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Making a good track record to qualify for a loan

marccruz · 8 · 1901

marccruz

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Hello there.
I'm a fresh graduate and is currently self employed as a professional nutritionist. I'm planning to start up my financial career with a business but I have no capital to start with. Can anyone please walk me through how I can start from my current situation o to being able to qualify for a personal loan in the near future. I would be glad to hear your advice. I'm really a newbie with regards to financial matters and a very much eager to learn.
Thank you very much. God bless you.


freelancer_babe

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Reply #1 on: Feb 08, 2012, 07:28 AM
Try building your credit history with a credit card. Most do. Most likely you'd be able to get a secured credit card (but not 100% guaranteed even if you have an amount for hold-out deposit), as you might not be qualified for a regular credit card yet.

Also, check your income. Having ample stable income would get you qualified for loans easily. Even if you haven't built your history with a credit card.

For the meantime, you can take advantage of loans from SSS, PAGIBIG and from your company's coop. Although I don't think they count yet in building credit history, they could pretty much be of use to you - probably after a year or two of work.
« Last Edit: Feb 08, 2012, 07:31 AM by freelancer_babe »


freefront

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Reply #2 on: Feb 08, 2012, 08:41 AM
Start with your bank. Be very visible in there. Pay bills that aren't even yours( as in do a favor for your housemates) just as long as you are moving money along. Get your savings account balance high enough and deposit regularly so they see the pattern. You will soon receive an offer for a credit card. Use that for your normal purchases as if you are using your cash. Pay the bill free and clear. Repeat. Another card will come along. Give the same treatment. You might even get another account from another bank and move the money back and forth,etc. "Active" also weighs in when they are looking at your transactions.

^Those things happened thru' necessity, to me. But I read it somewhere else, too, after the fact na nga lang. Just get into the lender's radar first of all.


vicces

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Reply #3 on: Feb 08, 2012, 09:00 AM
Start with your bank. Be very visible in there. Pay bills that aren't even yours( as in do a favor for your housemates) just as long as you are moving money along. Get your savings account balance high enough and deposit regularly so they see the pattern.

^Just get into the lender's radar first of all.

^ i concur (oi 2 in a row na ito, freaky wednesday?!). Maximum exposure will get the lender's attention. ganyan din daw gawin mo after you've obtained the loan, make the effort to go personally and pay your installments in person if you can (ahead of time pa if possible), breeds familiarity and you establish good personal relations with them, pwede ka ng makisuyo ng maliliit na bagay later on... i think women do this well, minsan lang OA na, sa bangko nakikipagchikahan pa sa mga tellers e ang haba na kaya ng pila ng customers... move it along, woman! hmmp!


freelancer_babe

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Reply #4 on: Feb 08, 2012, 06:52 PM
Start with your bank. Be very visible in there. Pay bills that aren't even yours( as in do a favor for your housemates) just as long as you are moving money along. Get your savings account balance high enough and deposit regularly so they see the pattern. You will soon receive an offer for a credit card. Use that for your normal purchases as if you are using your cash. Pay the bill free and clear. Repeat. Another card will come along. Give the same treatment. You might even get another account from another bank and move the money back and forth,etc. "Active" also weighs in when they are looking at your transactions.

^Those things happened thru' necessity, to me. But I read it somewhere else, too, after the fact na nga lang. Just get into the lender's radar first of all.


I strongly agree to this.

Since you are still starting out, you are supposed to make a good track record on your savings account. That account is your starting point. If you have saved plenty enough, your bank would take notice. It will be easier for you to avail of other products from the same bank such as loans and credit cards.


naomibatac

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Reply #5 on: Feb 18, 2012, 01:04 AM
Try to apply for a prepaid credit card. It will help you with your payment needs and build credit history to support other loans in the future.


freelancer_babe

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Reply #6 on: Feb 18, 2012, 07:30 AM
^ Prepaid credit cards are actually an inaccurate term for debit cards, so there's really no such thing (you'll only find a bunch of debit cards if you search for this term in google). Because you have to load money first into the card to be able to use it, it DOESN'T built credit history. Credit is borrowed money, and these debit cards work the opposite way - money is already available for payment which can be deducted from the card, hence the term "debit".


research_solutions

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Reply #7 on: Feb 18, 2012, 09:32 AM
I thought before that the strongest qualifications would be a strong income and/ or solid ITR. aside from trust of course


 


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