You can ‘fix’ your credit score. Financial advisor shares tips to get you started

702’s Relebogile Mabojta speaks with financial advisor Luca Folpini.

Listen below:

Your credit score acts as a financial report card that demonstrates your reliability in managing your debt.

The higher the score, the better the loan and credit terms, as well as the interest rate.

A bad score makes it hard or, sometimes, impossible to obtain loans.

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Anything below 500 is a cause for concern; anything above 650 is a good score.

“Look at why you have a bad credit score. It’s usually due to late or missed payment or defaulting on your credit… or if you’re using too much credit.”

– Luca Folpini, financial advisor

Folpini shares tips for improving your credit score:

• Pay on time and reduce the balances you have
• Limit the amount of credit you use
• Paid up or no longer use your credit account? Don’t close it, there is history
• Stop applying for new credit when you don’t need it

If you feel like you’ve been unjustly scored, you can take it up with the credit bureau.

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