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What if I have a bad credit history?



What you didn’t know about how having a bad credit history affects you

Chances are that at some point in your life you’ve heard about credit history and how important it is to take care of it. It’s one of the most commonly used pieces of advice from financial experts: “Look for a positive history,” “don’t risk damaging your credit history,” “a good or bad history makes a difference,” among other phrases. But what do they really mean?

How to improve a bad credit history?

  • If you do not have a good credit history and you are wondering: What should I do to clean up my credit history? follow these recommendations:
  • You should stay current on your debt and credit payments. Pay your payment obligations on time.
  • A punctual payment of your debts indicates to the entities that consult your profile that you have a payment capacity and a discipline to fulfill your obligations on time and this generates confidence.
  • Avoid over-indebtedness. Over-indebtedness means acquiring many debts of great value, perhaps even beyond your ability to pay.
  • If staying current gives the bank an idea of your past behavior, over-indebtedness gives some insight into future behavior.
  • To avoid over-indebtedness, avoid taking out too many credit cards, it is even better to consolidate several debts into one loan.
  • Control your expenses, think that your debt payments should not exceed 30% or 40% of your income.
  • If you have credit cards, use them wisely. Decide well what to buy and where to buy.

Which debts go to Infocorp?

If your debt in the banks is more than 5 soles, you are already in the Infocorp risk center, if your debt is up to date you are rated Normal, if your delay is more than a week Potential Problem, if the time is extended you will have the rating Deficient, Doubtful or Loss.

How long does the penalty last at Infocorp?

The unpaid debt, after five years no longer appears in the credit bureaus, however, in the historical record of the banks it will always be registered and will only be erased when the debt has been canceled.

How long does it take to generate credit history?

From the moment you acquire a financial product, within 7 days, you already have a credit history. For the most part, the time is quite short, it all depends on the product you apply for and the time you can access.

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