At present, the financial education It is a pending in the formation of Mexicans, since money management seems to be only for people who are curious enough to learn, but if at some point you can start it would be to know what it is and why it is important to generate a credit history.
This information is used to be consulted by banks or other financial institutionsThey are considering providing you with some type of credit or financing.
When is the best time to start your credit history?
In an interview with MILLENNIUM, Mauricio Pallares, Director of Marketing and Financial Education at BBVA Mexico, explains that generating a credit history as soon as possible is better, since credit information is analyzed by banks and the longer it is shown to have had a good behavior it is more likely that credits will be authorized.
“The important thing is that you are very young, begin to build that good credit history so that you can face the debts that you may have in the future.”
How to start building a credit history?
Starting the history, especially when you are young, can be difficultSince, by not having one, financial institutions do not grant a loan to start generating it.
Then, Pallares recommends show payment capacity to be able to meet the loan obligations, since it is one of the factors considered by credit institutions, which can be easily demonstrated when you have a salary.
In addition, saving is also an option to demonstrate ability to pay.
“The issue of savings is important, although it seems that it has nothing to do with it. If when I am young or start receiving money in some way I start to generate savings, and I show that this savings supports the payments of a loan, it will be much easier for the bank to lend you because you show that you have that ability to deal with credit payments”, He indicated.
To begin, you can choose to request a payroll credit, since the payments will be deducted from your salary automatically and you will not have to worry about making it late.
What if I’m not on the payroll?
In that case, it details that the payment of services is also recorded in the services of credit information and to the extent that you have a good behavior in payments one of those services also gives you a good track record.
How to have an excellent credit history?
Once we start our track record, it is important to maintain our reputation with financial institutions. so that we can access larger loans and, why not, better interest rates.
In that sense, Pallares gives five tips to be able to do it in the best way
1- Know the credit conditions
The first thing should be the conditions of the debt, that is, like the interest rate, the period of time in which it will be paid and if it can be settled in advance.
“Analyze what the conditions of the loan are, for example, a mortgage loan. There are notary fees, you have to give part of the down payment then be very clear about the credit conditions ”.
2-Know payment capacity
Before contracting a debt, we must consider the money that will go from our monthly income to the payment of the credit, which, according to Pallares, should not exceed 30 percent of your income.
“The part of the money that is going to be used to pay the debt, is not going to take away or reduce the amount of expenses that I need for the day to day.”
3-Loans in regulated institutions
For the credit payment to be reflected in our history, it must be granted by a financial institution registered with the National Banking and Securities Commission (CNBV), since otherwise this credit history is not generated.
4-Punctuality in payments
This point may be the main one to have an excellent credit history, because by being responsible with the payment dates, you will be showing financial strength, which is perceived by the bank as a good sign.
The delay of one or two days in the payment of a debt will not affect your history; however, if this becomes a constant, it will affect your credit history.
5- Take loans responsibly
The loans that are requested must be according to your ability to pay, which will allow you to have better financial health. Thus, you can make payments in a timely manner, without affecting your personal finances.
“You have to take loans responsibly, what do I mean, for example the credit card. It is not an extra income, it is a means of payment and it is a means of payment that serves you for a lot of things, such as sending the bank money for up to 45 days with zero cost, in addition to generating points that can be useful to you for a lot of things ”.
What if I already defaulted, how can I restore my credit history?
Mauricio Pallares explains that, in this case, if someone is in trouble paying the debtThe most important thing is to immediately approach your bank and reach an arrangement, which can be in different ways, such as: consolidating the debt, taking a fixed payment plan.
And done the above, once you restructure that debt and comply well with the payments that are established, your credit bureau will be restored because it is shown that you face the debt in a responsible way.
Remove credit
For Pallares, the use of a credit waiver should be the last option to solve the payment of a debt.
“Removal is an option, pero as a last optionIt is super important before looking for an arrangement with the bank so that that mark is not left in the credit history and it does not affect you to apply for loans in the future ”.
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