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To achieve a good credit score, we at Merek & Partners guide you through:


  • Knowing what makes a good credit score

The first step to getting a good score is to have knowledge on what a good credit score consists of. To calculate the credit score some factors are considered:


Payment history- this entails information on how you paid previous loans. Did you default or pay on time?


Recent credit- this finds out if you have applied for credit recently.


Credit age- finds out if you are new to credit or you have been taking credits for years


Mix of credits- a good score has a mix of credits like mortgage, auto loan and student loan.


Level of debt- this entails how much you owe lenders

Now that you know all this factors, we help you ensure that they are all in good shape for you to get a positive score.


  • Ensuring bills are paid on time

You know that feeling when you finally get your paycheck but you have to part with almost half of it just for bills. It is frustrating and sometimes you even want to ignore some of these bills and pay later because well…there are other things that need attention. 


Unfortunately, this is not a good habit if you want a good credit score. Whether it is paying for your credit card or repaying your monthly loan rates we recommend that you do not delay payment. 


This is because all your credit activities reflect on the credit reports and delaying will only affect your credit score negatively. Apart from loans, other bills can also appear in your reports if they remain unpaid. Your telephone service debts, medical debts as well as other utilities are likely to affect your score thus you should always plan to pay for them too, on time.  


  • Regulating your credit applications

When you apply for many loans at a go, you stand a chance of getting a low credit score which will in turn lower your chances of loan approval. Therefore, we advise you to only apply for a loan when you really need to otherwise don’t. We help you to make a list of what you require and rank them in order of priority. We always recommend that you get a loan for the first in line. If it is tuition fee versus a new model car (yet your old one is working just fine), we suggest that you leave out the car.


  • Maintaining a low credit card balance

With a credit card, it is quite easy to go on shopping sprees and surpass your credit limit. You may be thinking that it is okay because you will pay off the balance once you get the billing statement, but it is hardly the case. For a good credit score, your balance should not go beyond 30% of the credit limits. If it does, your credit score suffers. You can also opt to keep track of your account online and pay the balance way before the statement arrives.


  • Managing your debts

Just like paying your bills on time, lenders are also on the lookout on how well you pay your debts. Having many unpaid debts notifies the lender that you are not a responsible borrower limiting your chances of getting a loan. Our advice to you is to always budget for debt repayment in your income to avoid accruing lots of debts because they will negatively affect your credit score and stall future loan applications.


  • Checking your credit report regularly

In as much as you pay bills on time, manage debts or regulate your credit applications, you may get a drop in your score due to errors. Owing to this, we advise you to always check your credit report throughout the year which will be easy to follow through. That way, it will be easy to notice any changes. Theft and fraudulent activities can also be detected with constant follow up. In case things remain unclear to you, we offer our support in clarifying the errors and making the enquiries at the credit bureaus on your behalf. 



HOURS OF OPERATION

Monday: 8:00-20:00
Tuesday:8:00-19:00
Wednesday :8:00-19:00
Thursday:8:00-20:00
Friday:8:00-20:00
Saturday:8:00-20:00
Sunday : Closed