Being in Bank is not a bad thing, but appearing in files with a bad reputation will make it much more difficult to obtain a financial product. Therefore, we tell you how you can improve your reputation in Bank with a good rating. Entities such as the Rate apply lower interest rates when applicants have a good track record.
How does the rating work?
The Rating in Bank you will find it with the name of My Score and it is reflected how you behave with personal loans and loan cards. That is, if you return the amount in the agreed time.
This behavior is reflected in a number and color, and will be taken into account by the entities when trusting or not in a client. This score will vary depending on your behavior , it is very important to have a good Score to give a good image and be able to request other loans.
Each month your behavior is shown with a number with the fees you have to pay back. And each number means the following:
1. You are up to date with payment
2. You have a delay of 1 to 29 days
3. You have a delay of 30 to 59 days
4. You have a delay of 60 to 89 days
5. You have a delay of 90 to 119 days
6. You have a delay of 120 to 149 days
7. You have a delay of 150 to 12 months
9. You have a delay of more than 12 months or your account is in debt
In this article you can see how to check your Bureau for free and how much it can cost more than one consultation per year.
How to improve your reputation in the loan Bureau?
If you have had a problem with a financial product and you have a negative score , you can improve it in the following way. First of all, you must have returned all your loan or paid off your debt.
1. Liquidate your loans or debts
As we have said, to start having a positive track record it is necessary to do things well, to comply with the quotas agreed upon at the time. If it has not been your case and you are having problems to repay your loan, talk to the entity to reach an agreement that fits your economic situation or contact a loan repair company with which you will acquire healthy financial habits.
loan repairers are a good solution to improve reputation in Bank when making personalized financing plans in order to settle outstanding debts. In addition, they can achieve a 70% reduction in your debt.
2. Shows reliability
We are in the moment that you have already settled your outstanding debts and you have a bad score in the Score.
You can improve your reputation in Buró, little by little, by asking for loans of little amount of amount that you can return comfortably. In this way, you will create a good financial behavior and will be reflected in a positive score. You will not have an immediate result, you will have to request an amount from time to time.
You can also perform the same management if you have not yet ordered any product, since it is a way to build trust.
3. Ask for a greater line of loan
When you have shown that you comply with the agreed upon small loans, it is time to extend your line of loan responsibly. You can receive financing to buy a car, pay for studies, medical treatments …
It is very important that you increase your amount in a responsible manner without falling into over-indebtedness, otherwise, we would have a negative score and difficulties in requesting a financial product.
4. Ask for a loan card
Now we are in a good situation, with an improved reputation in the loan Bureau. It’s time to benefit from loan cards and demonstrate your good habits. Remember to always be aware of your payments. In this case, it will be much easier to ask for large loans to carry out large projects such as buying a house, opening a business, etc.
Having a bad score and debts will make our daily life difficult, but it is not impossible to get out of there. Follow these steps to improve your reputation in the loan Bureau. In the medium and long term it will benefit you and you will be able to receive an amount with better conditions.