03/04/2025
Solid advice ๐ฉท
As someone who doesn't have any financial back ups, this is
๐๐ผ๐ ๐ ๐๐๐ถ๐น๐ ๐ ๐ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ฟ๐ฒ๐ฑ๐ถ๐ฏ๐ถ๐น๐ถ๐๐ ๐ณ๐ผ๐ฟ ๐๐๐๐๐ฟ๐ฒ ๐๐ผ๐ฎ๐ป๐.
๐๐๐๐๐
As someone who needed to build financial credibility to qualify for loans, I started planning when I was 26 years old. Now I am 29yrs old, Iโm starting to see the results of that effort.
โจ๐ง๐ต๐ฒ ๐๐๐ฒ-๐ข๐ฝ๐ฒ๐ป๐ฒ๐ฟโจ
When I was working as a realtor, I had a client with a stable job and a high salaryโmore than qualified to purchase a home. But when I applied for a loan on her behalf, she got denied. The reason?
She had no credit history. Lahat ng bank na inapplyan ko, denied siya.
That experience made me realize how important it is to have a strong credit score. From then on, I made it a goal to build mine so that when the time comes that I need a loan, Iโll have no issues getting approved.
๐ฆ๐๐ฒ๐ฝ๐ ๐ ๐ง๐ผ๐ผ๐ธ ๐๐ผ ๐๐๐ถ๐น๐ฑ ๐ ๐ ๐๐ฟ๐ฒ๐ฑ๐ถ๐ ๐ฆ๐ฐ๐ผ๐ฟ๐ฒ
1. Got My First Credit Card โ I accepted my first credit card from BPI with a modest โฑ35,000 limit. I made sure to always pay in full and on time. (Did not apply for this. But BPI was my payroll account since I was 18 yrs old.)
2. Used My Credit Card Wisely โ I only used it for purchases that I could afford to pay in cash. This way, I wasnโt spending beyond my means. For necessities and wants ito gamit ko pangbayad. It's just like delaying paying with cash pero meron akong cash pangbayad.
3. Accepted Loan Offers (Even If I Didnโt Need Them) โ This may sound unnecessary, but I took small loan offers just to establish a good repayment record.
4. Financed Our First Car โ We got in-house financing from Toyota, and I was surprised to see that it also reflected on my CIBI credit report. (I used Lista App yo check my credit core standing)
5. Purchased A Property โ Bumili ako ng lupa na babayaran ko lang ng 2 yrs. In-house. No interest. Para magamit ko siya as collateral in case kailangan ko mag loan.
โจThe Resultsโจ
โจNow, the credit card offers keep coming in, and my limits have significantly increased:
โข BPI: From โฑ35,000 โ Now โฑ400,000
โข HSBC: โฑ350,000
โข UnionBank: โฑ100,000
โข Security Bank: โฑ1,000,000
โข RCBC: โฑ280,000
I mainly use my credit cards for business purchases, which allows me to pay them off easily while also earning points.
โจPre-approved bank loan offers keep coming in as well.
โจWhen I had to take out a loan, para lang ako bumili ng s**a sa bank. ID lang kailangan, then pirmahan na ng loan documents. I was asking for this ###,### but they would offer me x,###,### amount. Mind you guys, itong bank na to โฑ250 lang laman ng account ko kasi di ako jan nagtatabi ng pera. But I use my cc sa bank na yan.
๐I get pre-approved car loan offers with no income documents needed. Samantalang for my first car, di ako maapprove kaya in-house financing.
Final Thoughts
Building a good credit score takes time, discipline, and strategic financial moves.
If youโre planning to take out a loan in the future, start building your credit history now.
It will pay off when you need it most!
Ngayon, I'm in the stage of establishing my business naman. Matagal siya na gameplan. So start early lalo na if pareho tayong walang ibang mahihingan ng tulong kundi sarili lang natin.
๐
