Your credit score influences whether a loan is approved and at what interest rate. Improving it before applying can save a lot of money over the life of a loan.
1. Check your credit report
Get your report from a credit bureau. Check personal details, loan accounts and payment history. You are entitled to free reports periodically from the bureaus.
2. Fix errors
Closed loans shown as active, wrong overdue amounts or accounts that are not yours can pull your score down. Raise a dispute with the bureau and the lender, with proof.
3. Pay on time, every time
Payment history is the most important factor. Set up auto-debit for EMIs and credit card bills.
4. Keep credit utilisation low
Try to use only a small part of your credit card limit and pay the full amount due.
5. Avoid many loan enquiries
Applying with many lenders at once creates multiple hard enquiries. Compare offers first and apply where you are likely to qualify.
6. Keep old accounts and a healthy mix
A long, clean credit history and a mix of secured and unsecured credit help over time.
Talk to ATTPL Finance
See our home loan and business loan services or contact us. Read the MSME loan guide. For bookkeeping that supports loan applications, see ATTPL Consultancy.
