Have a good credit history It can give you opportunities to obtain other credits, and even increase the current ones, but sometimes for various reasons people stop paying their debts and they get bad references.
If you already had a loan and the situation did not end as you expected, you should not worry because you have the possibility of improving your history in the Credit bureau and here we tell you how to achieve it.
Why do you get bad credit?
If you have approached a financial institution to apply for a credit card, a personal loan or a payroll loan and you were rejected, it is possible that your credit history has a bad rating.
You should know that a bad credit history is not only achieved by having debts, but also by paying late frequently.
A bad credit history should not worry you more, because it is in your hands to change it, although it will undoubtedly take some time and commitment to improve it.
How to improve your credit history?
According to Yo Te Presto there are two ways to improve your credit history and they are the following:
- Get up to date with your payments. A good option is to take the first step, which would be to cover arrears, and although it will surely involve making sacrifices and extraordinary efforts, it will help you achieve the second possible option that we explain below.
- Request a restructuring of your debt. When you have taken a debt to a level where it is very difficult for you to pay, you only have to accept the facts and face them, which you can do by requesting a debt restructuring, which will allow you to obtain new payment conditions that are feasible for you.
Something that you should consider according to Yo Te Presto is that even if you carry out any of the mentioned options, your credit history will not improve immediately, but rather it will take some time to repair it.
It may interest you: Credit Bureau: This is how you can find out your credit history for free
How long does it take to erase the debts of the Credit Bureau?
The term for your debts to be eliminated from the credit history ranges from one to six years, but there are some conditions for it to be eliminated and they are the following:
- The debt must be less than 400 thousand Udis (more than 2 million pesos)
- The debt should not be in judicial process
- The holder must not have committed fraud in his credits
If you do not apply in any of these categories, when your finances improve it will be reflected in your credit history and you will have access to new credit opportunities.
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