Improve credit score in the Philippines

A credit rating is something that any financial institution that lends to the citizens of the Philippines pays attention to. Given the importance of the rating, many Filipinos are concerned about how to improve score Philippines? There are several ways to do this. But before proceeding to their description, it should be understood on the basis of what the rating is formed.

What is a credit rating

Before improve credit score, it is recommended to know that financial scores are an indicator that is determined on the basis of a client’s financial history. Today in the Philippines there is no single assessment of the financial scores of potential borrowers. However, any microfinance company in the Philippines is still studying this information about the borrower. And only after that the application for a quick loan or a bank card can be approved.

Improve credit score in the Philippines

Thus, the financial rating is an assessment of the reliability of the client and, so to speak, his resume. There are many ways to improve credit score in the Philippines. Let’s take a look at the main ones.

Timely debt payment

The fastest way to improve a financial rating is timely payment for previously issued bank cards and personal loans. Filipinos who pay for mortgages, car loans and utilities on time will never have problems with their credit history. Moreover, such borrowers can receive quick approval from microlending institutions.

Using a bank card

Improve credit score in the PhilippinesAnswering the question how to raise credit score quickly, it is necessary to note the possibility of regular use of a bank card. If a financial institution sees that a potential borrower regularly takes the funds and gives them back on time, it will most likely respond positively to the client’s application.

Drawing up a small loan

By wondering how to improve credit score Philippines, potential borrowers can try to draw up a small loan. Debt on this loan should be paid on time. Such an action will be a signal to microfinance organizations that the borrower has corrected and restored his rating.

Making an application in one financial institution

Borrowers who are interested in how to repair my credit score should know that submitting applications to various financial institutions at the same time is fraught with refusal. Therefore, having decided to draw up a loan in the Philippines, it is advisable to choose one financial institution in which the potential borrower is fully satisfied with the proposed conditions.

Limiting applications

If you still do not know how to raise credit score quickly, you should focus on the fact that all financial institutions in the Philippines keep records of requests for a loan or credit card. If you submit such requests every month, representatives of MFIs will certainly lower your financial rating. This is due to the fact that the monthly filing of requests for a loan indicates an incorrect expenditure of the available budget. Credit specialists may decide that a potential borrower spends more than he earns. Therefore, his level of solvency is extremely low.

Raising the credit limit

The quickest way to fix a credit score is to make a request to increase the card limit. For this purpose, you need to contact representatives of the credit card issuing banks. This can be done both in online services, and by contacting one of the bank branches. Increasing the limit is not only the quickest way to fix credit score, but also the ability to quickly pay off existing debts.

Improve credit score in the Philippines

Payment of debt twice a month

If you are still wondering how to repair my credit score, you need to focus on paying your existing debts on the loan. And it should be done twice a month. To increase the rating, the debt must be paid before the deadline for payment and on the last recommended day. This method of obtaining additional points will allow you to quickly pay off the loan and significantly improve your financial history.

Debt repayment

To improve the rating, it is also recommended to take care of the repayment of existing debts. In extreme cases, it is necessary to minimize debts to an acceptable level. At the same time, the amount of debt is not important at all. Much more important is the ratio of the existing debt and the provided credit limit.

It is worth adding that debt consolidation services are also available to residents of the Philippines. Such services will not help to immediately repair the rating, but they will simplify the process of debt repayment. Such services are provided by all the leading microfinance organizations of the Philippines: Banco de Oro, Pag-IBIG Fund, Bank of the Philippine Islands, Philippine Savings Bank, etc.
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