Credit history is an issue that includes us all and is defined as “an instrument used by banks to assess the solvency and ability to pay of the loan applicant”. This registry discloses the management of financial commitments that you acquire throughout your life in commercial establishments such as mobile accounts, chain stores, among others.
This history is a cover letter that demonstrates the behavior of payments and indicates the probability of fulfillment of your payment in credits. The reports are made through risk centers, private entities that record the operations of natural and legal persons. Wise Credit, Bifin and Credit ++ are some of the most recognized in Colombia.
Therefore, starting a healthy life in your credit history is possible regardless of your age and income to obtain greater possibilities of accessing credit in the financial system in the future.
At what age is it ideal to start a credit history?
Starting on this record does not have a certain age, for example, Wise Credit figures indicate that one in four credits in Colombia was granted to millennials, born between 1981 and 2000. In turn, it reveals that young people between 18 and 21 years old They increased their participation increase from 0.9% to 5% in the 3 years studied.
So that current generations understand the dynamism and importance of creating credit history for the future, so this path can be started in multiple ways, one of them is through online loans.
For Wally Verdin, experts in online loans, young people aged 20-35 are the ones who benefit most from this method of financing, both in large cities and in small cities and rural areas.
The main attraction to start credit history in this mode is that it is known as a gateway to credit life in traditional banking, thanks to statistics showing that 7 months after using an online credit, people make a Request for another loan with a bank.
Another way to start credit history is with the payment of services such as mobile. In recognized brands of operators, it is possible to be a postpaid user just by acquiring the equipment in your brand.
7 tips to start your credit life.
Taking into account the importance of starting a credit history, Wally Verdin gives you some tips to keep a good record:
Request loan amounts according to your income
When you start a credit life, it is essential to know the amount of money to request and the term for payments. It is not advisable to pay low-range loans in periods exceeding six months to ensure financial health.
Do not pay debts with other credits
Paying debt on debt to cover other fees is a negative practice and is not recommended in the short term, since it generates an unnecessary repetitive cycle.
Logically measure your expenses
People who start a credit life through products such as credit cards, have a good score in their records when avoiding the use of their maximum debt capacity.
According to Katherine Hudds, the lower the use of that ability to pay, it will be much more beneficial because there is greater self-control of needs, as well as the courage to borrow a little.
Pay on time
Paying on time is essential for good financial performance, keep in mind the payment deadlines and the possibility of default. In case of delaying a payment more than 30 days, the report in the risk centers has a duration of sixty days in the database. Although it is a negative situation, it is possible to handle, as long as you do not make it a regular practice.
Take advantage of the promotions of your financial products
Usually credit cards handle promotions for various establishments and services. Making use of these benefits is profitable as soon as they differ from a short amount of payments and the need and viability of the product are sensibly evaluated.
Customize your financial products
In the case of starting the credit history with online credits, they can be adjusted to your needs and payment habits through friendly solutions. So presenting a long list of physical documents and having a co-debtor in your contacts are requirements of the past.
Start savings habits
Schedule a savings due from the savings account on a monthly basis, have a piggy bank or send a portion of the income to a savings are an excellent alternative to acquire excellent financial health. When you make the decision to save it is important to determine times and a goal. In case of not having clear objectives, emergency savings can be the solution to financial headaches.