Keep in mind that in order to be eligible for such financing you would need to show that your clients have a reliable history
of making payments on time and in full.
This can be frustrating; how can you improve your credit score
by making payments on time if you can't receive approval for funding in the first place?
To card issuers, it encourages their customers to use credit responsibly — that is, primarily
making payments on time so that the lenders have fewer defaults.
Focus
on making payments on time as often as possible to protect not only your credit rating but to maintain a good relationship with the bank.
If you've had trouble
making payments on time in the past and consolidating your debt results in never missing a payment, your credit score could increase from this new positive behavior.
Along with letting time pass, you also need to remain vigilant
about making your payments on time with creditors each month and pay more than the minimum on your credit card balances.
The Smart Option Student Loan offers multiple benefits, including a 2 percent bonus for borrowers
who make payments on time while they are still enrolled in school.
There are some effective ways to improve your credit score over a period of one to two years,
including making payments on time and reducing your credit card balances.
If you've had
trouble making payments on time in the past and consolidating your debt results in never missing a payment, your credit score could increase from this new positive behavior.
If you continue
making payments on time throughout the refinancing process, and your credit score continues to improve, you'll be in a much better position to ask for loan refinancing.
If you've
only made payments on time for six months, then there's still enough doubt from lenders and credit reporting agencies that you could be a risk.