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Boost Your Credit Score: Strategies to Improve Your Financial Health as a Gambian in Italy

16 Feb 2024

A report by Integral Human Development said that in 2019, about 118,483 Gambian migrants lived in developed countries. They constituted about 5.05% of the country’s population at that time. Due to several economic challenges in Gambian, the number of Gambian migrants is only increasing, with some of them living in Italy. They earn a living and send money online to Gambia from Italy for financial support back home.

Since the Gambian population cannot find suitable jobs in their native country, they travel to developed countries like Italy to earn better livelihoods. They try to improve their financial health during their stay.

But do you know how to improve your financial health during your stay in Italy? Also, do you have any idea about your credit score?

Well, continue reading to ascertain fascinating details.  

What is a Credit Score?

Abbreviated as FICO, a credit score is a 3-digit number with which your financial institution or the lender measures your creditworthiness. FICO scores range somewhere from a minimum of 300 to a maximum of 850. Your credit score is based on several factors, such as your accounts, level of debt, and your history of repaying your loans.  

Remember that in most developed countries, most financial transactions, both for you as an individual and for businesses, are centered on credit. You need to have an excellent credit score, which is essential.    

Mechanism of Credit Score

The role of your credit score in your financial life is significant. Your lender or financial institution's decision on whether or not to offer you credit largely depends upon your credit score. If you secure a good credit score, it becomes easy for you to request your lender to lend you credit again.    

After getting the credit from your lender, if you perform poorly on the terms and conditions regulating repayment of the credit, your lender will not offer you credit again. It can cause you financial inconvenience, given that, as mentioned earlier, the financial systems in developed countries, including Italy, largely depend on credit.  

You will even find several Gambian migrants in Italy who, if needed, send money to Gambia from Italy using their credit score.    

The categorization of your credit score is explained below.

  • Excellent: 800-850
  • Very Good: 740-799
  • Good: 670-739
  • Fair: 580-669
  • Poor: 300-579

How is Your Credit Score Calculated?

It is not that you will be unable to meet the repayment deadline alone, and your score will fall. Your credit score depends on several factors. Each factor has a specific percentage allocated to it. But these percentages can vary from lender to lender.     

Universally, however, the calculations are done as under:

  • Payment History: 35%
  • Amount Owed: 30%
  • Length of Credit History: 15%
  • Credit Types: 10%
  • New Credit: 10%

What is Financial Health?

Like your physical health, financial health refers to your complete financial status. It encompasses everything that falls in the category of your finances.            

Your financial health refers to your income, expenses, savings, financial preparations for retirement, and how you plan to make investments. As a Gambian migrant, you need to be extremely careful about your financial health. It is because you have migrated to Italy to earn a living and support your family financially in every money transfer from Italy to Gambia. Right?   

So imagine how you would ensure that you keep supporting your family financially if your financial health is weak and deteriorating.   

Importance of Financial Health

The importance of your financial health, even as someone who is in their native country, let alone a migrant, cannot be overemphasized. You can achieve your financial dreams and objectives with sound financial health.       

Good financial health also means that you are extremely conscious about your income and expenses and follow all it takes to improve your financial health and keep it intact.     

Essential Strategies to Improve Your Financial Health as a Gambian in France   

Always remember that attaining sound financial health as a Gambian in Italy never depends on how much you earn abroad. Many people with meager incomes enjoy better financial health than those with higher incomes because they adopt the following strategies.

Create a Budget and Live on It

The first step is to create a budget using the best of budgeting techniques and then live on it. Always remember that creating a budget is extremely important as it gives you control over your finances and monetary resources.     

Track Spending  

You spend money a specified amount on certain needs and requirements. This expense is normally ignored. But make sure to track your spending. Several digital tools can help you with tracking your spending.  

Automate Your Savings

You might make a mistake or be unable to make savings due to some pressing financial needs sometimes. It can affect your savings. Therefore, make sure to automate your savings so that the cycle of savings continues uninterrupted.     

Plan Debt Payments

For the people of Gambia, it is a given that they seek loans to fund their traveling abroad. These loans and debts are to be returned. Right? So, never haphazardly repay your debts. Ensure that you plan and organize the repayment of your loans and debts.   

Slash Expenses 

Not everything you are spending money on is worth it. Analyze what you are spending your money on and slash the expenses where possible. This may seem difficult initially, but it is a sure strategy for enjoying good financial health.             

Invest in Multiple Opportunities   

Make sure to invest in multiple investment opportunities instead of relying on one investment area, such as gold or property. While planning to invest, be extremely careful about choosing an opportunity because fraud is rampant in the investment industry worldwide. You can also invest in any country you choose through a global money transfer.  

Build an Emergency Fund  

Never rely on your single bank account if you wish to save money for the future for financial security. Always open a savings account in a different bank and contribute to it regularly. The best way is to add funds to the emergency account once you get your salary and manage expenses from the remainder.   

Make Financial Plans

A life without a plan is just like a rudderless ship at the mercy of brutal waves. Nothing fits your financials more than this. Therefore, make sure to create a financial plan and follow it, no matter what. A financial plan will help you remain focused and become financially healthy.          

Stay Updated About Financial News

Always keep an eye on the financial developments around the world, whether you are working in Italy as a Gambian migrant or living in your native country. This will give you the necessary leverage over those behind you on financial updates.        

Switch Utilities if Needed   

In developed countries, several service providers offer you utility services at different rates. Keep looking for these packages and switch your current service provider if you find another one with more cost-effective offers.      

Enhance Your Financial Support With Ace Money Transfer

You work in Italy to earn a living and make online money transfer from Italy to Gambia to offer financial aid back home. Right?                   

Therefore, find a credible online money transfer service provider like ACE Money Transfer to get live and market-competitive currency exchange rates, enjoy swift and safe transfers and have an overall pleasant money transfer experience for a low fee from just one stop.


What is a Credit Score?

A Credit Score is a three-digit number showing your creditworthiness. It is also known as the FICO score. It ranges from a minimum of 300 to a maximum of 850 points. It helps seek loans from lenders and financial institutions.     

Why is a Credit Score required?  

In most developed countries, most financial operations are based on credit. It is equally important for both individuals and businesses. So, a credit score is essential for financial stability in developed countries, including Italy.      

How is a Credit Score calculated?

A Credit Score is calculated based on different factors, and each factor is assigned a certain percentage. These factors are your payment history, amount owed, length of credit history, new credit, and different credit types.   

What is financial health?

Financial health is the same as your physical health. It is equally important and involves your finances, including your income, expenses, savings, investments, financial plans, objectives, and the strategies to achieve them.   

What are the strategies to improve financial health?

Some strategies to improve your financial health include creating a budget, tracking spending, automating savings, planning to repay debts, and slashing expenses where possible. Also, investing in different opportunities, creating a financial plan, building an emergency fund, planning money transfers to family and staying updated about financial news can do the job.    


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