Having a bad credit? It has a huge impact in your life, more so when you apply for a loan. But before any assumption, find out where you stand regarding your credit score.
Applying for your credit report is free! Request this from any of the following New Zealand credit bureau:
Note: If you are in a hurry to get a hold of your credit report faster, it comes with a fee.
Your low credit score could be the result of lack of discipline and little-to-no credit history. There are also reasons outside of your control, like losing a job.
It will take time to develop financial discipline and improve your attractiveness as a borrower. So, this has to commence now.
On-time bill payments
Obviously, it’s crucial to pay your bills on time. Service providers (electricity, internet, telephone) are also credit providers, who will report your overdues to credit bureaus. Avoid this by making a compromise and they will do what they can to help.
Missing your payment deadlines may indicate that you are not reliable when it comes to on-time payments.
Dispute credit score errors
Upon receipt of your credit report, check for errors and have it resolved immediately. Any discrepancies in your personal details, such as different address on two accounts, could be seen as a sign of fraud — affecting negatively your credit score and loan approval.How To Improve Your Credit Score Click To Tweet
Cancel unused credit cards
Unused credit cards can also affect your credit score. It’s better to cancel them as you can be considered a high-risk borrower when you have extra debt to settle.
Avoid multiple credit applications
Be careful about taking out multiple loans. This can damage your credit score when you can’t make reimbursements on schedule. Another negative effect if you look desperate is they may be less keen with your application, along with your credit score decline.
Lenders will keep rejecting your application because of these multiple loans and defaults.
Financial institutions have seen the increase in need for bad credit loans. They are now offering these loan products to those with poor credit rating. This can be your best option.
Pretty Penny Loans offers bad credit loans and looks beyond your credit score in lending you the funds. For your loan to be approved, it boils down on your income and your capability to make the loan repayment.
To process and approve your loan, you need to submit:
- your personal details
- a bank statement.
Only with your permission will PPL access your information using a safe and secure technology.
For your convenience, apply online!