Licensed Money Lender Personal Loan Dhoby Ghaut

One of the most important aspects of life is your credit score. Your financial health is a major factor in determining how much you will borrow for a purchase such as a mortgage or a vehicle. 

If you have a low credit score, don’t worry! Here are 5 easy steps that can help get your credit scores back on track.

Step One: Consolidate debts

Instead of having multiple credit cards, personal loans, consolidate your debts to one creditor.  In doing so, you will pay a low-interest, single-payment loan to get you out of debt slowly but surely.

Step Two: Set Up Automatic payment for your bills

This is a simple, easy way to make sure you are always on time with your monthly payments. Set up automatic payments on all of your bills to avoid late penalties or fines from creditors. The consistency of paying on time will create a new and nice reputation for your score.

Step Three: Budgeting your daily expenses

Keep track of what you spend every day, and make sure that it is within the limit. Focus on what is necessary to spend instead of spending on things to fulfill your desire.

Step Four: Opening a new credit card or personal loan

This may seem like it would hurt your score, but opening up just one line of credit will raise the average age on your accounts.  Again, don’t get too carried away! One account is enough to boost that number – more than likely, you’ll be denied anyway if you have a bad history of paying off debts in the past.

Step Five: Consider a balance transfer

A balance transfer is when you take all the money sitting in your credit card and move it to another credit card with more favorable terms. This will help lower your interest rate, which can save you hundreds of dollars every year on compounded interest.

Keep an eye out for promotions, too – sometimes there are deals where they’ll waive the interest, but even so, it could still provide some relief from heavy debts and high rates!

Final Thought

If you’ve been struggling with your credit scores, don’t give up on trying the 5 easiest steps above today. We hope this list helps get your score back in order! For more information about a personal loan, visit 1 Fullerton Credit, a trusted licensed moneylender in Singapore for over 10 years.

Need a loan? Check out Personal Loan Dhoby Ghaut!