How to better your credit score for the digital lending platforms

1. How to better your credit score for the digital lending platforms? When it comes to taking out a loan, the credit underwriting process follows, several factors are taken into consideration before the applicant is granted for a loan. One of the factors that play the most crucial role would be the credit score, if your credit score is low then you face the risk of rejection. On the other hand, you might be granted for a loan but with a higher interest rate. Things might go in your favor if you keep an eye on the credit score. However, if the credit score is low then you should take out some time to ensure that you are taking the right steps to improve your credit score for the loan underwriting process. Read on to know what you should do. How to better your credit score? •Usually your payment history would play a significant role in determining your credit score. If you have monthly payments lined up, then you should make the payments timely. This will have a positive impact on the credit score itself. On the other hand if you miss payments for a month or, for months then that can have a negative impact on your credit score. So, pay attention to this factor before you approach the digital lenders. •When it comes to credits, you should never ever opt for something like any one kind of loan. Do not have only secured or, unsecured loans. The best decision for you would be to opt for a mix of secured and unsecured loans; this will have a better impact on your

2. credit score. But having only one kind of loans would negatively impact your credit score during the loan underwriting process. •Another point to keep in mind is to avoid taking too many loans at the same time, or, make hard inquiries. This will certainly impact the credit score and it will get lower. If you take too many loans at the same time then that is going to have a negative impact on your credit score as well. So, be careful, and if you have old debts that you haven’t paid off yet that might shed a negative light on you as you reach out to the digital lenders, pay those off if possible. Once your debts are cleared and you do not have too many hard inquiries, your credit score will be much better. Those were a couple of ideas that you must keep in mind, if your credit score needs betterment. It is essential for you to have a clear idea regarding the credit underwriting process and also the current state of your credit score. Stay updated, if you want to make an impact.