Would you lend ten thousand ringgit to a stranger? If you just balked, don’t worry, that’s normal because RM10,000 is a lot of money. And while we’re along the same line of thought, have you ever wondered how banks dare to loan out thousands or millions of ringgit to people they don’t know? They may not know you personally, but they know what matters to them: your ability to handle credit responsibly and on time, information that’s available to them through your CCRIS report.What a CCRIS Report Contains
Your CCRIS Report contains three main arms of information: the amount of credit you have (the loans and/or credit cards you’ve taken out), [...]
In the past, having not enough cash means you’ll have to save up until you can buy the item you want and pay the full amount up-front. Credit has changed that landscape. Today, credit usage is so rampant and sometimes so irresponsible that it has gotten the bad rap from financial advisers, but there are benefits to using credit, too, if you know how to take advantage of it.Reasons to Use Credit It’s Convenient.
Using credit cards makes things so convenient. You needn’t withdraw money from the ATM every time you run out of cash, thus saving you the RM1.00 MEPS charge and the GST imposed on it. That’s RM1.06 saved for every time you could afford to go [...]
It is said that having no credit rating is worse than having a bad credit rating, and having a bad credit rating is, well, bad. A bad credit rating is why people have trouble trying to secure bank loans and other forms of credit. A good credit rating is more likely to get that loan application approved. One of the first things anyone should do when considering a loan is to get a copy of their credit report to see where they stand on the credit rating scale. In Malaysia, you can get your credit report from Bank Negara. If you need to fix your credit rating up fast, here are six moves you can try:Get a Credit Card
Before you tackle this, make sure you can handle [...]
Okay, so maybe the survivorship clause isn’t the key to eternal life, or anything flashy like that, but it does help your survivors circumvent the inconvenience – if not the heartbreak – caused by your death. You’d want your family to be able to live on comfortably without you, and to a certain extent, that comfort is guaranteed by financial security. Inheritance claims, however, are far from straight-forward, and the frozen claims are valued in the billions.
Maybe you’ve yet to write a will, risking the possibility of passing away intestate, or without a will. Or maybe you already have a will which you haven’t updated to include your latest [...]