{"id":19513,"date":"2022-06-30T16:13:00","date_gmt":"2022-06-30T13:13:00","guid":{"rendered":"https:\/\/www.imbankgroup.com\/ke\/?p=19513"},"modified":"2025-03-24T10:10:27","modified_gmt":"2025-03-24T07:10:27","slug":"managing-credit","status":"publish","type":"post","link":"https:\/\/www.imbankgroup.com\/ke\/managing-credit\/","title":{"rendered":"Managing Credit"},"content":{"rendered":"\n<p>We are smack in the middle of the year, hope so far all has been well for you. For the longest time, taking loans or getting a credit card has been deemed as sin, but today I want us to revise that. Yes credit can be risky, but it doesn\u2019t mean it can\u2019t work for you and should be avoided like plague.<\/p>\n\n\n\n<div style=\"height:14px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The number one rule of responsible credit use is to&nbsp;<strong>always pay your bills on time<\/strong>! Late or missed payments have a big impact on your ability to secure new credit. But, there is more to being a better borrower than making timely monthly payments. Lenders consider the full financial health of an individual who is applying for a credit product, so you will want to make sure that your credit portfolio isn\u2019t lacking in any key areas.<\/p>\n\n\n\n<div style=\"height:12px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Borrow only what you need!<\/strong>&nbsp;With all types of credit, including your student loans, make sure that you aren\u2019t borrowing any more than what you truly need. Always consider the impact that swiping your plastic can have on your future finances.<\/p>\n\n\n\n<div style=\"height:19px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Pay your credit card bills \/ monthly loan payments in full every month.&nbsp;<\/strong>This will help you not carry forward owed money. Carrying forward will in the long run make the monthly payment sum a bit too heavy for your pocket to handle. Once the sum is big, chances of you not honouring the payments terms will be higher<\/p>\n\n\n\n<div style=\"height:13px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Build a budget.<\/strong>&nbsp;Developing and sticking to a realistic personal budget will help you to better understand what you can and cannot afford and can even help you to plan and save for large future purchases, like a house.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Focus less on your credit score, and more on developing positive, lifelong habits.<\/strong>&nbsp;You are more than a number, and it is&nbsp;more important to be in good financial health&nbsp;than it is to have a perfect credit score. Work on reducing your spending and eliminating your debt.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Make credit work for you! <\/strong>If you\u2019ve been borrowing money and repaying on time, then your credit score should be good over time. You can make use of your good credit score and apply for unsecured personal loans. These loans require no collateral or guarantors. The <a href=\"https:\/\/www.imbankgroup.com\/ke\/unsecured-personal-loans\/\">I&amp;M Unsecured Personal Loan<\/a> for instant is easy to get. All you need is to do is download the I&amp;M OTG App to apply. You\u2019ll have the cash you need in 24hrs!<\/p>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As I finish off, my final advice would be only go into debt if the money you are borrowing will be put to good use. This is because misused or unnecessary credit will for sure hurt you financially.<\/p>\n\n\n\n<p>Yours Faithfully<\/p>\n\n\n\n<p>IMBA<\/p>\n","protected":false},"excerpt":{"rendered":"We are smack in the middle of the year, hope so far all has been well for you. For the longest time, taking loans or getting a credit card has been deemed as sin, but today I want us to revise that. Yes credit can be risky, but it doesn\u2019t mean it can\u2019t work for [&hellip;]","protected":false},"author":5,"featured_media":21074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[148,149,150],"class_list":["post-19513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-im-unsecured-personal-loan","tag-loan","tag-managing-credit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Managing Credit - I&amp;M Bank Kenya<\/title>\n<meta name=\"description\" content=\"Credit management. 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