30 Dec - 4 min read
The year end is the time most people seek to ‘start over’ with resolutions to gain better health; clearer insight; meet financial goals and pave the way for an improved state of being. If one of your resolutions includes cleaning up your credit rating; we can help.
Your credit rating may be calculated in different ways in other countries but in Malaysia, it’s not so much a rating but a spreadsheet of all your loans and payment behaviour. Contrary to popular belief; there isn’t ‘blacklist’ in Bank Negara that carries your name but you can be certain that if your payment history is less than impressive; you won’t get approved for loans as these payment misdemeanours will be clearly visible on your credit history sheet.
Our article on ‘blacklisting’ explains this in detail but the important thing you need to note is that to have a neat and attractive credit report to banks and other financiers; you need to be consistently good with payment for at least 12 months. That’s a whole year of paying in full and on time.
As mentioned above, what you need to do is pay off all your loan installments and credit card dues on time and diligently every month for at least 12 months. You must also repay all outstanding amounts. In other words; all your payments need to be up-to-date and in order. It’s of course a lot easier said that done. Here are some ways you can tackle your monthly bill payment to keep that credit sheet looking good all the time.
And there you have it! Four ways (not so easy though!) to clear and restart your credit rating right now – so get yourself on the right track now!
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