Having a good credit score results in better chances of obtaining additional finance.
Whether as an individual or as a company, having access to credit can be quite useful at times. This is why it’s important to maintain a good credit score at all times.
How do you maintain a good credit score?
Gloria has had a number of credit agreements for a few years. She is aware of her current credit score and is looking for ways to maintain it, or to even improve upon it.
She needs to know what her actual score is as a start. This is a good place for her to start because this gives her a better idea of how much she needs to do in order to maintain standards.
It requires a clear and honest assessment of debt repayments as well as spending behaviour. Gloria has to remain consistent throughout the process.
Prioritising the amount of debt she has is a good idea.
Avoid applying simultaneously as this could result in creditors regarding you as in a bad financial position. She needs to make efforts to pay any debt off she has, as diligently as possible.
If Gloria can’t afford to borrow, she should rather avoid doing it. If not, she is likely to find herself in a position where this measure is negatively affected because of skipped payments.
Anything lower than 620 is considered high risk, so Gloria needs to make sure that she targets having a score higher than this.
Gloria’s efforts need to remain consistent throughout the process. She needs to make sure that she is diligent about it all and that she does her best to find effective ways of developing excellent credit status.