According to the Financial Superintendency of Colombia, not only the level of indebtedness of Colombians has increased from $62 billion to $96 billion, but also obligations that remain in arrears since the majority after three months cannot pay the installments.
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Failing to make payments in a timely manner could affect what is known as a credit score or score, which turns out to be the letter of introduction to banking or commercial entities.
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The credit score, then, predicts the probability of compliance in the payment of obligations to determine whether or not it is viable to grant a loan. Then, the higher the score, the lower the risk and the better the candidate.
So here are five tips for building a good credit score.
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1. Plan personal finances: Learn what types of credit work, based on your personal finances, to build your credit life and strengthen your score.
2. Consult the credit score: There are different credit bureau tools to check this rating periodically. Keep in mind that not having any debt also affects the score, since there are no variables to measure the score.
3. Know the benefits of a positive credit history: you can obtain better credit opportunities and access to housing projects, among others. Here keep in mind that as a co-signer, your credit history is also affected.
4. Do you know the level of debt: It is best not to overdo it and not exceed your ability to pay, since an unnecessary commitment can negatively impact the score. It is recommended not to commit more than 35% of the income.
5. Pay on time: Keeping obligations up to date is one of the main keys to avoiding a negative report.
BRIEFCASE
