In today’s conditions, loans with banks and products have become one of our sine qua non . We try to take advantage of almost all products offered by banks, including loans and credit cards . Bank products are safe enough to be safe when used correctly. Once you know how to use it, there’s no way you’ll have problems with banks after you make your payment plan tidy and beautiful. However, banks may start to approach us more moderately by lowering our credit rating in case of delay. Of course, one of the main rules is to have a high credit score in order to offer these bank products. How to increase the credit rating in such cases? We will look for answers to our questions such as what is required to upgrade your credit rating and how many months your credit rating rises .
What is the Minimum Credit Rating?
Banks have more than one evaluation criteria. These criteria may also vary from bank to bank. To illustrate this, there are interest rates applied by banks, product range and a credit rating limit required for approval of these products. For example, Mar Bank applies a low interest policy to a low credit rating and a low interest rate to a high credit rating. When this is the case, it may be wrong to say something clear about how much your credit rating should be.
However, this does not mean that anyone with a low credit rating can benefit from the products. Your credit rating must be at least 1200 for banks. This limit is certainly not a rule or law. For example, a bank can give credit to a customer with a credit rating of 1000. However, the average credit rating is 1200. If we need to translate it into Turkish , we can approach this credit score as “good or bad” . The bank may require additional collateral from persons with this credit rating. For example, if your credit rating is over 1300, you will not have any problems and problems in Mar Bank products. Grades 1500 and above are valuable customers in the eyes of banks. In order to learn your credit score, you can read our article How can I learn my credit score.
Credit Rating Rises in How Many Months?
So how many months does this credit rating increase? For reasons that you do not have, your credit rating may have been dropped against your will. If you need an urgent loan , this low credit rating may also have a negative impact on your record and may result in your credit being rejected. There are various methods and specific rules for improving the credit rating. First of all, if you want to increase your credit rating , you should arrange your payments and be careful not to make late payments after this stage. Your credit card usage must be regular, and your payments must also be regular. Making your daily money purchases through banks will affect your credit rating positively.
If you pay attention to all these things, if you streamline your bank product usage, your credit rating will be restored in at least 1 month and maximum 3 months. However, this does not apply to persons who have entered legal proceedings. An individual in legal proceedings needs a little more time to correct his or her registry. If we need to list the methods mentioned above,
- Payments are made on the day and regularly,
- Regular use of credit card,
- Payment above the minimum amount on payment days,
- Reset your current debts if you have the opportunity,
- Make your daily money purchases through bank channels.
The most effective of these methods is to close your current debts at once. If you have low debts that you are eligible to pay, you can close them at once and make early payments and increase your rating. Banks will look at early payments positively. Thanks for reading our article, you can send us your comments on the bottom of the comments section.