Credit Score. It’s important to know how it will affect us.

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I think everyone should know something called Credit Score. In many advanced countries such as The U.S, everyone knows their score. In Malaysia, well not really. However, this is one major reason why our loan is somehow rejected by the bank even though our salary seems to be okay versus the mortgage payment. There is one good article in TheStar about this. It gave many good examples of how we can actually damage our credit score if we are not careful. This is the full article in TheStar: 5 things that could damage your credit score  It quoted five things which we need to be watchful for.

First one would be frequent changes of credit card is really not good. The reason is because sometimes, the loss might have enabled someone to use it for illegal means. Second one would be outstanding amount in telecommunications, banks and even power companies. Please note that these companies may register your name with RAMCI because of even a RM20 outstanding. Third reason would be when we do debt restructuring, refinancing or application of loan deferment. This will result in our credit record (CCRIS) being affixed with a special label. Fourth would be for those who has issued a cheque which bounced. This will cause the person to be listed under the Dishonoured Cheques information (DCHEQS).

Lastly would be the updates to our credit rating. It’s good to occasionally check our personal credit profile. One suggested way would be to pay a visit to this site: to get a free copy of our personal financial credit report. There, these are the 5 things that we should be on the look out for. Here’s that full article in TheStar again. More resources on this: LoanStreet’s article on credit score. 11 things that will affect your credit score!   Another one with title of Why your Credit Score matters. This is by  I think one thing we should note is NOT to overspend. That is usually the start of everything bad. Overspending to enhance image is very Sxxxxxd. Happy spending and all the best in your next loan application.

written on 6 Aug 2017

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