{"id":3153,"date":"2021-05-19T12:44:01","date_gmt":"2021-05-19T12:44:01","guid":{"rendered":"https:\/\/kobotalk.com\/?p=3153"},"modified":"2024-12-17T16:16:28","modified_gmt":"2024-12-17T16:16:28","slug":"how-to-maintain-a-good-credit-score-these-10-tips-shows-you-how","status":"publish","type":"post","link":"https:\/\/kobotalk.com\/BLOG\/how-to-maintain-a-good-credit-score-these-10-tips-shows-you-how\/","title":{"rendered":"10 Tips on How to Maintain a Good Credit Score"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>
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How to maintain a good credit score!\u00a0 Many people are bothered about it. Why?<\/p>\n

Credit plays a very important role in economic development.\u00a0 Businesses use credit to purchase productive resources and individual use it to drive consumption.\u00a0 Lenders use credit scores of potential borrowers to take lending decisions.<\/p>\n

Your credit score determines your ability to obtain credit.\u00a0 The better your assessment, the easier for you to get loans from banks and other formal financial institutions. Good credit score also means that you get the loans at lower interest rates amongst other benefits.\u00a0<\/p>\n

Role of Credit Bureau<\/h2>\n

Credit reference agencies or credit bureau have the responsibility for collating credit information and borrowers financial history.\u00a0 Using predefined parameters, these credit reporting agencies\u00a0 also calculate and rate borrowers.\u00a0 In the United States of America, there are three main credit bureaus.\u00a0 Theses are: Experian, TransUnion and Equifax.<\/p>\n

Each of these agencies covers different region of the United States.\u00a0 Experian serves Central region, TransUnion, West and Equifax covers South and East areas.<\/p>\n

So when you apply for a loan from a bank, or want to increase your credit limit, the bank will request for your credit report from one of the credit bureau.\u00a0 Some employers of labour also request for credit reports on certain categories of employees. The lender or potential employer will use the credit report to assess your suitability or reliability as the case may be.<\/p>\n

It is therefore important that people conduct their financial affairs carefully.\u00a0 Even if you have never borrowed before.<\/p>\n

How to Maintain A Good Credit Score<\/h3>\n

If you desire to keep good credit rating, as I think you should, here’re my ten top tips.<\/p>\n

#1 Develop good money management principles\u00a0<\/h3>\n

Knowing how to manage your money well<\/a> is the first step towards building a sound credit profile.\u00a0 Many people are in debt trap because they have very poor money habits.<\/p>\n

Set up a budget and keep to it. Spend less than you earn. By all means, don’t buy things on impulses; plan your spending.\u00a0 Actively manage your bank account by knowing all the details of what goes into it and comes out of it.<\/p>\n

These are some of the personal money management strategies that will help you live productive life, stay out of debt and maintain healthy credit records.\u00a0 The reason is that if you maintain good money habits, you will not likely borrow unnecessarily. Most people hamper their credit records due to irresponsible borrowing.<\/p>\n

#2. Build Your Credit Profile<\/h3>\n

Start building your credit records positively.\u00a0 This you can do by opening and maintaining active accounts that lenders report to credit bureaus.\u00a0 A great way to start is to obtain a reward credit card.\u00a0 Reward Cards come in either of cash back, that is, a card that gives you back a percentage of your spending.\u00a0 Or travel credit cards, which gives you point for every dollar spent and which you can redeem in the form of free travels.<\/p>\n

#3. Keep Records of Your Spending<\/h3>\n

You must track your spending.\u00a0 This does not only help you maintain a good credit record.\u00a0 It’s a very essential money management strategy that improves your personal finances.<\/p>\n

What would you be keeping records of? Cheques you write, Usage of ATM Card, Credit Card transactions, Debit Card transactions, etc.\u00a0<\/p>\n

Always confirm transactions in your account and report discrepancies within a reasonable time.<\/p>\n

#4. Always Pay Your Debt Promptly<\/h3>\n

Whenever you had cause to borrow, endeavour to pay promptly.\u00a0 If for any reason you are unable to meet the deadline, report quickly to the lender and get an extension or renegotiate terms.\u00a0 Never give the lender any cause to forward your records to the credit bureau as delinquent transaction.<\/p>\n

This advice applies whether you are taking a personal loan<\/a>, business loan or spending from credit cards.\u00a0 And with particular regards to credit cards, ensure you pay more than the minimum monthly payment, if you are not able to clear the entire outstanding balance.\u00a0 This helps to reduce finance charges.<\/p>\n

Do not miss payment, it has a negative impact on your credit history.<\/p>\n

#5.\u00a0 Keep Within Your Credit Limit<\/h3>\n

Not spending above the credit limit on your card or a line of credit from your bank will give you a credit boost. As a matter of fact, it is best\u00a0 to spend below your credit limit.\u00a0 Sound practice is not to allow your credit card debt exceed more than 20% of your annual income.<\/p>\n

#6. Update Your Contact Information<\/h3>\n

Are you moving or changing your contact address? Don’t forget to update your contact information with your lender or card provider.\u00a0 It is a mark of credibility.\u00a0 This will also ensure that your statement and important correspondences are delivered to your new address.<\/p>\n

#7. Set Up Automatic Payment<\/h3>\n

Setting up an automatic payment system for your loan repayment or credit cards payment is a great way of ensuring you don’t miss any payment.\u00a0 At least set it up for the minimum amount due.<\/p>\n

#8.\u00a0Have a Limited Credit Cards<\/h3>\n

The more often you apply for credit cards, the more inquiries on your records.\u00a0 New accounts and regular inquiries are capable of depressing your credit scores.<\/p>\n

#9.High Credit Utilization\u00a0 \u00a0<\/h3>\n

Keep your credit utilization ratio at between 10 – 30%.\u00a0 Credit utilization is the amount of draw down on your available credit.\u00a0 That’s the amount of credit you have used out of what has been made available to you.\u00a0\u00a0<\/p>\n

Lenders pay attention to credit utilization because high credit utilization may mean that the borrower live his life more on credit.\u00a0 And this can be a red flag that may affect your credit score.<\/p>\n

#10. Monitor your Credit Report<\/h3>\n

Something can go and errors appear in your credit report that may lead to a bad credit score.\u00a0 There could be a fraud on your credit card or identify theft that may impact on your credit report.<\/p>\n

So it is important you pay attention to your credit report.\u00a0 Identify any inconsistent and call the attention of the credit monitoring services or reporting agency to get it corrected.<\/p>\n

In Conclusion<\/strong><\/p>\n

Having a good credit score gives you a lot of benefits.\u00a0 It enhances your your financial position and presents you as a better borrowing candidate.\u00a0 You will be in a position to borrow more and less interest if you have a good credit record.\u00a0 So it is important you know how to maintain a good\u00a0 credit score.<\/p>\n

The first step\u00a0 really is to understand the factors that affects your score .\u00a0 This include payment history, credit usage, your credit history and credit mix.\u00a0<\/p>\n

Understand these factors and know how they impact on your credit score.\u00a0 Then arrange your affairs in such a manner that you score high on each factor.\u00a0<\/p>\n

 <\/p>\n

\u00a0<\/h3>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>How to maintain a good credit score!\u00a0 Many people are bothered about it. Why? Credit plays a very important role in economic development.\u00a0 Businesses use credit to purchase productive resources and individual use it to drive consumption.\u00a0 Lenders use credit…<\/p>\n","protected":false},"author":1,"featured_media":3167,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[39,40],"class_list":["post-3153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-talk","tag-money","tag-personal-finance"],"a3_pvc":{"activated":true,"total_views":260,"today_views":0},"yoast_head":"\n10 Tips on How to Maintain a Good Credit Score - 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Their frustration usually begins from the complex application process to the stringent conditions the banks would require\u2026","rel":"","context":"In "Grow Your Business"","block_context":{"text":"Grow Your Business","link":"https:\/\/kobotalk.com\/BLOG\/category\/business\/"},"img":{"alt_text":"","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2017\/08\/Business-loan.png?fit=960%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2017\/08\/Business-loan.png?fit=960%2C720&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2017\/08\/Business-loan.png?fit=960%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2017\/08\/Business-loan.png?fit=960%2C720&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":961,"url":"https:\/\/kobotalk.com\/BLOG\/quick-loan-without-collateral\/","url_meta":{"origin":3153,"position":1},"title":"How to Get A Quick Loan Without Collateral in Nigeria","author":"Terry Amburgey","date":"March 20, 2019","format":false,"excerpt":"Online lending platforms and\/or mobile apps makes it possible for individuals and small business to get a quick loan without collateral. Thus, You no longer need to deal with the frustrating challenges of accessing conventional bank loans. In this post, we highlight some of the popular loan apps in Nigeria\u2026","rel":"","context":"In "Money Talk"","block_context":{"text":"Money Talk","link":"https:\/\/kobotalk.com\/BLOG\/category\/money-talk\/"},"img":{"alt_text":"Quick Loan Without Collateral","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/03\/loan-without-collateral.jpg?fit=942%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/03\/loan-without-collateral.jpg?fit=942%2C628&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/03\/loan-without-collateral.jpg?fit=942%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/03\/loan-without-collateral.jpg?fit=942%2C628&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":4767,"url":"https:\/\/kobotalk.com\/BLOG\/how-personal-loans-can-be-your-highway-to-debt-trap\/","url_meta":{"origin":3153,"position":2},"title":"How Personal Loans Can Be Your Highway to Debt Trap","author":"Terry Amburgey","date":"March 7, 2023","format":false,"excerpt":"Nowadays, it's so easy to access unsecured personal loans.\u00a0 \u00a0The many loan apps and websites around make it possible for people to obtain loans without the usual collateral requirements of regular commercial banks\/financial institutions. All they need is the borrower's Bank Verification Number (BVN). Here are some of the apps\u2026","rel":"","context":"In "Money Talk"","block_context":{"text":"Money Talk","link":"https:\/\/kobotalk.com\/BLOG\/category\/money-talk\/"},"img":{"alt_text":"Personal Loans","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2023\/03\/pexels-nicola-barts-7926692-1-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2023\/03\/pexels-nicola-barts-7926692-1-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2023\/03\/pexels-nicola-barts-7926692-1-scaled.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2023\/03\/pexels-nicola-barts-7926692-1-scaled.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2023\/03\/pexels-nicola-barts-7926692-1-scaled.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2983,"url":"https:\/\/kobotalk.com\/BLOG\/personal-loan-how-to-avoid-getting-into-the-debt-trap\/","url_meta":{"origin":3153,"position":3},"title":"Taking A Personal Loan? 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Much like your driver\u2019s license, getting a credit card is one of the biggest milestones in your life. If used correctly, a credit card can help you build credit, pay off debt, and even earn you valuable rewards down the road.\u2026","rel":"","context":"In "Money Talk"","block_context":{"text":"Money Talk","link":"https:\/\/kobotalk.com\/BLOG\/category\/money-talk\/"},"img":{"alt_text":"choosing a credit card","src":"https:\/\/cdn.shortpixel.ai\/spai\/ret_img\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/09\/Choosing-a-credit-card.webp?fit=1125%2C750&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/ret_img\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/09\/Choosing-a-credit-card.webp?fit=1125%2C750&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/ret_img\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/09\/Choosing-a-credit-card.webp?fit=1125%2C750&ssl=1&resize=525%2C300 1.5x, https:\/\/cdn.shortpixel.ai\/spai\/ret_img\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/09\/Choosing-a-credit-card.webp?fit=1125%2C750&ssl=1&resize=700%2C400 2x, https:\/\/cdn.shortpixel.ai\/spai\/ret_img\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/09\/Choosing-a-credit-card.webp?fit=1125%2C750&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":4762,"url":"https:\/\/kobotalk.com\/BLOG\/7-strategies-to-avoid-debt-trap\/","url_meta":{"origin":3153,"position":5},"title":"7 Strategies to Avoid Debt","author":"Terry Amburgey","date":"March 6, 2023","format":false,"excerpt":"Managing your finances can be challenging, especially when it comes to debt. 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