Credit history is a written report that contains the record of all the credits that a person has requested. There are two ways to acquire a loan: bank loans and credit cards. Having a positive credit record is taking care of your financial health. If you already have products with a financial institution or are thinking of applying for a loan or a credit card, you should follow these tips to clear your credit record of bad grades.
Tips to keep a clean credit record
Before hiring a credit, verify and compare the options offered, considering among other aspects, the interest rates, the benefits they grant you when accepting the terms and above all a credit to your needs, which does not borrow.
Read before signing
Since you decided on a type of credit, you have to read the entire contract, sometimes you can ignore some clauses that may affect us in the future. In the case of credit cards, we should always ask if you have an annual membership payment.
Ability to pay
Whether it is a credit in cash or by card, we must always consider whether we have sufficient financial support to make payments. This is key because if you do not definitely pay your credit history could be affected. One option may be to consolidate your debts so that you can pay them more easily, you can learn more about this method in the article: Get out of debt! Learn to consolidate them
It is not advisable to go over the payment dates, first of all because it can generate monthly surcharges but that can affect our record in the institution. In credit cards it is advisable to consume after the cutoff date, so you have a month and a half to pay without interest.
Check account statement
For having a hectic lifestyle, where you are running for work, studies or children we do not remember if we made any consumption with the credit card and forget to pay. The account statement must be constantly reviewed to avoid arrears and penalties.
If you have had difficulties paying your credit or card, it is important that you go to the bank or financial institution to find a solution to your problem. If you don’t expose your problems at the lender they won’t know you need help.
Request a settlement
If you finished paying your loan or decide to return to a credit card, it is important that you request the settlement to have the guarantee that you fulfilled your payments and did not remain owed to the institution. To obtain the settlement you have to pay a minimum amount to be delivered and it is advisable to request it to have proof that you are not a debtor.
Sometimes it is good to have a savings that you can have in case you get caught for the payment of your credits. This practice is good because when presenting a difficulty, you make sure you don’t fail the bank or lending institution.
The Superintendency of Banks -SIB- is the institution that keeps track of the credit history of people in Guatemala. To have a copy of your record, you must address this entity and they will give you a document with the credit behavior of the last sixty months regarding the date of consultation.
How to know my Credit Record?
- People who want to request their own credit history must do so in the Public Information Unit of the Superintendence of Banks -SIB- located in the 9th. Avenida 22-00 zone 1, Guatemala City.
- The procedure is personal and the Personal Identification Document -DPI- and the Tax Identification Number -NIT- must be presented.
- The credit history has no cost and is delivered within a period not exceeding 10 days from the moment the request is made.
When you have your credit history in your hands and you have an outstanding debt you must take into account this classification to know how you are valued by the credit institutions or banks.
It has already been shown that credit history is the cover letter when applying for a new loan in a financial institution. It is important to have an order with your payments because you never know when you will need a loan to fulfill a dream or an emergency.