Five Tips for Maintaining A Good Credit Score In Order To Buy A Land

October 31, 2021by MeritAbode0

One of the most important things to consider when investing your money in a Land is to check your credit score. Your credit score says a lot about your finance and it determines if you will be able to live financially free or not.

At Meritabode Nigeria Limited, our payment package is broken down in such a way that buyers can easily pay up their bills and also become landowners. Maintaining a good credit score requires discipline and effort. There are also some guides and tips that can be applied when you are looking for ways to maintain your credit, but a lot of dedication and effort needs to be put into action to attain what you want. Some of these tips are explained below:

Calculate Your Income and Create a Budget

When you are trying to buy land or a house in installment and you want to maintain a good credit score while paying your debts on the investment, the first thing to do is to consider your financial strength. Afterward, consider your income, and then create a budget that includes all your monthly bills and savings. After proper calculation, consider how much you can afford to pay monthly for the land or house you want to buy.

Select A Payment Plan That You Can Pay Off

It is always very good to ask some questions such as: How long should the installment last? How much can I afford to pay off each month on the land?

When you consider these things, you can go ahead and select a flexible payment plan that you will be able to maintain over time.

At Meritabode Nigeria Limited, we have some of the most flexible payment plans on our lands. Our payment plan includes an installment period of up to 24 months. You can check them and according to your budget select the land and payment period that is most compatible with your income.

Set up Payment Reminders

Some monthly payments or bills are usually easily forgettable perhaps because they are minor or because they are not as important as others. Setting payment reminders will always help you keep a tab on your monthly bills which will allow you to manage your debts better.

Always Pay On Time Each Month

Paying on time might seem like a silly or an overlooked tip to explain but it’s also a very important tip. Most people overlook paying their debts on time and this action tends to reduce credit scores because your payment period is always recorded in your payment history, and good payment history is important in calculating your credit score.

Build Emergency Funds From Savings

Emergency funds can be gathered from saving money over time, and they are always very useful in saving people in time of need. When you have an emergency fund to fall back to in time of need, it will be much favorable for you to pay your bills, and also invest your money in lands and other properties.

To build your emergency funds, you first need to right off your unnecessary needs and check your necessary needs. When you properly think about your needs, you will realize that there are just a handful of the true needs in life, most of the other needs are avoidable.

 

You can check some of our lands at all our estate locations: Ibeju Lekki, Ikorodu, Agbara, Mowe-Ofada, Simawa, Arepo, Aseese, and Epe. We have different flexible payments you can settle for if you are not ready to pay outrightly.

You can contact us on 09074443444 or 09074442444 or visit our head office at 1B, Alfred Olaiya Street, Awuse Estate, Opebi – Ikeja Lagos State.

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