Hi, I am Ishitha Nupur i want to improve my credit score to get personal loan. Please suggest me
Credit regulations are different in each country, so you really need to ask this on a forum in your own country.
For instance, in the UK, paying off your bills on time will prevent you getting a BAD credit score, but it will not help you get a GOOD credit score, which is what you need in order to get a loan. Whereas that does not apply in Australia.
Was gonna to reiterated what Marisa stated. Credit scoring a based on banking policies of ones country. Generally, the only "bad" credit is no credit. A no credit situation is one where the user has neither debt nor credit. Debt is merely the absence of equity against payments, whereas credit is a surplus of equity against payments or recurring debt.
Too much equity against debt puts the lender at risk. Too much debt against debt the same. Lenders seek to reduce, not eliminatie, their risk. If a user has high equity there is no risk of default and lenders do not like this because there is no risk. Likewise too much debt reduces risk because debt cannot be converted against debt. It is a crazy game.
The best approach to credit scoring is to leverage high equity -paying off bills ahead of time with debt -credit card, mortgage, car loan or cash advance, together. This satisfies the lenders risk requirement while giving the user a strong position to negotiate.
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