Introduction
Your credit score is a reflection of your financial responsibility and determines your ability to access loans with favorable terms. Unfortunately, many Nigerians overlook the importance of maintaining a strong credit score. At Wakacredit, we prioritize financial empowerment through transparency, helping borrowers make informed credit decisions.|
1. Pay Bills on Time
Late payments can significantly impact your credit score. Always pay loans, utility bills, and credit card bills promptly to build trust with lenders.
2. Reduce Debt-to-Income Ratio
Keeping your outstanding debts minimal improves your credit score and increases your chances of securing a loan. A debt-to-income ratio below 30% is advisable.
3. Maintain a Mix of Credit
Diversify your credit portfolio with a mix of loans and credit products, such as business loans, personal loans, and asset financing.
4. Check Your Credit Report Regularly
Errors on your credit report can lower your score. Ensure you review your report periodically and dispute any inaccuracies.
“Ensure you review your credit report periodically and dispute any inaccuracies“
5. Avoid Frequent Loan Applications
Every loan application triggers a hard inquiry on your credit report, which can negatively impact your score. Apply only when necessary.
With Wakacredit’s efficient and fair lending model, maintaining a healthy credit score means access to faster approvals and better financing options.
