spending on your credit cards, as this indicates risk to lenders. Yes, your bank may have given you a high credit limit, but do you really need to use it all up? Credit utilization is a huge factor in determining credit scores, so try to use your available credit wisely.


Reduce outstanding balances

Caught into the habit of paying back only a fraction of your credit card bills every month? That can hurt your score! By consistently reducing your outstanding balances you can show your lenders that you have the ability to pay back what you owe, and that you take debts seriously. This will go a long way in improving your Credit Score.


Remember, having a not-so-good Credit Score is not the end of the world. Time and discipline are your best buddies in improving that three-digit number. It won’t happen overnight, but it doesn’t mean it won’t happen at all (it could take up to 6 months.) Start taking charge of your Credit Score now and use these steps to help those numbers get boosted.