Licensed Money Lenders Bukit Gombak

What damages the credit score in Bukit Gombak?

Singaporeans knew the importance of their credit score. It affects their loan application drastically. That’s why credit score management is vital for every individual. 

Do you plan to take out a low-interest personal loan? 

You can build a healthy credit score with Licensed Moneylenders in Bukit Gombak. But beware of the following:

Delayed repayment

Personal loan repayments have fixed repayments. Compared to credit cards and lines of credits, they require a minimum refund before the billing cycles end. 

Once you forget your payment, you’ll be tag as a delinquent borrower, and you’ll incur late fees. The worst part is it will drag down your credit rating. 

It’s the same story with Bukit Gombak lending companies. 

Repaying your instant loan is manageable. You can make timely repayments by marking your calendars or set a reminder through your mobile phones. It will help you remind you of when you should pay your repayments. 

Paying off your loans on time will increase your credit score. So, within a year, you can recover your degrading credit score. 

Talk to your lender. They will advise and guide you on the right path.

Poor Credit history

Are you a reliable loan payer? If yes, you’re on your way to creating a good credit score. A greater chance of loan approval awaits you. Also, a higher loan amount is possible for your next loan application. 

However, a low credit score is a very crucial financial condition. You have a slight chance of online loan approval. Or you may get approved but with a limited loan amount. 

If you have plans of buying a condo, a low credit score will allow you 60% off the value. While having an excellent credit score may give you up to 80%. 

Big difference, right? 

Multiple loans in short intervals

Let’s say you applied for a payday loan last month. After a month, you took another loan, a business loan, even though you haven’t paid your previous loan yet. 

Getting multiple loans in short intervals is actually not a good idea. Banks and other lending companies can interpret this as the worst turn of events. And loan approval is unlikely to happen. Thus, this kind of borrowing behaviour can drag down your credit score.

Try to avoid this one. What you should do is estimate first how much money you need for a particular time. 

Getting a one-time extensive loan application is better than three consecutive loans in a month. If you’re unsure how much money you need, you can seek help from the loan executives of the lender. 

Tell them what you need and explain your financial situation. The loan executives of Bukit Gombak money lenders are the best guide you can get.

Multiple credit card applications

Take note that credit cards and loans are different. But credit card applications will also reflect your credit score. Regardless if you finished the application process or not. 

Your credit rating drops if you have plenty of credit card inquiries in a short period. Banks recognise you as credit hungry. And it is not a very good impression. 

Loan applications can help you regain your score. Apply for short-term loans and pay them off as scheduled. Before you know it, your credit score is back on its track. 

There are various types of personal loans you can borrow from moneylenders. Some of these are the renovation loan, wedding loan, and jewellery loan. Choose depending on what you need. 

Always remind yourself not to neglect your credit score. It is essential in your financial life. It can affect your loan application in the future. 

Avoid the habits that damage your credit score. Your licensed moneylenders in Bukit Gombak will assist you with a brighter credit score. 

Naturally, we do our best to build the healthiest score possible. There are ways to make it right. But there are habits we need to stop. 

Take note of the things discussed and avoid all these tendencies. Always pay on time with your licensed moneylenders in Bukit Gombak.