So you can’t get a loan. It was probably your credit score that clinched the deal to the wastebasket. You see, when you apply for a loan, financial institutions and lending companies look at your credit score for guidance. People with low credit scores are more likely to be rejected for a loan or at best be given a small amount for a loan, with a high interest rate and a shorter time frame to pay the loan.
In contrast, people with high credit scores are given higher amounts of money for a loan, lower interest rates and longer time frame to pay the loan. This is because people with a good credit score are perceived as less of a risk, more responsible, more able to handle their finances and worthier to be given a loan.
Here are some tips that can help you improve your credit score.

1. Keep a payment schedule
   One of the factors that affect credit score is your reputation for paying your bills. Even if you pay them, but always late, it can still affect your credit score. This is why it is important that you keep a payment schedule if you really want to raise your credit score a notch.
   You can do this by keeping track of all your bills especially your credit card statements. This way, you will not only incur additional charges in terms interests, you will also build for yourself a good credit history.
2. Spend only when you need to
   Another factor that affects credit scores is your credit card. If you often have credit cards that are maxed out and well and beyond its credit limit, your credit score will become lower. This is because a maxed out credit card reflects a spender who cannot handle finances. This kind of person is a risky candidate for a loan.
3. Borrow from only one
   Some people make the mistake of applying for a loan in more than one company all at the same time. Do not do this. Although banks do not actually check with each other, they do have their own ways of finding out if you have also borrowed money from other institutions. If this is the case, your credit score will take a nosedive.
   This is because people who borrows from a lot of companies are seen as too desperate for money or is too needful of it. Some see this as a dubious way of acquiring money. So if you are afraid of getting rejected and you just want to make sure that you will get a loan, try waiting for one response before starting an application in another. That way, your credit score will not suffer.
4. Pay your outstanding debts

You may be paying your debts but you have a lot that you are not finished paying yet. This is also not good in your credit history. Although most companies would want to lend you the money because you are a good payer, having too many outstanding debts that you are still paying for may make them think if you can still manage to pay another one.
If you feel that you can pay one debt in full, pay it. That is one less debt for you to worry about. This will not only bring you a step closer to financial independence, it will also improve your credit score.