A well-managed loan can help you meet your goals in a short time, so it is important to know how to take care of it, have good financial behavior, and be a good candidate to access more products of this type in the future.
They are used to help you capitalize, invest in assets, or buy a good, such as a car or a property. They will also be extremely useful if an unforeseen event, medical emergency, or other event occurs. Consider it an economic support that is always good to have available.
What types of credit exist?
Different credit products adapt to each need, such as:
- Credit cards.
- Free investment credits.
- Mortgage loans.
- School credits.Â
- Auto loans.
- Payroll credits.
- Personal loans.
7 tips to take care of your credit
To ensure that you have good financial health and can obtain, for example, a Coppel Loan when you need it, we invite you to follow these recommendations.
1. Regularly review your credit report
Everyone who uses financial products has a credit report. It is a history in which you are assigned a score. It corresponds to your financial behavior, card management, personal loans you have had, and the management you have made of your past debts.Â
It can be issued by a banking institution or a credit information company, which provides a free consultation once a year. It is useful to review it periodically so that, if there is an error, you can report it. A favorable report gives you a good image in the eyes of credit institutions.
2. Make proper financial planning and know your payment capacity
Financial planning is a tool that will help you better control your finances, make better decisions regarding your money, and establish realistic short- and long-term goals, such as having a savings plan.
To achieve this, it is essential to establish a budget with your income and expenses and to know your payment capacity, that is, the money you have available to meet your obligations. Being clear about this helps you not to exceed your budget and to be able to meet your basic needs.
3. Pay bills on time
Every financial obligation you acquire has a payment deadline. After the agreed-upon date, interest begins to accrue. Complying with this deadline is crucial to keep your accounts under control, avoid an increase in your debts, receive fines, surcharges, or fall into default. Paying on time also helps you if you want to apply for a financial product. It will be easy for you to obtain it in a very simple way, with all the possible benefits.
4. Know how to use a credit card correctly
If you have a card, keep certain aspects in mind, such as knowing the cut-off date and being responsible with that commitment, regularly checking your account statement, and keeping in mind the annual fee payment.
It is advisable to keep the balance on your card below 30% of the available limit. This allows you to manage your income well and meet your essential expenses without any problems. Keep your debt level manageable and take care of your credit.Â
A valuable tip is to set up your payments by direct debit so that your credit institution can automatically settle them and you don’t have to worry about meeting the deadlines.
5. Paying more than the minimum on credit cards
Continuing with the point of how to use a credit card correctly, another recommendation is not to focus on the minimum payment but rather to focus on the total payment, so as not to generate interest that increases the total amount of what you committed to return.
This way you will make good progress on your debt, without making it bigger, and you will be a client who fulfills that financial obligation, which will be taken into account by the lending institutions.
6. Check your card transactions from your banking app
Fortunately, there are now online banking tools that you can use to know the status of your accounts and cards in real-time. Your transactions are listed there, so you can know if you are meeting your budget or if you have small expenses and eliminate them.
Use your banking app regularly to keep track of payment dates and amounts, see the transactions made in detail, identify anomalies or charges not recognized in time, and clarify the situation with your financial institution.
Take care of your credit by keeping an eye on your accounts and cards. This will help you manage these aspects responsibly.
7. Protect personal and financial data
Take care of your personal information and do not give your financial data to anyone, unless it is your own bank or credit institution, because there is very sensitive information that a third party could misuse. Do not trust anyone who is not on an official website and avoid fraud with measures such as:
- Create strong passwords for your apps and banking profiles, mixing numbers, letters, and characters.
- Be careful not to write down your account logins or use the same password. It is wise to change it periodically.
- Activate two-step authentication, so when you log in you will receive a confirmation message with an additional code that has a certain duration and arrives at your phone or email.
- Be very cautious with emails that ask for personal information and avoid clicking on suspicious links.
- Don’t mention your details when they call you about alleged problems with your accounts, cards, etc. It’s better to say that you’d rather clarify the matter at a branch and get personal advice.
By following all these recommendations, you will be able to keep your accounts safe and well-managed. Achieving a favorable credit score will open the doors to future financial opportunities, such as applying for a mortgage product, starting a business, or easily accessing your Coppel Credit.
