Discover the benefits of being up to date on your creditsOn July 15, 2019 by John Albarran
Being up to date on the payment of your debts , whether credits or loans, is not only good for your personal finances. And, after all, living without debts that torment us is everyone’s goal.
There are benefits that go beyond your own economy, know the advantages of being up to date on your credits
More opportunity, for better loans
This is extremely beneficial, because if at any time you need money you can easily dispose of it through new loans . As in your records you appear as a responsible payer, it is easier for banks to approve new credits . Over time, the number of these will increase and if you show that you can deal with the monthly fees, once purchased, the amount and rate will continue to improve.
When I started my credit history, I had a credit card of only 1,000 soles. After a year they reassessed me and since I fulfilled my payments on time they doubled the initial limit, I can currently qualify for cards up to 5 times that amount and even better loans. It could also be your case if you are a good payer!
Ideal for independents
There are people who use excuses, not to access credits, to be independent workers . The truth is that being independent is not an obstacle, since credit history and payment compliance is a determining factor for banks to see you with good eyes.
I know many independents who, being punctual with paying their debts , have no problems accessing loans . Of course, if you work on your own do not forget to issue your receipts for fees to have a document that guarantees your monthly income amount.
Banks can punish you when you are a bad payer by not being able to access new loans and placing yourself on the blacklist of Infocorp for a long time; but if you are a good payer they can reward you.
One way in which you benefit from paying on time is in the credit terms of your future loans or credits. Many banks may offer you lower interest than people who do not have a history as good as yours. In fact for clients registered as CPP (Client with Potential Problems) the interest rates are higher.
Paying on time also brings you the benefit of not having to pay penalties for late payments . Remember that interest on late payments is high and varies by bank and type of loan or credit. For example, interest for non-payment of credit cards or cash disposal service are among the most expensive. You will not want to fall into arrears with them, since in the end you will pay more for penalties than for the initial amount you requested.