Yourcredit scoreis a good reflection of your credit health. Lenders use your credit score to assess the likelihood of you repaying your debt and how quickly you’ll be able to repay your debt. Credit bureaus use your past utilisation of credit to determine a credit score. If you arestarting from scratch with no credit history, a FASTACard can help you lay down a good track record and start building your credit profile.
Because your credit score is something that we, at FASTA, will look at when considering your loan application, we asked our Head of Risk, Ryan Singh, to share his tips on how you can improve your credit score using our virtual card, FASTACard.
Build your credit score
Building a credit profile is the key to helping you improve your credit score. Using our FASTACard can be a great way to begin yourcredit journey and buildyour credit score. The virtual card will help you understand credit utilisation, repaying on time andmanaging your creditoverall. If you’re looking to build yourcredit score, let our FASTACard help.
Make timely repayments
All repayments are reported to thecreditbureaus and it’s important that you make all of your repayments for your FASTACard loan on time, every time. Over time, this will show lenders that you are responsible and timely with your loan repayments, and this increases your chances of successfully getting another loan in future.
Make payments for subscription services
Did you know that our FASTACard, much like any other virtual card, is valid for 3 years? This means that, even though yourloanis repayable over 3 months, you can top-up your FASTACard once you’ve paid off your current loan. This makes it the perfect card to use for any recurring payments you have, like subscription services (e.g. Netflix or Spotify), and by paying for these services on time along with your FASTACard repayments, this will have a positive impact on yourcredit score.
Limit how often you apply for new accounts
Don’t make too many loan applications. Excessive enquiries with different credit providers can hurt your credit score, and the same applies if you make multiple loan applications for a single product.
Remember, even though you can havemore than one loan at a time, this will impact your credit score, so you always want to ensure that you apply for loans that won’t cause you financial distress.
APPLY HERE FOR
