{"id":355332,"date":"2023-08-23T15:52:00","date_gmt":"2023-08-23T07:52:00","guid":{"rendered":"https:\/\/www.ziet.co\/v2024\/?p=355332"},"modified":"2024-09-26T15:55:53","modified_gmt":"2024-09-26T07:55:53","slug":"shh-secret-to-boosting-your-credit-score","status":"publish","type":"post","link":"https:\/\/www.ziet.co\/v2024\/newsletter\/shh-secret-to-boosting-your-credit-score\/","title":{"rendered":"#11 Shh\u2026Secret to boosting your credit score"},"content":{"rendered":"\n

<\/path><\/svg><\/span><\/span>Estimated reading time: <\/span>4<\/span> minutes<\/span><\/p>\n\n\n

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Timely updates to supercharge your wealth-building journey!<\/p>\n\n\n\n

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TABLE OF CONTENTS<\/strong><\/h3>\n\n\n\n
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  1. Shh\u2026Secret to boosting your credit score<\/a><\/strong><\/li>\n\n\n\n
  2. Word of the Week: Net Asset Value (NAV)<\/a><\/strong><\/li>\n\n\n\n
  3. Key economic dates: US Services PMI<\/a><\/strong><\/li>\n\n\n\n
  4. What I\u2019ve been reading<\/a><\/strong><\/li>\n<\/ol>\n<\/div>\n\n\n\n
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    Shh\u2026Secret to boosting your credit score<\/strong><\/h3>\n\n\n\n

    Your credit score is a crucial number that lenders use to determine your creditworthiness. It is extra important when you are applying for loans from any financial institution, be it a personal loan, mortgage loan, or car loan – banks will give lower loan amount with higher interest rate if they see you as untrustworthy.<\/p>\n\n\n\n

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    But Rome was not built in a day! It takes time to build a solid credit score, and here are some super strategies you can do-<\/p>\n\n\n\n

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    1. Pay your bills on time<\/strong> \u23f0<\/h4>\n\n\n\n

    Yes, it sounds obvious, but I’m serious. Timely payments contribute to 45% of your credit score! So pay your bill on time, banks love reliable and trustworthy people!<\/p>\n\n\n\n

    If you accidentally forget to make a payment but have an otherwise solid history, contact your lender and request to have your mistake removed from your record.<\/p>\n\n\n\n

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    2. Keep your credit utilization low<\/strong><\/h4>\n\n\n\n

    This is the ratio of your outstanding credit card balances to your credit card limits. A general rule of thumb is to keep it below 30%. So, if your credit limit is RM10,000, try to maintain a balance below RM3,000. Your credit score will thank you!<\/p>\n\n\n\n

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    3. Diversify your credit<\/strong><\/h4>\n\n\n\n

    A mix of credit types (credit cards, car loans, housing loans) can actually make you look more reliable to lenders as it is a sign that you can manage your debt effectively.<\/p>\n\n\n\n

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    4. Avoid applying too many credit cards at the same time<\/strong><\/h4>\n\n\n\n

    A credit card with good repayment history will boost your credit score, but remember to do it right! Applying many at the same time is not helpful – you potentially create an impression that you are borrowing more than you should be.<\/p>\n\n\n\n

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    5. Keep old credit card accounts open \ud83d\udcb3<\/strong><\/h4>\n\n\n\n

    Older accounts show a longer history of credit management. They’re like your superhero origin story. Don’t erase it! If your older card has a more generous credit limit, it can help to lower your utilization ratio.<\/p>\n\n\n\n

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    Do you know your credit score? \ud83e\udd14<\/strong><\/h4>\n\n\n\n

    To find out your personal credit report, you can check it via Credit Reporting Agencies such as CTOS<\/a>.<\/p>\n\n\n\n

    Remember, improving your credit score isn’t a race; it’s a marathon. Be patient, consistent, and stay on the path of financial righteousness. If you would like to know which credit card works the best for you, check out my video here (not promoting any credit card, just genuine personal thought)!<\/p>\n\n\n\n

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