How to Rebuild your Credit Score

Several years ago, I learned a lesson the hard way. Although it is not a personal fault, I have defaulted to paying not one, but two credit cards to the point where I am already being chased by collection agencies.

Good thing is I was able to clear all the debts but unfortunately, the damage has been done to my credit score.

Credit Score

Credit score is like your "profile" in the financial world. It's like how many 👍 "likes" are given to you by financial institutions. In the Philippines, it is managed by Credit Information Corporation (CIC).

It helps you build your financial "trustworthiness". It helps financial institutions decide whether they will approve that business loan you are applying for.

Rebuild it

If for some reason, you have damaged your credit score. Don't worry because there's still a chance to rebuild it.

You can make use of a money-lending app called Tala. Tala lets you borrow money from 1,000 to as high as 10,000 pesos. For as long as you are good payer, Tala will increase your credit limit until you reach "Gold" status where you can borrow as much as 10,000 pesos.

In an e-mail sent to me last November 2018, Tala can help you build your credit history. This is helpful for those who does not have access to finance tools such as credit cards in order to build a credit history.

Great news! Tala now offers customers an opportunity to build credit history through use of our platform. In compliance with the Credit Information System Act of 2008 (R.A. 9510) (CISA), Tala engages in both positive as well as negative credit reporting with the Credit Information Corporation (CIC).

This means that we submit your Basic Credit Data (as defined in CISA), including regular updates or corrections, to the CIC for authorized consolidation and disclosure. For purposes of establishing your creditworthiness, your Basic Credit Data may be shared with other lenders authorized by the CIC and other CIC-accredited credit reporting agencies.

I think this is also the reason why I was able to rebuild my credit score and finally was given a second chance of having a credit card.

While most people will see credit cards as "evils" in personal finance, this is one of the basic things you can acquire to start building your credit score as mentioned above.

If you are planning to get loans from a bank (personal, home, car or business loans), it helps when your credit score is high.


These are my financial goals for me and my family, let's build yours.

Mark Hugh Neri

Looking for financial planning workshop or for life and/or health insurance with investment options? Got questions related to personal finance? Feel free to message me at Money Gizmo (see link below)

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