Bad credit history will catch up with you, making it difficult to get mortgages or loans
Many people do not understand the importance of maintaining a good credit history. Did you know, for instance, that if your credit history is less than satisfactory it may be tough to get a mortgage or a personal loan?
Notching up a poor credit history is not that hard to do but the good news is that those who blot their copybook can make amends over time to help remove the stain.
‘Frequent late payments and taking long periods of time to repay outstanding amounts can contribute to a poor credit history, which may lead to unsuccessful loan applications,’ said Ms Helen Neo, head of consumer banking, Maybank Singapore.
It is not surprising that your credit history is a key factor lenders look at when deciding whether to extend a loan. Others include salary, job and other financial details.
So if our own credit history is so potentially crucial, we certainly ought to be familiar with this vital statistic that is checked by lenders to determine our financial health. Continue reading
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