Credit Score Advice

The credit score is expressed in numbers and may range from 0 to 400. The credit score facilitates credit institutions to define how expectable timely repayment is in case of financing the loan. The credit score will help you to improve receipt of the credit services because the higher the score, the less is the likelihood of non-fulfillment of commitments by you.

It is explained in the Credit Report which events of the credit history significantly influence the credit score and rating.

What influences the credit score most of all?

The credit score is defined by significant factors such as volume of liabilities, length of credit history, frequency of use of bank products etc., however, the payment history influences your credit score and rating most of all because it shows how well you fulfill your commitments. In addition, credit history is a significant factor which shows how much time it took you to fulfill the commitments, when you had overdue loan or when a penalty was accrued on you.

How to improve the credit score?

The higher the score, the higher is the likelihood that you will take a loan on better terms and conditions. Therefore, for using credit products it is very important to take care of your own credit rating. The credit score of Creditinfo is based on the information provided in your Credit Report.

The steps provided below will help you to acquire and maintain a high credit score so that your credit profile looks attractive for any organization:

  • Start creating your own credit history – as soon as at least one loan appears in the Credit Report, it will be possible to calculate the scores;
  • Take loans – even very small to create a minimum credit information;
  • Try not to violate the payment terms, any overdue payments will be recorded in the Credit Report and will negatively influence your credit score and rating;
  • Do not allow existence of written-off loans in the Credit Report. Remember that loan overdue information remains in your Credit Report within 5 years after closing the loan;
  • Protect your credit history. Do not allow presence of records unknown to you or wrong information in it.

What factors are reviewed by credit organizations from your Credit Report?

  • The volume of your liabilities;
  • How many unsecured credits you have;
  • How well you comply with the payment terms and conditions;
  • How often your report was inquired recently.

What else is paid attention to except the Credit Report?

In addition to the credit history, credit organizations view the source and amount of income.

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