Your credit score says plenty about you whenever you want to borrow money from banks or licensed moneylender in Singapore. So, if you need to increase it, there are some ways in which you can do so faster. Below are a few of the many ways in which you can help increase your credit score over time. Whether buying a new home or car, or simply looking for a new apartment, the higher the score, the easier it will be for your approval.

1. Paying your bills in a timely fashion

Whether you borrow from licensed moneylenders in Singapore, or credit cards, you need to pay your bills on time. And, when it is possible, pay them early. Not only do you eliminate the embarrassmentof having to call lenders every month to explain late payments, but your credit score is going to increase gradually over time as well, when you are making payments to your accounts in a timely fashion.

2. Keep your job

When you have steady income, it is a good sign you can repay your expenses. From credit cards to money payday loan, when you have money coming in each month, you can spend it on paying the expenses you owe to your creditors. Not only do credit-rating companies look upon this favorably, but it will help you to bring up your score over time as well, as you can make your payments going forward as a borrower.

3. Own (homes, cars, savings, etc).

These items are considered assets to banks, and the more assets you have, the more of an asset you are as a borrower as well. It signifies you are doing well financially, so it signifies you are the type of person who is capable of paying their bills. It also is a sign that you are a responsible borrower, and this also means lenders view you as a person who is more likely to make your payments, and to make them on time. All of these things will help you bring up your credit score over time, so when the time comes for you to apply for a loan or a credit card, more lenders are more likely to approve you for the funds you are applying for.

4. Repay debts in less time

If you can, make payments early and make more than the minimum each month. Sure, there are times you simply can’t afford to make a payment which is higher than the minimum in some months. But, when at all possible, try to pay more than the minimum which is do on your accounts. It is not only going to help reduce the amount you are paying towards interest, but will also help lessen the principle in less time, so you can get out of debt in less time as a borrower as well. Banks will take this into consideration and look at you as a valuable asset as a borrower. And, in the future, it is going to make it easier for you to get approved for loans, a mortgage, or a loan so you can buy a car when you apply for these types of financing.

5. Maintain relationships

Build relationships with banks; as a matter of fact, remain a customer of one bank for as long as possible. Doing this makes you a commodity. It makes you a valuable asset, and a person they can count on. Retaining customers is far cheaper than having to draw in new customers; this goes for banks as well. So, if you are a long-time customer, it is going to bode favorably on you. Not only will your interest rates be lower (when you apply for a loan or credit card with that bank), but when you are in a tough situation financially, and have to make a payment late, they are more willing to work with you as a valued customer. So, build relationships, and try to stay with one bank as long as you can as a borrower.

All In All

There are a number of ways in which you can bring up your credit score over time. These are five simple steps you can take to build up your score, to do so in a short amount of time, and to help build up your reputation as a borrower and a loyal customer, to banks and to lenders alike.