The credit score has become a key tool for Colombians, leveraging the development of and access to financial products.
At this juncture, knowing how the score works and having healthy behavior is essential for the life of any citizen who wants to be part of the financial system.
The score, in addition to being a reflection of your financial behavior, is a tool used by entities to measure the risk of granting credit.
The higher your score, the more likely you are to access credit and on more favorable terms, save you money. Take into account these recommendations to take better care of your credit score in 2021:
1. Know what your credit score means and understand what its variation depends on.
It is important to know what your credit score is. This depends on different variables that analyze the payment behavior that you have with certain credit products. This process can be complex, which is why DataCrédtio Experian offers the midatacrédito.com tool, where people can find out their score and the factors that affect it. A complete understanding of the score allows for better financial planning. However, remember that these changes do not happen overnight and it is best to cultivate a good culture of payment.
2. With a good knowledge of your score you can better understand your borrowing capabilities
Do not overdo it, keep in mind that opening many obligations will probably not improve your credit score and, on the contrary, unnecessary credit can damage your credit score. Make sure you have complete planning of your expenses and your credit projects, to understand your limits. Good payment behavior with good planning can make a difference.
3. Build a good credit score
Before taking care of your credit score, you have to start by developing one. Good financial planning can guide you towards what types of credits can work for you to build history and strengthen your score. In the same way, it is key to understand the debt capacity, since it will be the one that marks the stop in terms of products and services to acquire. And remember, just as there are good days, there are bad days, so be prepared to maintain good payment behaviors with good planning.
4. Have a good credit balance
Having financial obligations is part of the daily life of all consumers and this does not necessarily have negative implications. Good payment behavior can improve your score, so the goal is not to close all products as quickly as possible. Keep in mind that the key is good planning, good behavior, and responsibility for debt capacity.
5. Know the benefits of having a good credit score
Just as it is key to know the responsibilities, it is also necessary to know the benefits of having healthy payment behavior and a good credit score. In addition to better and more credit opportunities, this also allows you to have access to projects such as your own home or car. The important thing is to know your current capacity and understand how you can improve it to achieve greater capacity in your products.