Improving your credit rating? One step closer to your dreams!


Every project in life, whether it's buying your first home, acquiring a new car, or even financing your dream holiday, often begins with a need for finance. This is where your credit rating comes into play, playing a central role in accessing advantageous loan conditions. A good credit rating opens the door to lower interest rates, faster loan approvals and flexible repayment terms. At LuxKredit, we understand the importance of building and maintaining a solid financial record. Find out from us how to turn your credit rating into a passport to your future aspirations.

1. Saving for a higher personal contribution

One of the most effective ways of improving your credit rating is to include a substantial personal contribution when you apply for a loan. Lenders are generally more inclined to offer better credit terms when the applicant provides a significant proportion of the finance. This reduces the risk for the lender and shows your commitment to the project being financed.

2. Reduce existing debt

Before applying for new credit, it's crucial to reduce or regularise your current debts. This includes credit card debt, personal loans and other revolving credit. A lower debt ratio makes you more attractive to creditors and can significantly improve your credit rating.

3. Avoid premature repayment of certain loans

Paradoxically, paying off certain loans earlier than planned can sometimes have a negative impact on your credit rating. Before closing a credit account, it is advisable to consult a broker or financial adviser. They will be able to assess the impact of this action on your score and suggest the best strategy based on your overall financial situation.

4. Have a stable job

Job stability is an important criterion for lenders, as it demonstrates a regular ability to generate income and repay debts. If you are planning to change jobs or careers, it may be wise to wait until you have consolidated your position in your new role before applying for credit.

5. Have your budget certified by a broker

A broker can help you draw up a certified budget, highlighting your ability to manage your finances effectively. This certification can reassure lenders that you are serious and manage your money prudently, which in turn can have a positive impact on your credit rating.

6. Projecting your future monthly payment

If you're considering a loan where the monthly repayments are higher than your current expenses, it's a good idea to start saving the difference well before you take out the loan. For example, if you currently pay €1,500 in rent and the monthly instalment of the loan you want is €2,000, try to put aside €500 each month. This will not only allow you to adjust to the new burden without financial shock, but will also demonstrate to lenders your ability to manage such an increase in expenditure.

By following this advice, you'll be better prepared to manage your personal finances more responsibly. Good credit opens doors and gives you access to better financing conditions.

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