How do you feel when you apply for a loan and your request is declined? Not so great right? I can tell you because I have been there before.
No sentence hurts more than “Unfortunately, you are not eligible for a loan” when you need quick cash for an emergency or business.
Nancy’s story changed when I shared tips on how to improve her credit score and she followed these tips dearly. she got a loan weeks ago to scale up her business online capacity, which was a much-needed measure due to COVID-19 Outbreak and the lockdown. All thanks to boosting her credit score and of course to me! 😀
Your credit score is one of the most important measures of your financial health. It helps your lender determine how responsible you are. The better your score, the easier your loan requests are approved. A higher credit score can grant you access to the lowest interest rates in the market.
There are some simple things you can do If you’d like to improve your credit score on FairMoney. It takes a bit of effort and, of course, some time. Here’s a guide to achieving a better credit score with FairMoney.
1. Use FairMoney To Pay Bills
Some people just delete the FairMoney app once they don’t get a loan the first time, that’s a wrong move. To improve your credit score, you need to keep the app on your phone and pay bills, buy airtime and data. This will help us get more information to give you a loan offer.
2. Ensure You Receive SMS From Your Bank
One of the things the credit engine checks on your mobile phone is your credit alerts. It helps to determine your credit behaviour. Hence, you need to keep your bank alerts on your phone, ensure the sim that receives the alert is active on the android phone you use in applying for a loan.
3. Upload Your Bank Account Statement.
If you do not receive SMS alerts on your phone or you probably lost your sim, one thing that would help improve your credit score is to upload your statement of the account while requesting for a loan. This way, your credit and debit alerts can still be accessible.
4. Pay Loan On Or Before Due Date.
Your repayment history is key and can be the most influential factor in getting a loan. Repaying your loan on or before the due date shows that you’re responsible with credit, and might help you get higher loans.
Also, ensure you are not indebted to any other loan platform and your BVN has not been tarnished (a BVN could be flagged from the bank due to some inappropriate activities and behaviours avoid such). Follow all these steps and watch how your chances of getting a loan increase.
If you find these tips helpful, kindly share it with your friends and also drop a comment.
Keep staying safe and healthy!